> You are thinking only from the side of a customer, who already has it easy with the existing payment networks.
Merchants factor processing fees in when determining pricing which means the cost ultimately gets passed on to the customer. The merchant would of course like lower transaction fees.
But legitimate merchants also want to comply with consumer protection laws and have happy customers even when unpleasant things like mistaken charges, stolen credentials, etc. happen. There is a real value provided to both buyers and sellers when transactions are regulated and reversible. The payment processor's fee is the cost of that value.
Now, it may be that payment processing is a horrendously inefficient market and the processing fees are much higher than they need to be given the value they provide because of lack of market competition.
However, your product does not appear to compete with other payment processors, because it offers little of the value that they provide.
> The problem that crypto can solve is for the merchants, like TFA. Patreon charges absurd rates because payers are problematic.
Yes, and your product doesn't charge those rates... but nor does it make payers any less problematic. Fraud still happens. People still get their identity stolen, or have their kids grab the phone and buy $10,000 in Robux. It's just that with your product, merchants don't have to care.
You have to wonder what kind of merchants would consider that system a significant win. This sounds like tour company buying a passenger bus and choosing the cheapest bus with no seatbelts or a roof. Hey, it saves them money! But, you know, it's not the best deal for the passengers.
Merchants factor processing fees in when determining pricing which means the cost ultimately gets passed on to the customer. The merchant would of course like lower transaction fees.
But legitimate merchants also want to comply with consumer protection laws and have happy customers even when unpleasant things like mistaken charges, stolen credentials, etc. happen. There is a real value provided to both buyers and sellers when transactions are regulated and reversible. The payment processor's fee is the cost of that value.
Now, it may be that payment processing is a horrendously inefficient market and the processing fees are much higher than they need to be given the value they provide because of lack of market competition.
However, your product does not appear to compete with other payment processors, because it offers little of the value that they provide.
> The problem that crypto can solve is for the merchants, like TFA. Patreon charges absurd rates because payers are problematic.
Yes, and your product doesn't charge those rates... but nor does it make payers any less problematic. Fraud still happens. People still get their identity stolen, or have their kids grab the phone and buy $10,000 in Robux. It's just that with your product, merchants don't have to care.
You have to wonder what kind of merchants would consider that system a significant win. This sounds like tour company buying a passenger bus and choosing the cheapest bus with no seatbelts or a roof. Hey, it saves them money! But, you know, it's not the best deal for the passengers.