0 sats \ 3 replies \ @kale 10 Feb 2023 \ on: Need feedback on product - Speed ( www.tryspeed.com ) bitcoin
Amazing product! All the features for free and no transaction fee?
Is this sustainable business?
Right now I am working on a hobby project which has similar features as try speed, but I want customers create a payment link and directly receive it in non-custodial wallets.
Right now, using our service is free while we are still working on it. Later on, we might charge a fee of 2.5% to the store that accepts payments. If a customer pays with Bitcoin, they will get a 2% cashback right away through the LNurl withdraw.
We believe that stores are used to paying 2.9-3.2% for credit card payments, so they won't mind paying the 2.5% fee if a customer chooses to pay with Bitcoin. And it will be a great benefit for customers who pay with Bitcoin, as they will get 2% cashback.
What do you think about our plan? Does it sound good?
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We are still in early stage, more bitcoiners love to pay with lightning, but few merchants accept that.
So I think at the beginning it's better to cut the fee in merchant side, like free < 0.5 btc volume, then 0.5% after. Your service is easy to use and merchants love to integrate.
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Okay, got it. We need to try things out. Our problem is about getting people to use Bitcoin Lightning, not getting merchants to accept it. If customers ask to pay with Bitcoin Lightning, then the merchant will start accepting it as a payment method.
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