We at DCryptoNation Store are running a store that sells Crypto Coins, T-Shirts and other stuff related to Crypto currencies and recently we felt the need of an alternate payment option and hence we tried Ripple as payment option and here is our experience so far.
So How this works?
Right now, the customer makes a purchase and at the payment option page, they have to select XRP as Payment option.
It leads you to a page with our XRP address and tag where the customer needs to make the payment. The order amount needs to be converted from USD into XRP.
Once the payment is made, they need to send us the transaction hash for confirmation. Within 3 hours, we issue the payment and product confirmation. Smooth, isn’t it?
The Reason for Choosing Ripple as Payment
Paypal is widely used as a payment provider and almost everyone uses it for their sotre. But we ran into two major problems:
High Processing Fee- We wanted to sell the coins at a very affordable price so that everyone could have it. But the problem was with paypal. For a product that costs only $0.99, we had to pay $0.50+3% as a payment processing fee plus the conversion rate of USD to local currency ruins the margin.Certainly we had to find a good solution. We that we are accepting XRPs, we don’t have to worry much about these all. Just a minor 0.1 XRP which is affordable.
Unavailability of Paypal – Paypal is unavailable in many countries and even some of our customers wrote us about an alternative payment gateway as they were unable to pay with paypal.
Accepting XRP as payment made everything easy for all of us. it is possible that a customer is unaware of Paypal but there are no chances of a Crypto coin buyer unaware of XRP transaction.
Upcoming Challenges
Right now, things are working pretty smooth. We are on a roll but honestly, the system setup is temporary and it needs accountability.
As a customer, there is no Payment protection (Like paypal provides) and any provision to help the customer in case of payment disputes.
But we are working on it and we also like the cryptocurrency community to help us build an app or something that could be integrated for a better and more secure transactions.
We will keep you posted on this.
Let us know what do you think about it and yea, feel free to visit our store. you might like our product.