Something I don't get, and GAW keeps advertising:
Avoid Network Fees
PayBase allows you to send and receive payments without owning or using a credit card. That means you bypass costly credit card networks and save money on every transaction you make.
As a consumer, what network fees am I avoiding? Isn't that the merchant which would avoid credit card network fees? Or is the implication that the merchant is passing on the savings of not dealing with a credit card? Since Target/Amazon/Walmart are not directly accepting Paycoin, and I doubt that GAW as a middle man is writing them checks or mailing them cash, how is the merchant saving anything that can be passed on to me?
Im just not getting this.
Perhaps it works like credit cards rewards? If you use it with a legacy debit card, than gaw gets the old 5% and can pass some on to you. Does that make sense?
Then advertise it as such? They are claiming to avoid credit card network fees, not give me rewards, or discount my purchase based on loyalty.
But the way rewards works, typically, is that the bank offering you the credit card is paying you because of a combination of the fees they collect + the APR on the credit card (with the expectation that most people carry a balance).
If this is a rewards style type of thing, then GAW is giving away money, as they are not collecting a transaction fee (as expressed in their marketing materials), and there is no balance carry over on which they can collect interest.
So I still don't get it.
I'm not saying it would work exactly like rewards.
We're only talking about merchants who don't officially accept paycoin, right? So only for those merchants, we would be using a visa debit card, and on that debit card they would get a fee, which could be passed on.
As for merchants who sign up, maybe gaw will say that they have to give a discount for paycoin customers in liu of the fee? Say 1% or something, which is still worth it? I'm just speculating here. Why don't you get an account at ht and ask yourself?