We charged 1 cent for 367 transactions. We paid it back tenfold.
FOR IMMEDIATE RELEASE:
PORTSMOUTH, NH – On December 5, 2018 Anypay introduced a 1 cent fee on Dash transactions. On January 19, 2019 we removed the fee. During the time in between, Anypay processed 367 Dash transactions for retail merchants and collected a total of $3.67 from fees. Today, on February 22, 2019 we returned 10 cents for every 1 cent that was charged to merchants. It was a mistake to charge a fee without informing our users. We aim to make it right.
Anypay processed 109.52586 Dash for our global merchants during that time. That is roughly $8,762 collected by merchants from Dash customers using our software. Anypay collected 0.045875 Dash total in fees during that time, an effective rate of 0.04% processing fee for the service.
The issue is not the amount taken, though. The issue is lack of transparency. We violated our users’ trust by advertising “no fees” and then later introducing a 1-cent fee without telling anyone. As soon as we realized our mistake, we immediately ended the pilot program. We introduced Dash-Back without telling anyone — quietly giving away Dash to customers and merchants who used Anypay. We have given away about 100 Dash in the form of instant bonuses. But giving a surprise gift is different from taking a surprise fee.
Everyone told us we needed to charge fees to be sustainable and ensure reliability for our merchants. That made sense to us at the time, but in retrospect it was a dumb idea. Dash does not need fees! We can find another revenue model to make sure merchants get the quality level of support they deserve. Most importantly, if we ever introduce fees for service in the future, we will make sure our users are fully aware of the cost, no matter how miniscule.
You may say we are blowing this issue way out of proportion. That charging 0.04% is no big deal. But your trust is worth way more than that. We erred. I hope you can accept our most sincere apology, along with our repayment of 10 cents for every 1 cent taken, and our commitment to be fully transparent about any fees we collect in the future. Our goal is to deliver the best user experience for crypto commerce, and we look forward to serving you for many years to come.
Derrick J Freeman, Anypay Co-founder