Credit cards are incredible. Over the last 50 years, they have become synonymous with payments, commerce, and general spending. They provide an incredibly simple way to purchase goods and services, whether it’s online, in store, or while I’m travelling. Credit cards give me assurance that I’m not going to be scammed, and if I am, the credit card company will fight on my behalf. They also allow me to accrue reward points that I can redeem for travel, accommodation, TV’s, gift cards, and more.
Who pays for the services they’re providing? You do.
Every time you swipe your card, the merchant pays between 1% — 5% in fees, depending on the card you use, the value of the purchase, and numerous other factors. These fees are bundled into the price of the product, and the consumer ends up paying more for everyday items.
Companies like Stripe, PayPal, and Square (to name a few) have become very successful businesses by simplifying these charges and making it very easy to accept payments. Most of these companies, and many payment gateways, are now moving towards adding bitcoin payment options to their platforms.
Why?
Because Bitcoin doesn’t cost them as much, they don’t have to deal with fraud, they don’t have to deal with chargebacks, and they don’t have to deal with outdated banking systems.
Bitcoin is a completely new way to imagine money and the international transfer of goods and services for the modern global economy.
Bitcoin allows merchants to accept payments directly from a consumer — similar to cash, but digitalized — with more security, anonymity, and ease than cash transactions. Bitcoin can’t be forged like checks, nor counterfeited like bills, nor hacked like credit card databases. Bitcoin allows you to store assets digitally, on a public ledger (known as the blockchain), and lets you transact directly with users and merchants around the world. Using a bitcoin wallet, you’re able to easily buy and sell bitcoin, open an app on your phone, and pay for things in person or online by scanning QR codes to send your bitcoin payment. Within seconds you can see the transaction go through, and you’re on your way.
Here at Snapcard, we’re simplifying the process for both users and merchants. We’ve built an incredibly robust merchant API to seamlessly and easily enable payment processors, online stores, and brick-and-mortars to accept bitcoin payments, as well as a bitcoin wallet that lets you instantly buy bitcoin using your debit, credit, or checking account. The funds can be accessed online or through their iOS app, and their attention to detail in design and functionality makes the process as easy and simple as possible for new users.
Bitcoin is a new payment method that’s dramatically different from anything we’ve seen in the history of money. It allows for seamless transactions around the world as an international currency, without the need for 50-year-old payment networks and banking relationships capitalizing on merchants and consumers. Hopefully Snapcard can make it easier for merchants, users, and processors to start using this amazing new technology!
Have any questions, or just want to discuss bitcoin?
You can find me on Twitter at @samalter.
