What It's About
A listener wants to sell digital items for very small amounts of money.
Notes from Chris
Episode 1483
Today’s caller hopes to sell virtual items for gamers at very low prices. This creates a problem—most payment processors charge fees that make this business model unviable. Is there anything that can be done? I was a little stumped with this question. Sometimes it’s good to make sure you’re not missing the forest for the trees, so I took a step back and tried to consider it from that perspective."Hey Chris, this is Kelly from Chicago and I’ve been listening to the show for a couple of years now and still love the puns. I want to sell virtual items for gamers, including some that cost less than a dollar. My concern is that most merchant accounts, including PayPal and Stripe, charge a per-transaction fee in addition to a percentage. I understand them taking a 3-4% cut, but if you're selling an item for 50 cents and there's a 25-cent transaction fee, that's half the cost of the item! Is there a payment processor I can work with to solve this problem? Or perhaps some way to use cryptocurrency and have no charges at all since it's strictly peer-to-peer? What do you think?"Listen to today's episode to learn more...
SEE ALSO:
- Young Analyst Turns College Debt Into $100k Profit: While struggling to pay his student loans, this enterprising graduate finds a way to “round up” his spare change to a six-figure side income.
- College Student Bakes 1,500 Cheesecakes to Pay Tuition: This “College Confectionista” pays for college by baking and selling cheesecakes—as many as 324 in a single week.
- $8 Startup Costs Lead to $400,000 in Annual Revenue: A longtime side hustler finds a way to get paid—a lot—for improving people’s online reputations.
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Resources
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