Saturday, July 20, 2019

‘Cash Register’ Enables Bitcoin, Ethereum, and Litecoin Payments for Small Businesses

In a bid to reduce the high fees paid by small businesses for credit card transactions, Jon Moore, Vice president at Nationwide Merchant Solutions is promoting the use of a Cryptocurrency ‘Cash Register’. All that is required, is for vendors who sell small-ticket items to put up a payment sign next to their business which will enable Bitcoin, Ethereum, and Litecoin payments to be sent directly to them.

Jon Moore Pitches Cryptocurrency Payment Sign to Followers

On April 4, Jon Moore tweeted to his thousands of followers notifying them of a payment sign that can be placed in businesses that operate by the beach, a lake or boardwalk. The sign displays payment options that are accepted by the business and these are credit cards, cryptocurrencies, and Venmo, a mobile payment service owned by PayPal.

For cryptocurrencies, the vendor will be willing to accept Bitcoin, Ethereum, and Litecoin. As such customers can make a transfer just by scanning the QR code on the sign.

Usually, vendors rely on cash registers and point-of-sale payment devices to receive credit card payments. According to Moore, accepting cryptocurrencies will help to reduce the high fees that are usually levied on merchants when customers pay with credit cards. Some of these include Mastercard, Visa, American Express, and Discover.

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He also said:

If you pay with crypto or Venmo, the business is going to save a lot of money because the credit card fees on small transactions are very high. That’s why sometimes we see $10 credit card minimums. Businesses just don’t want payments that cheap.

How Cryptocurrency Payments Will be Confirmed by the Vendor

The vice president stated that people have been asking him how these crypto payments will be confirmed by the vendor. According to him, the merchant needs to generate their QR code from a wallet they have control of. First, they need to download a Bitcoin, Litecoin, or Ethereum wallet on their smartphone or Tablet. The QR code can then be generated for each of the logos and then a customer can scan the QR code on the sign in order to make payments.

Moore is among several others that are fostering the adoption of cryptocurrency around the world. So far, it has made a tremendous impact given that companies are now adopting cryptocurrencies especially Bitcoin. Bob Moore, an auto group recently began accepting Bitcoin, Antalya, a real estate company and so did Avnet, a U.S. electronics company

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