Payments within social networks allow platforms to stand-out from competitors, attracting the attention of customers and followers, as well as increase engagement and user satisfaction, for all-sizes business owners and content creators. At the same time, promoting its products and services enables a deeper interaction with its customers for the brands in question.
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One of the biggest drawbacks of social payments is that they’re useless if clients aren’t using the platform. Users can’t pay for products without creating a new account and that requires special motivation by way of a bonus from the company side.
In addition, different social networks have payment restrictions relating to withdrawing and payout time. For example, YouTube accrual comes every 11th day and the withdrawals are possible two weeks later if your account balance is greater than the payment threshold. For TikTok, the minimum amount for making a withdrawal request is $100, and no more than $1,000 per calendar day. The same story exists within Facebook — a payment threshold of $100, payouts are provided around 30 days after the end of the month, in some instances up to 60 days. And the main major limitation in some platforms is their inability to transfer cross-border payments.
Decision
With BitOrbit, all accruals (referral, viewing fees, payments etc.) come instantly and accumulate in one account, and are visible directly from the wallet. Withdrawals can be made immediately without penalty, delay, or limit, and transactions can be easily tracked by viewing the transaction history.
All payments are made in VLX tokens that can be sold or exchanged at any time at the current market rate through CoinPayments or services like Bittrex, HitBTC, ProBit, etc. Funds may also be transferred to another wallet. The only limitation we implement is the minimum amount for withdrawals, and this is simply to limit spam transactions from the network, avoiding any instance of artificial congestion.
This is one of a series of articles outlining the complete package of Velas products on offer, and what the team has been working hard on over the past year. We’re covering everything from AIDPOS to Integrated Crypto Wallets and everything in between. You don’t want to miss it!
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