coinbase

Hey @jessepollak 

Absolutely love these new “crypto was not for him until it was”, yet hope the marketing team understands that the 3% interchange fees come from gross non cash transactions, which ends up taking much more than 3% of a small businesses profit.

Example say 1M annual sales with 80% via cc, so 800K subject to fee = 24K in fees; depending on the margins etc this will likely be multiples more than 3% of their profit.

Also exhibit A why we’ve never accepted cc on the farm, also our annual sales are not this high, just using a round number for reference.

Swipe fees eat into small business profits.

Crypto fixes this. https://t.co/lF0mCvs3nV

These are incredible.

Yet let’s be clear.  

Swipe fees aren’t 3% of a small businesses profit!  

They are 3% of a small businesses cc transaction fees.  

If a small business relies exclusively on card payments these fees are much much greater than a 3% share of their profit!…

Brix Bounty Farm

@base builder #001; onchain cities w/ OAK & city3

Hey @jessepollak 

Absolutely love these new “crypto was not for him until it was”, yet hope the marketing team understands that the 3% interchange fees come from gross non cash transactions, which ends up taking much more than 3% of a small businesses profit.

Example say 1M annual sales with 80% via cc, so 800K subject to fee = 24K in fees; depending on the margins etc this will likely be multiples more than 3% of their profit.

Also exhibit A why we’ve never accepted cc on the farm, also our annual sales are not this high, just using a round number for reference.

https://x.com/brix_farm/status/1861153454388895989?s=46&t=TVy9rDl3UkuxmVj4e18bOA

Growing veggies for the fine folks of Southeastern Massachusetts, w/ a focus on nutrient quality. Always interested in the evolution of digital payments.  🎩 

Just talked with a neighbor who has a larger operation than mine.

He’s at 2.6% plus a per transaction charge, with square I think it was?

Over 20K in fees this year so far.

So a 1% drop in these fees would be an extra 7.5K to his bottom line.

If 20K was 2.6 % of his profits (it’s not) as the ad said, he would be netting 520K per year.

He is not, much much lower.

Navigating the world of finance by day, pondering its flaws by night. ETH Maxi

Yup

https://warpcast.com/brixbounty/0x40515e5c