Dropp is generating tremendous excitement as we disrupt the online payment space with new technology that lowers merchant fees. In our discussions with merchants of every size across industries, including small data providers, major movie studios, and retail startups, the same questions about Dropp tend to surface. I’ve captured the answers here; we’re ready to talk use cases when you are.
1. What are the fees for small-value transactions?
I love answering this question because it gets right to the heart of what we are revolutionizing: the reliance on high-fee credit cards as the back-end for online payments. Our new technology bypasses this constraint to offer significantly lower fees: 5 cents for each dollar up to $5 and then 1% + 25 cents for transactions over $5. That means you can offer items for as low as 10 cents on your site and still remain profitable.
2. When will I receive customer payments?
Dropp transfers payments to merchants at the end of every day through ACH. You can monitor the status of transactions in real-time, and your daily balance is always up to date.
3. How does Dropp define small-value transactions?
We define small-value transactions as purchases under $20, with purchases under $5 being the sweet spot. Each payment transaction can be as low as a cent and as high as $2,000. Merchants save on fees with Dropp compared to credit cards, regardless of the amount in this range.
4. Does Dropp share customer data with merchants?
We don’t share customer data for one extremely good reason: customers are increasingly insisting on maintaining control of their financial information, and they’re turning to private payment options in droves. Dropp gets you into that market.
You will still receive plenty of insights from us to optimize sales, but they’ll be associated with anonymous customer IDs. You will also be able to serve up highly targeted promotions, cross-sells, and upsells to customers within the Dropp wallet.
5. Does Dropp work for subscription payments?
Absolutely. Dropp supports all of the following payment types:
- One-time, pay-as-you-go
- One-time, subscription
- Recurring subscription
This gives you the flexibility to satisfy growing customer preferences for payment choices. However, it is important to keep in mind that Dropp delivers the greatest fee savings when transaction values are small.
I hope you’ve found this information helpful, and I’m here to answer any additional questions you have about Dropp. Feel free to put time on our calendar.
Listen to Dropp's Founders Discuss "Pay-as-You-Go" with @HelloFutureBuzz"Dropp founders Sushil Prabhu and Shawn Traynor recently appeared on @HelloFutureBuzz's weekly Twitter space discussing Dropp, the technology behind micropayments, and the evolving "pay-as-you-go"...
Originally published by GlobalFintechSeries. View the full interview herePlease tell us about your journey into the micropayment technology industry? In early 2000, I architected and launched a Peer-to-Peer payment platform for one of the top retail banks at the...
Micropayment platform Dropp debuts, putting pay-as-you-go option in reach of both merchants and consumers
At Dropp, we’re huge fans of what other innovative payment companies have achieved in the market. Major companies have all played essential roles in making online payments possible, changing everything for both merchants and customers.