In traditional finances acquiring is the way to purchase goods and services with a bank card for buyers and to get payments for sellers.

A transaction runs via a POS terminal, website or vending machine. A bank acquirer provides sellers with the option to get paid by card and operate with all actors of the acquiring scheme.

Traditional acquiring has benefits for sellers:

• makes transactions faster
• improves communication with buyers
• eliminates the risk of accepting counterfeit bills
• eliminates human errors
• increases trading volumes as buyers spend more money using card payments
• covers needs of the ordinary buyer as most people use bank cards

Acquiring allows international transactions in case the acquirer has completed cross-border transactions.

The acquiring bank charges a fee, sometimes referred to as a merchant discount rate. This fee is typically a percentage per volume of transactions.

Why do acqirer charge fees:

• the acquiring bank plays a pivotal role in the transaction, without it merchants would not be able to get paid
• it assumes some financial risk
• it has to deal with sensitive cardholder data.

So merchants cover these risks and pays for the interchange fees, the processor or acquiring bank markup plus payment service provider work.

Seller pays 2,5–3% fees for every transaction.

How to reduce transaction fees?

IvendPay offers a solution that makes cryptocurrency payments for POS terminals and eCommerce simple, fast and cheaper.

How it works:

• A customer purchases at a store and requests a cryptocurrency payment
• The merchant indicates the payment amount and the cryptocurrency, which is possible due to the IvendPay API
• a QR-code is generated at the POS-terminal
• The buyer scans the code via his crypto wallet or app where the funds are stored
• The transaction is completed successfully!

IvendPay provides technical support to merchants and helps them in case of problems. At the same time from each transaction the merchant is charged a commission of only 1%!

At the same time QR-code payments remain all te benefits of traditional aquiring.

Of course, abandoning the traditional acquiring is not yet worthwhile as the number of crypto-enthusiasts does not exceed the number of of ordinary bank cards users, but businesses of any size will benefit from the cryptopayments implementing with IvendPay.