The adaptation of cryptocurrencies as a mode of payment is on a steady rise, in part due to enhanced transaction speed and reduce costs. A Reddit user Julices_Grant urges the community to switch to cryptocurrency payments as PayPal’s 8.12% fees over each sell he makes every time a buyer makes a purchase is a high transaction cost to pay.
At the time of writing, the Reddit post had gathered over 2707 upvotes and almost 500 comments at the. The writer further explained in another comment, that though he does not know how to adapt the check-out sum in case the customer is paying via cryptocurrency he is still ready to accept them.
PayPal transactions in some countries employ a 2.9 percent fees. If there is a conversion rate to be added the fee escalated to around 5 percent of the whole transaction. In some cases, merchants end up paying more than 8 percent and up to 10 percent while receiving payments via PayPal, for their products sold.
In general, 8.21% does not pinch that much, however, if the merchant sells several products, it aggregates to a considerable sum of money. With all the extra costs that any merchant has to cover, the PayPal fee certainly pinches their pockets.
Read more: Oásis Supermercados, Brazilian Supermarket Chain Starts Accepting Cryptocurrency Payments