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. We are now enjoying a never-before-seen level of automation, convenience, and account connectivity.
There’s just one problem: these new solutions are built on old technology, locking merchants into credit card payment rails that haven’t changed since the 1980s. The current merchant fee structure kills the profit margin for small-value transactions; many merchants end up paying nearly 40% in fees for each transaction under $1.
Dropp is the first to bypass the high-fee credit back end.
Dropp uses distributed ledger technology, blockchain, and digital signature security to enable customers to make payments in either FIAT or cryptocurrency. It has built a separate payment rail leveraging distributed ledger technologies so there are no credit card fees per transaction. Although FIAT is the more common customer choice today, cryptocurrency is exploding in popularity. We expect this trend to accelerate as digital currencies issued by central banks become more mainstream.
Dropp does more for merchants at a lower cost.
On average, Dropp is over 25 times cheaper than current credit cards for transactions under $1. Merchants pay just 5 cents for each dollar up to $5 and then 1% + 25 cents for transactions over $5. So, on a $1 transaction, the merchant pays 5 cents.
Additionally, Dropp is ahead of the curve for offering merchants more than just payment services. We have built-in capabilities to help you grow your business. Opening up new revenue streams with Dropp takes many forms:
- Built-in payment rails are the option for merchants who want to offer customer referrals with small instant credit rewards to enable viral growth
- Retain more customers with loyalty points
- Highly targeted marketing initiatives in the customer Dropp wallet to raise conversion, acquisition, and engagement
We’ve made sure that Dropp is easy for any merchant to integrate into their existing systems and start seeing value quickly.
Dropp meets new customer demands.
Traditional online payment services can’t afford to provide the flexibility that customers would like, since the profitability just isn’t there with small purchases. Dropp removes high transaction fees from the equation and makes it feasible for merchants to unbundle their products and offer:
- One-time subscription or a micro-subscription
- Free samples with a pay-per-use upgrade
Customers are also craving total transparency, complete privacy, and exclusive control of their data, all of which are inherent to Dropp. Every time a customer presses the “pay” button in their digital wallet, they are authorizing it both digitally and anonymously. There’s no card number, ID number, or token to be hacked.
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.
Whether consumers need to pay for parking spots, charging stations, premium content within the car or groceries, updated tech in smart cars will make it possible to handle financial transactions from behind the wheel.
How Dropp got to where we are today is a combination of decades of passion for innovation in the payment space, the technology catching up to our digital vision, and customer preferences fundamentally shifting in our direction.