by reducing the cost of operating any business.
Few underatand how difficult and expensive it is to operate a business anywhere in the world due to the inflated and greedy intermediaries backed by the Banking Cartel. By adopting public blockchains, EVERY one of these expenses is removed, efficientcy goes up 75%, accounting costs go down significantly, the entire economy is instantly rejuvenated with a systemic removal of friction from the banking system and their beauracratic allies. Lets break it down:
Accepting credit and debit card payments as a business involves several types of costs, which can significantly impact your operational expenses. Here's a breakdown of these costs:
1. Interchange Fees
Credit Cards: These are charged by the card issuer (bank) and can range from 1.5% to 3.5% per transaction, depending on the card type (e.g., rewards cards often cost more). For instance, @Visa and @Mastercard typically have interchange rates around 1.46% + $0.05 to 2.96% + $0.10 per transaction.
Debit Cards: Generally lower, often a flat fee or a small percentage, like 0.05% + $0.21 per transaction for regulated debit transactions from banks with over $10 billion in assets due to the Durbin Amendment.
2. Merchant Service Provider (MSP) Fees
Processing Fees: These are charges by your payment processor for facilitating transactions. They can include:
Flat Rate: A fixed percentage of each transaction, often around 2.6% + $0.10 per transaction for both credit and debit.
Interchange-Plus Pricing: Where you pay the interchange fee plus a small fixed markup (e.g., 0.18% + $0.10) by the processor.
Tiered Pricing: Transactions are categorized into tiers, with each tier having a different rate, potentially making debit card transactions costlier if miscategorized.
3. Transaction Fees
Per-Transaction Fee: A small fee charged for each transaction, which might be a few cents to cover the cost of processing.
4. Monthly or Annual Fees
Account Maintenance: Some providers charge a monthly fee for maintaining your merchant account.
Terminal Rental: If you don't purchase card processing equipment outright, you might rent it, leading to monthly terminal fees.
PCI Compliance Fees: To comply with Payment Card Industry Data Security Standards, there might be an annual or monthly fee.
6. Gateway Fees
If your business operates online, you'll need a payment gateway to secure transactions, which might come with additional fees.
7. Equipment Costs
Initial investment in hardware like card readers, POS systems, or mobile payment devices. Some providers offer these for free, but there might be a cost over time or if you need upgrades.
8. Surcharge Management
If you choose to pass some of the credit card processing costs onto customers, there are rules and potential costs involved in managing surcharges or offering cash discounts.
9. Security and Fraud Prevention
While not always a direct cost, ensuring security can involve investments in secure payment systems, fraud detection software, or insurance against fraud.
10. Miscellaneous Costs
Early termination fees if you're locked into a contract, setup fees, or application fees for new merchant accounts.
These 10 expense are all REMOVED entirely by adopting crypto as a business.
Additionally because the blockchain is transparent, the cost of accounting with accountants, auditors, general ledger software licenses and backoffice employees is also REMOVED.
By just adopting existing and tested crypto networks countries will boost their GDP, lower inflation and remove the friction from starting and growing a business.
You dont know this because the intermediaries that make this friction will all be REDUNDANT.
Ask yourself, who wouldnt want this?