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Articles Product Updates

Introducing Tiered Pricing1 min read

November 14, 2019 < 1 min read

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Introducing Tiered Pricing1 min read

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Prior to today, our fee was 1% regardless of the size of the transaction. That meant that a $500,000 purchase was charged the same rate as a 500,000 sat purchase, which didn’t feel right to us.

Our goal is to make Bitcoin the most attractive payment method for businesses large and small. 

For small scale businesses, we believe that our 1% fee – which is less than a third of the cost of standard payment processors – is fair to both ourselves and our customers. 

But 1% doesn’t sound so fair when an individual transaction exceeds $1,000.00. We want to encourage high volume & high value businesses to adopt bitcoin, which is why we are rolling out a new tiered pricing system applicable to all users starting November 15 at 00:00 UTC:

Single Transaction USD equivalent*Updated Standard Processing Fee
Up to $999.991%
$1,000.00 – $9,999.990.75%
$10,000.00 – $499,999.990.5%
$500,000.00 and greater $1,000.00 (fixed)

*this is the USD equivalent amount at the time the transaction is created.

The table below shows some sample transactions, their costs, and the savings with the new pricing:

Sample
Transaction value
Fee collected with new pricingFee collected with old pricingSavings
$500.00 $5.00$5.00N/A
$5,000.00$37.50$50.00$12.50
$50,000.00$250.00$500.0$250.00
$500,000.00$1,000.00$5,000.00$4,000.00

We hope that our new pricing better serves merchants who deal with high value transactions. Happy earning!

-OpenNode Team