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Credit Cards Vs. ForumPay


If you’ve recently taken a spin around our social media accounts, you may have noticed we are not showing credit card companies much mercy:

But that is because it is time for a new payment solution that doesn’t charge exuberant fees, and ForumPay is here for that! Let’s take a look at how ForumPay stacks up against credit card companies. 

Moving Towards A Digital World

Crypto has been a hot topic for several years now, but only recently has it become a positive discussion. Every day the perception of crypto is more acceptable as the world increasingly becomes digital. With more access and new technology, crypto can now operate like any other form of money; even when it comes to payment processing. 

What Is The Difference?

Even though the active process for crypto and credit card payments may appear the same to the merchant or customer, the truth is that is not the case. The biggest differences deal with the way money functions in the real world, particularly in terms of accessibility. Some of the differences between crypto and credit cards include:

  1. Cash function
  • Bitcoin and other cryptocurrencies operate in the same way cash do; crypto is essentially cash that can be traded person-to-person without any other financial institutions, kind of like a wire transfer. 
  1. Crypto requires exchange
  • All crypto payments need to be processed through an exchange to work. The exchange portion is an essential part of successfully processing a crypto transaction.
  1. Wallets and storage
  • There is currently no way for crypto to be part of your physical wallet. Unlike credit cards that are stored in your wallet, crypto uses a virtual wallet stored on your computer, smartphone, or cloud. Instead of a card that can be stolen or lost, crypto payments with ForumPay are made with QR codes or by using private keys. 
  1. Crypto is irreversible
  • Once you send a crypto payment, the only way for it to be refunded is by the receiving party or another user. This is a huge difference from credit cards, which can be canceled and refunded at any time. This can be an advantage for merchants since it means no charge-backs on disputed transactions. 
  1. Crypto has no fees
  • Credit cards processed by merchants always come with heavy fees; usually ranging between 0.5% and 5% on top of a flat fee for individual transactions. This means merchants lose excessive money just by processing a payment with a credit card consumers using the credit cards pay additional fees. It’s nonsense. However, with ForumPay this is not the case. Crypto is sent at a low cost (or no cost at all) since crypto fees are based on data sent between servers. 
  • This also means no foreign transaction fees. There is no need to charge additional fees for using the currency in foreign areas because crypto payments are processed through private networks and blockchain.
  1. Crypto is anonymous
  • This advantage is huge! Crypto does not require a personal ID making crypto saver for the average user. Avoid the all-too-common credit card fraud all together with the anonymity of crypto that protects its users; no more stolen social security numbers, identities, or funds. 
  1. No impact on credit scores
  • Although credit scores are a relatively new concept, the fact remains that credit card scores can have huge impacts on daily life. With crypto, there is no need to worry about the status of your credit score since there will be no need to track for any repayment history or other factors that can lower credit scores. 

Do Crypto Payments Work Like Credit Cards?

With a credit card, you are borrowing money from a lender with a promise to pay it back. As of right now, there is no equivalent for crypto. All crypto processing is done with cash that is not borrowed, so there is no way to charge crypto to a credit account the same way you can charge cash. The key to understanding the benefit of crypto is to look at the real journey a regular credit card transaction takes and its impact on the merchant’s revenue:

In terms of simplicity and the way payments are processed on the merchant’s side, the answer is; yes they work the same. But crypto is superior in many ways. Crypto currently operates more similarly to debit than credit, particularly in the lack of additional fees. 

With ForumPay software, the customers preferred crypto can be processed in the same way as cash. On the merchant’s side crypto automatically converts to the currency of the merchant’s choice. 
As you can see, there is nothing but benefits, especially with ForumPay. So, what are you waiting for? Learn more at our website and don’t forget to follow us on Instagram and Twitter for more on all things crypto.


ForumPay does not disclose financial advice. Anything shared is strictly to inform, entertain, or share thoughts and ideas. Please seek a registered financial advisor if you are looking for financial advice.


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