Savings and profits have become important parts of every human’s life. The same goes for businesses. In our recent conversation, team Coinremitter discussed the importance of profits and savings while/after accepting crypto payments. Some merchants have been complaining about spending a big amount on fees. However, this has not been the case with crypto transactions usually. But it looks like everyone loves to save more.
Team Coinremitter identified some cases where such spending can highly affect profits and came up with some possible solutions that can help merchants save on crypto transactions. Let us drop a summary of our conversation, which can be helpful to those who are accepting crypto payments or thinking of accepting them.
Avoid Micropayments
Generally, transaction fees are flat in crypto payments. This means crypto transaction fees aren’t measured in percentage. They’re either a fixed amount or they keep varying. For example, Ethereum transaction fees were 2.092 on 4th Feb 2024, which was 1.369 on 3rd Feb 2024. Transacting amounts that are close to the transaction fee may cause less to no profitable amount. Merchants can also set minimum purchase or transaction amounts to avoid spending higher amounts on fees.
Rely on a Slower Verification Time
If merchants’ transactions aren’t urgent, they can rely on a slower verification time. Paying higher transaction fees may attract miners to prioritize the validation of an ongoing transaction. However, this isn’t guaranteed. And if merchants are fine with slower verification of transactions, fewer transaction fees can get the job done for them, which can also be considered a transaction fee reduction strategy.
Choose a Cryptocurrency With Fewer Transaction Fees
Crypto payments are widely appreciated for fewer transaction fees. But fees vary from currency to currency. Sometimes, they’re comparatively higher, sometimes lower. The selection of cryptocurrency plays an important role in this.
Generally, cryptocurrencies like Tron, Tether, Bitcoin Cash, etc are praised for having fewer transaction fees (almost negligible). While currencies like Bitcoin and Ethereum charge comparatively higher fees (even higher for faster processing). So, choosing a cryptocurrency with fewer transaction fees may also help.
Choose an Affordable Platform
Usually, merchants go with crypto payment gateways for easy processing of crypto transactions, which isn’t wrong at all. Such platforms add convenience to a merchant’s crypto payment experience by providing features that eliminate unnecessary communications between a merchant and a consumer.
Such platforms charge some fees for processing transactions, popularly known as ‘processing fees’. They range somewhere between 0.2% to 1.0% (sometimes higher), based on the platform. The lower the processing fees, the higher the savings. Merchants may choose the crypto payment gateway with a lower processing fee if it supports their preferred cryptocurrency. For example, Coinremitter charges a 0.23% processing fee for every crypto transaction.
Look for Payment Processors That Help You Reduce Fees
This may be a tough task to perform, but a smart choice of a crypto payment gateway can help you reduce fees. Avoid choosing payment gateways that have fixed processing fees. Choose a crypto payment gateway that lets you reduce the processing fee by compromising the transaction speed.
Look for other additional features. For example, Coinremitter offers a feature named gas station. This feature allows merchants to reduce transaction fees by up to 50% on selected crypto transactions. Enabling this leads to the creation of a unique crypto wallet, which can be used to deposit the gas balance and extract the fee amount whenever a transaction takes place.
Media Info,
Contact Person, David Samith
Company, Coinremitter
Email, info@Coinremitter.com
Website, https://coinremitter.com
Adress, New York, USA
Disclaimer,
This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.