Transaction fees usually range from 1.5%-4% & depending upon the price of your product, it creates a big hole in your pocket.

Do you want to save transaction fees when selling digital or physical goods online?

Transaction fees usually range from 1.5%-4% & depending upon the price of your product, it creates a big hole in your pocket.  Service quality is not the only thing an end user need to see when picking up the best payment gateway, as a high transaction fee means your profit margin would be little.

Today, I will be helping you to save 50 transaction fees & what further stuff you can do to save transaction fees on 950 sales. This service is limited to India only, so you are from other country, head over to our archive & browse other cool articles. Or you can read further to see a clever implementation of an online referral program.

Few days back I talked about Instamojo & InstaPay, which is one of my favorite discovery in recent time. If you remember, I mentioned that this is a progressive company & that’s one reason I’m using their free service for selling ShoutMeLoud Affiliate marketing eBook.

Note: Now you can buy this eBook from any country using PayPal. Here is the buy link (E-Book will be delivered instantly)

Today, they have launched a referral program that is a win-win situation for everybody. Like Uber referral program, their referral model is a great example of growth hacking.

Read:

• Instamojo review – Sell digital goods & collect payment online in India
• How to accept Credit\debit card payment in India even if you are not a big business

What is Instamojo referral program & how it works?

Here is how it works:

When you Signup for Instamojo using this referral link, & verify your account, you & I both will be getting 50 free transactions. That means both of us (Me & you) will be saving 1.9% transaction fees on our first 50 transactions.

Like me, you can also refer new businesses or friends to use Instamojo & for every successful signup, you will get 50 free transaction, What interesting here is, the users you have referred will also get 50 free transaction. This is like a win-win situation for everyone. Is int it? Read on to understand how much money you would be saving.

How much money you would be saving with 1000 free transaction?

I’m glad you asked this question, as 1000 free transactions may seem not much initially but it can help you to save a huge amount. Even though I don’t like maths, but let’s understand it with simple calculation.

Here is an example of Sonal who is a digital marketer selling her online course on Instamojo. Her product is priced at 10000 INR ( about $156).  By default, she is paying 1.9% of the transaction as Instamojo fees. That’s about INR 190.

Sonal joined Instamojo referral program & recommended it to her friends, audience & businesses who needed a payment collection service like Instamojo. Now she is entitled to 1000 free transaction.

This is where things get interesting, as you will be blown by the amount she is going to save. This is what she will be saving:

1000 * 190: INR 1,90,000 (One lack ninety thousands) [Saving of $2900]