Merchant payments are broken. SolPay is a one click Web 3.0 payment solution.
With the rise of Web 2.0, the online shopping revolution created a market that did not exist a few year before. The market of e-commerce solutions for merchants. Estimates suggest that the e-commerce software application market has brought in over 6.3 billion U.S. dollars in revenue in 2021. The same study shows that between 2019 and 2025, forecasts predict that overall market revenues would increase by over 1.2 billion dollars.
This market has been growing at a steady rate since the early 2010s and it shows no signs of slowing down. It serves the millions of online stores that need to put products in front of customers, sell them, package and ship them and make all of it seamless, easy experience for the user. Organic growth is fuelled by competition but in some parts of this market gatekeepers are stifling innovation.
Most of the payments go through a few platforms who usually act as middlemen and take a cut of the payment for providing their service. For example Square, Stripe and PayPal charge the merchant 2.9% + $0.30 per transaction. Although the percentage seems small, it can quickly add up to large amounts, especially with recurring payments and larger volumes. And that is accepted to be standard practice in the industry. Some payment providers have certain limitations for international payments and some only accept certain credit cards. Selling globally can be very difficult for e-commerce businesses — especially if you’re just starting out.Some work online but don’t work in the shop and some offer limited services for stores selling sensitive products ( adult products, vapes, cannabis, etc).
Whenever there are gatekeepers in an industry there is a huge potential for disruptive technologies and innovative approaches. This is why we saw the opportunity to cut the middle men by helping merchants with an easy way to offer one click payments solutions, secured by the blockchain. No credit cards needed just your Web 3.0 wallet.
In a survey conducted in 2019, the Baymard Institute found that the number one reason people abandoned items they were interested in buying in their shopping cart was high extra costs, including fees (49%!). In the second place was the fact that the site wanted them to create an account (24%) and in fourth a complicated checkout process (18%).
Imagine there was a way to pay without fees, without an account and without a complicated checkout process. That would remove way over 50% of the friction experienced by online shoppers who quit because it’s too hard to buy the items they want. You can do that by taking away the payment gateway and replacing it with the blockchain. An e-commerce payment gateway is essentially a service that allows customers to transact at e-commerce websites. It is like a middleman between your customers and merchants, ensuring the transaction is carried out. Take the middleman away and you take away the fees, the cards and the cumbersome checkout process.
Blockchains were invented to replace banks and solpay.store was invented to replace traditional payment gateways. Every transaction is almost instant, the payment is recorded on the blockchain, the merchant receives the full amount instantly and the customer receives confirmations within seconds.
You have to see it to believe it but this is what tech disruption looks like. Instant transactions without middlemen, without fees and without friction. It’s what the future looks like and we’re happy to be here powering the revolution. It’s not only an online payments solution, we’re addressing a market where Mastercard and Visa have each reported over $20 billion in revenue in 2021 and Web 2.0 payment processors like Paypal are also earning north of $5 billion with valuations in the hundreds of billions.
When people realise they don’t need payment processors and credit cards and they discover Web 3.0, payments will be the killer app and we want to make it easy. We are building a one click plug in platform for offline and online e-commerce solutions that will disrupt the current payments gateways.