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- Saving $600K just by offering crypto
Saving $600K just by offering crypto
Gabriel Menor
February 19, 2024
We did 20m+ in sales with @Shopify@solana usdc, paid $0 fees. The credit card sales cost us over $600k in fees on about the same volume. That’s 3 full time engineers. 🤯🤯🤯
— toly 🇺🇸 (@aeyakovenko)
6:11 PM • Feb 13, 2024
Solana Mobile, the smartphone subsidiary of Solana Labs, has processed more than $20 million in payments for their upcoming "Chapter 2" phone. The craziest part? They didn’t have any credit card fees.
Partnering with Shopify and USDC (USD Coin), Solana Mobile processed payments without the usual credit card fees.
This resulted in saving $600,000 in fees if they paid using credit cards for the same volume. They do this by not having middlemen like banks and processors, also giving merchants a bigger cut.
More than 51% of customers used USDC through Solana Pay, powered by Helio, which shows more interest in faster and more transparent transactions
Some credit card companies have transaction fees that range from 3-5% on each transaction, but crypto can go as low as 1% according to BigCommerce.
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