Transacting in the traditional financial system exposes users to various solutions and challenges that can inhibit growth. Banks and financial institutions are still developing and enhancing an ecosystem where everyone can trade locally and internationally. Through this system, freelance workers can work remotely and earn a sustainable income. However, carrying out this process raises a bigger concern about the payment levies applied by financial institutions. The payment fees represent a certain amount of funds users need to pay for undertaking a transaction. Insights from the GoBankingRates Survey suggest that average Americans attract a $7 monthly transaction charge through banks. From the data, it is clear that the payment industry is somewhat strenuous to the transacting parties. Such conditions are pulling freelancers into the blockchain network with a common goal of leveraging cheaper transaction fees. Why Financial Institutions Charge Heavy Fees Hefty processing fees usually arise due to several reasons. Financial institutions have to charge their customers to complete a transaction successfully like any other service. The entire process involves parties such as credit card networks, banks, and payment processors. Credit card companies like Visa and Mastercard may charge freelancers for using their payment solutions. Another cost that users attract is the interchange fee which allows card issuers to charge banks once a...
