Post
Topic
Board Trading Discussion
Re: Interesting conversation with a retailer who formerly accepted Bitcoin
by
nmteaco
on 30/07/2012, 02:22:49 UTC
Of course, in reality, the chance of an increase in value pretty much balances out the risk of a decrease in value. If you want essentially zero risk, Tony provides that service, and it's still cheaper than credit cards.

Yes, but HOW... I would either need to shift my whole cart to a new platform, or do everything by hand (and still pay the exchange fees). Both increase costs. taking bit-pay as an example I only save .59% over pay-pal (16 cents on the average transaction.)

Lets say that I could change carts (or hire a developer) for $5,000. Our average sale is around that 27 dollars I used in the example.  It would take 31,250 bit coin sales to JUST BREAK EVEN! That would take years, even if every transaction that we took shifted to bitcoins. If I processed ten bitcoin transactions a day, it would take 8.6 years to break even. And when I was taking bitcoins last year, I had about 2 a week which would take 300 years!

Even if it just cost me $1,000 to implement bit-pays automated solution it would not be worth it.

Lets look at the math doing it by hand with gift cards... Again, on the average transaction using bit-pay I save .16 cents. So someone I pay $10 an hour would have to be able to get the email notifying us of a bitcoin sale, go into our shopping cart software create the gift card (then sell the gift card from our online store into our POS system so that when we ring up the sale of the goods there is a way to pay for it in POS) and then write an email to the person with their gift card number in there... all in under 1 min... and thats just to "break even".

Bit-pay is a more expensive way to do it, I would not use them unless it was automated, if im going to be doing things by hand anyway, i might as well use a cheaper solution... but as the person pointed out before, there is no real good solution... as mtgox is cheap, but can take two weeks to send the money! I will contact bit-pay and see if they have any interest in developing a 3dcart plug-in-play solution.

EDIT: But maybe im just too emotional to see the true value in bit coins Wink