4 ms·

Stripe takes a hefty cut. Use USDC. Costs a fraction of a penny and settles in less than a second.

bidandanswer 3y ago
No explanation, just downvotes? Standard Stripe fees on $250k revenue: - 2.9% + 30¢ per charge - Assume net-30 invoices - Total fees: 2.9% * $250k + 30¢ * 12 = $7,253.60 - Stripe can freeze your money arbitrarily and indefinitely Standard USDC fees on Solana: - Less than 1 cent per transaction - Total fees: < 12¢
- vertis 3y ago
  Whining about downvotes is not likely to help. I replied to your original comment.
- deleted 3y ago
  [deleted]
- Zetobal 3y ago
  Finding a client who wants to pay in crypto... priceless.
  - bidandanswer 3y ago
    See my other comment. Not hard. And it will only get easier as time goes on.
    - Zetobal 3y ago
      It's neither easy nor will it get easier.
      - bidandanswer 3y ago
        All of the facts contradict you. Two years ago I had to fend off contracts that paid in USDC. It's easier to find someone to pay in USDC today than it was then. Market share and volume will continue to grow. What do you have against a genuinely useful technology with tangible benefits? - Cheaper - Faster - No arbiter risk - Built-in escape hatch for political dissidents and enemies of the state If you want a trusted arbiter for all your financial transactions, you can continue to use the legacy financial system and pay the costs for doing so. I'm not arguing crypto will replace it. Both have their use case.
        Zetobal 3y ago
        I have nothing against it but your anecdotal evidence isn't supported by the market.
- HeyLaughingBoy 3y ago
  Because 2.9% is just a cost of doing business. If it's that critical to your margins, raise your price to compensate for it. Adding friction by using crypto is likely to cost you far more than 2.9% by losing the contract altogether.
  - bidandanswer 3y ago
    Okay. I have personally saved tens of thousands of dollars and hours of headache by just doing my business on chain. How valuable is 2.9% of $1m+ to you?
- codegeek 3y ago
  Hint: It is not about the fees. The 3% fee is a much smaller problem to have than what the world of crypto brings. Oh and while we are at it, remind me how to get majority of customers to pay in crypto who are used to just credit cards or wires ?
  - bidandanswer 3y ago
    > The 3% fee is a much smaller problem to have than what the world of crypto brings. That's not an argument. Name the problems specifically. > Oh and while we are at it, remind me how to get majority of customers to pay in crypto who are used to just credit cards or wires There are tons of off-the-shelf checkout flows that allow customers to pay in cash and companies to receive the funds on chain.
vertis 3y ago
For the most part big companies won't be paying via stripe anyway, but even if they did want to pay on credit card they certainly won't want to pay with cryptocurrency, even if it is a stable coin.
- bidandanswer 3y ago
  In my experience, that's not true. I've accepted hundreds of thousands of USDC in revenue in other ventures. I've also wired and accepted wires for similar amounts. Each time I get a call from the bank and it takes a half a day at the very least. Sometimes it takes weeks to unfreeze my money in various payment processors. On chain, it's faster. It's cheaper.
  - vertis 3y ago
    Would love to see some stats on the number of companies that are prepared to use USDC vs bank transfers. I'm going to suspect it's low until proven otherwise.
    - bidandanswer 3y ago
      And the number of companies that made use of computers was low when they first came out, despite the fact that the fledgling technology was genuinely valuable to them. What's your point?
consumer451 3y ago
Red flags which crypotocurrency may raise for a client aside, isn't it higher friction for the vast majority of companies? It's hard enough to get clients, but then to have to say.. oh, also please use this other payment system which I will likely have to walk you through setting up once you clear it with accounting?
- bidandanswer 3y ago
  In my experience, clients have asked me if it's alright to pay me in USDC, not the other way around. The genie's out of the bottle. Once your funds are on chain, you have instant settlement, zero fees, and zero risk of an intermediary arbitrarily freezing your funds. No point in going back, unless your counterparty demands it.
  - consumer451 3y ago
    That's interesting, what industries do your clients work in?
    - bidandanswer 3y ago
      Trading and finance. It makes sense that they are crypto friendly, given their close proximity to it. I suspect the rest of the commercial world will become much friendlier to it as more and more businesses are onboarded. The pros vastly outweigh the cons and if you need something like escrow (or another trusted intermediary) then you can always revert to the legacy financial system for that. Both have their use cases.
      - tanelpoder 3y ago
        Would it be correct to expand that the clients are in crypto-trading and crypto-finance?
codegeek 3y ago
Still shilling crypto even in 2024 ?
- bidandanswer 3y ago
  Standard Stripe fees on $250k revenue: - 2.9% + 30¢ per charge - Assume net-30 invoices - Total fees: 2.9% * $250k + 30¢ * 12 = $7,253.60 - Stripe can freeze your money arbitrarily and indefinitely Standard USDC fees on Solana: - Less than 1 cent per transaction - Total fees: < 12¢ What's your argument?

No explanation, just downvotes? Standard Stripe fees on $250k revenue: - 2.9% + 30¢ per charge - Assume net-30 invoices - Total fees: 2.9% * $250k + 30¢ * 12 = $7,253.60 - Stripe can freeze your money arbitrarily and indefinitely Standard USDC fees on Solana: - Less than 1 cent per transaction - Total fees: < 12¢

vertis 3y ago
Whining about downvotes is not likely to help. I replied to your original comment.
deleted 3y ago
[deleted]
Zetobal 3y ago
Finding a client who wants to pay in crypto... priceless.
- bidandanswer 3y ago
  See my other comment. Not hard. And it will only get easier as time goes on.
  - Zetobal 3y ago
    It's neither easy nor will it get easier.
    - bidandanswer 3y ago
      All of the facts contradict you. Two years ago I had to fend off contracts that paid in USDC. It's easier to find someone to pay in USDC today than it was then. Market share and volume will continue to grow. What do you have against a genuinely useful technology with tangible benefits? - Cheaper - Faster - No arbiter risk - Built-in escape hatch for political dissidents and enemies of the state If you want a trusted arbiter for all your financial transactions, you can continue to use the legacy financial system and pay the costs for doing so. I'm not arguing crypto will replace it. Both have their use case.
      - Zetobal 3y ago
        I have nothing against it but your anecdotal evidence isn't supported by the market.
HeyLaughingBoy 3y ago
Because 2.9% is just a cost of doing business. If it's that critical to your margins, raise your price to compensate for it. Adding friction by using crypto is likely to cost you far more than 2.9% by losing the contract altogether.
- bidandanswer 3y ago
  Okay. I have personally saved tens of thousands of dollars and hours of headache by just doing my business on chain. How valuable is 2.9% of $1m+ to you?
codegeek 3y ago
Hint: It is not about the fees. The 3% fee is a much smaller problem to have than what the world of crypto brings. Oh and while we are at it, remind me how to get majority of customers to pay in crypto who are used to just credit cards or wires ?
- bidandanswer 3y ago
  > The 3% fee is a much smaller problem to have than what the world of crypto brings. That's not an argument. Name the problems specifically. > Oh and while we are at it, remind me how to get majority of customers to pay in crypto who are used to just credit cards or wires There are tons of off-the-shelf checkout flows that allow customers to pay in cash and companies to receive the funds on chain.

vertis 3y ago

For the most part big companies won't be paying via stripe anyway, but even if they did want to pay on credit card they certainly won't want to pay with cryptocurrency, even if it is a stable coin.

bidandanswer 3y ago
In my experience, that's not true. I've accepted hundreds of thousands of USDC in revenue in other ventures. I've also wired and accepted wires for similar amounts. Each time I get a call from the bank and it takes a half a day at the very least. Sometimes it takes weeks to unfreeze my money in various payment processors. On chain, it's faster. It's cheaper.
- vertis 3y ago
  Would love to see some stats on the number of companies that are prepared to use USDC vs bank transfers. I'm going to suspect it's low until proven otherwise.
  - bidandanswer 3y ago
    And the number of companies that made use of computers was low when they first came out, despite the fact that the fledgling technology was genuinely valuable to them. What's your point?

consumer451 3y ago

Red flags which crypotocurrency may raise for a client aside, isn't it higher friction for the vast majority of companies? It's hard enough to get clients, but then to have to say.. oh, also please use this other payment system which I will likely have to walk you through setting up once you clear it with accounting?

bidandanswer 3y ago
In my experience, clients have asked me if it's alright to pay me in USDC, not the other way around. The genie's out of the bottle. Once your funds are on chain, you have instant settlement, zero fees, and zero risk of an intermediary arbitrarily freezing your funds. No point in going back, unless your counterparty demands it.
- consumer451 3y ago
  That's interesting, what industries do your clients work in?
  - bidandanswer 3y ago
    Trading and finance. It makes sense that they are crypto friendly, given their close proximity to it. I suspect the rest of the commercial world will become much friendlier to it as more and more businesses are onboarded. The pros vastly outweigh the cons and if you need something like escrow (or another trusted intermediary) then you can always revert to the legacy financial system for that. Both have their use cases.
    - tanelpoder 3y ago
      Would it be correct to expand that the clients are in crypto-trading and crypto-finance?

codegeek 3y ago

Still shilling crypto even in 2024 ?

bidandanswer 3y ago
Standard Stripe fees on $250k revenue: - 2.9% + 30¢ per charge - Assume net-30 invoices - Total fees: 2.9% * $250k + 30¢ * 12 = $7,253.60 - Stripe can freeze your money arbitrarily and indefinitely Standard USDC fees on Solana: - Less than 1 cent per transaction - Total fees: < 12¢ What's your argument?