SolidTrust Pay has been offering Bitcoin services for over 3 years, allowing users to easily turn bitcoin into their preferred currency and back again since the early days of the blockchain-based cryptocurrency. Many members use SolidTrust Pay exclusively to buy or sell bitcoin because we offer competitive rates and we’re known for our high levels of security and reliability. Additionally, SolidTrust Pay is one of the most functional online platforms in terms of money deposits, transfers, exchanges, purchases and withdrawals, giving users a multitude of options for buying or selling bitcoin.
SolidTrust Pay is pleased to announce that it is now free for merchants to upgrade their business accounts to accept bitcoin. This means merchants and business account holders can now apply completely free and offer their customers one more option to easily make payments for website purchases at the press of a button using bitcoin!
We’re excited to make this option easier for our merchants to take advantage of. Here are just a few of the benefits to having a Bitcoin payment button on your business/ecommerce website:
- More options for your customers: the more ways you offer people to pay for your products or services, the more people will do so! Offer them as many options as possible.
- More exposure and visibility: the Bitcoin community is tight-knit. When a business begins to offer the option to pay in bitcoin, word tends to travel fast!
- Simple and seamless integration: since payments made via a Bitcoin payment button will be applied to your STPay account as USD, there is no time wasted with extra steps for exchanging the currency and withdrawing those funds.
If you already have a merchant account with us, you can apply for a Bitcoin payment button by selecting the “Accept Bitcoins” option in your Merchant Section. If you don’t have a merchant account, what are you waiting for? Sign up and start accepting bitcoin payments now!
SolidTrust Pay is dedicated to maintaining a competitive place in the online payment processing industry. We love to build relationships with our daily users and members, as well as our merchants through our timely customer support and social media interactions. We take our role in helping you facilitate your online money transactions very seriously!
With many recent and unexpected changes for merchants and business owners in the online industry, we feel it is our duty to provide you with an easy place to find all the best information to help you compare SolidTrust Pay with the competition! In this article, we’re going to go over the differences that matter to you as an online merchant, including the fees, security, customer service and reliability you can expect from us.
Fees at SolidTrust Pay
SolidTrust Pay has an incredibly diverse, accommodating and comprehensive platform for payment processing. We offer you a variety of tools and options to help manage your money online and run your eCommerce business seamlessly. With many different options for withdrawals, transfers, payments and deposits, it’s only fair that our fees are made specific to which type of transaction you are making. This way, it’s easy for you to determine a method of running your operations that is suitable to your needs. So, at SolidTrust Pay, our customer support team is happy to help you find the best methods of transaction for whatever your industry and business model.
As a point of reference, you may have heard that there are 4 pricing models for the payment processing industry:
- Interchange Plus
You can get the full picture of what these terms mean and the differences between them by reading Merchant Maverick’s great article on the topic, but all you need to know for the purpose of this article is that SolidTrust Pay doesn’t operate strictly under any of these models. We know that each model isn’t perfect, and that in many cases a level of customization may be required to make the situation work for the customer or merchant using our services. Many new business models, such as the paid-to-click model and various Bitcoin innovations, fall into that category. Our Micro Payments upgrade for business accounts is a perfect example of this, when we created an option to lower your processing fee to just $0.05 per transaction, while modestly increasing the percentage fee from 2.5% to 5%. This makes a huge difference when you’re doing a lot of small transactions, and so we offer it to all members with business accounts!
That being said, where the industry-average processing fee is 2.9% +$0.30 per transaction, we’re confident that our pricing starting at 1.5% +$0.25 for personal accounts and 2.5% +$0.35 for business accounts will remain the fairest in the industry. Take a look at our business account fees and benefits, as well as our personal account fees and benefits, and compare them with our competition!
Security at SolidTrust Pay
We feel at SolidTrust Pay that security is absolutely the most important aspect of running any online business. We apply a plethora of security measures to all money transactions, account registration and access, and handling of personal/confidential information. We operate in compliance with all regulatory bodies relevant to our industry, and we employ strategies developed within SolidTrust Pay to work endlessly to reduce the amount of security risks, hacking, fraud and credit card chargebacks experienced on our systems.
Customer Support & Reliability at SolidTrust Pay
We’re a family-owned and operated company located in the heart of Canada – to say we’re a pleasant bunch is an understatement! We absolutely love to help our members better understand our platform and more easily use it, that’s why we have a live chat system as well as a ticket support system for when chat is offline! Our dedicated customer support team is waiting to answer any questions you might have via chat or ticket, but we also encourage you to reach out to us via social media, and follow our Facebook/Twitter accounts for up-the-the-minute news and updates. We’re really looking forward to working with you!
It was just over 10 years ago when online payment processors started popping up – SolidTrust Pay among the very first. In that time, we’ve watched online shopping and eCommerce go from boutique websites facilitating some small number of specialized or custom items, to a full-on emporium; the internet has rapidly become the world’s most popular bazaar. It’s important though to take a step back and realize that we are only right around the middle of this development, with plenty of change yet to come. It’s perfectly reasonable to predict that by the end of all this, the internet could be the only bazaar left.
Below we’re going to look at some of the trends and possible changes you can expect, whether you’re an online merchant or shopper. But first, we want to talk briefly about Bitcoin and where it fits into all of this. Many of our users will be familiar with Bitcoin, but for those who aren’t it’s simply a form of digital currency known as a cryptocurrency. Cryptocurrencies use cryptography to remain anonymous and secure; Bitcoin in particular uses a decentralized system to thwart corruption and certain types of fraud, as well as to maintain anonymity. The reason Bitcoin is important to this discussion is because it’s really the model for future digital currencies, or at least its model (the blockchain) will be the model for future digital currencies, having proven both secure and successful in most aspects. Future currencies will aim to operate like Bitcoin, using systems similar to the blockchain.
So, what constitutes Digital Currency?
Technically most money that is not physical is digital – so even the money stored on the computers at the bank is considered digital currency. However, that’s not quite what we mean when we talk about digital currency. A better example would be Russia’s Yandex.Money, a digital currency and payment processor which emerged in 2002, and has since been 75% purchased by Sberbank, which is in turn owned by Russia’s central bank. Yandex.Money is basically an eWallet where you can deposit funds and receive an amount of digital currency to spend online, and that’s basically what a digital currency is. The difference is that Yandex.Money is rapidly changing from a random digital currency to a national Russian currency, which leads us to our next point.
The Change is already here!
As noted recently by PayPal in their 10-year anniversary blog, “a couple of years ago, roughly 50% of money being exchanged was in the form of either cash or cheques. Today, that number has dropped to 40% and by the end of 2017, it’s predicted to drop even further to 25%. We are witnessing an obvious trend – physical money is digitizing.”
It’s not just online, but everywhere. People are using their debit/credit cards more than cash when they shop, and even Bitcoin is beginning to be accepted widely in ‘the real world’. Beyond 2017, there is no reason to assume this trend will slow down and by 2020 we might be operating almost entirely with digital currency instead of cash.
We mentioned above that Russia is already experimenting with their digital currency, Yandex.Money, but we didn’t mention that 24+ other governments around the world are doing the same thing. Canada, for example, ran simulations this year which explored the possibility of creating a version of its currency on the blockchain, and one third of Denmark already uses their smartphone to buy everything.
What does this mean for eCommerce?
As it’s getting easier to spend your digital currency in the real world, you might be wondering how this will affect eCommerce. You might even be worried that online shopping will decline in the face of Smart Cards and physical Amazon locations. In fact, many physical store locations are making great efforts to revitalize their models – doing things like offering yoga classes and wine menus to create a more fulfilling engagement and obviously increase their volume of customers. We’re here to tell you why, as an online merchant, you don’t need to worry about that – there is a reason they are making such an effort.
Causality is key. An important question to ask: is digital currency driving eCommerce, or is eCommerce driving digital currency? And the answer is undoubtedly neither/both. They are clearly evolving together, and in a non-zero-sum atmosphere, meaning that the success of one drives the success of the other, and vice-versa. We shop online more because it’s easier to do, but we’ve made it easier to do because of how much we love shopping online. It’s a two-way street, and with self-driving cars on the horizon we’re in for a much safer and more efficient experience on the road. Additionally, with new and exciting methods of delivery popping up in the form of drones and self-driving technology to accommodate the eCommerce trend, and to close the gap between purchase and delivery, we think it’s safe to say that the online shopping industry will not only continue to grow, but perhaps one day eclipse and even replace traditional purchase methods altogether.