The cryptocurrency sales point (POS) system is becoming more popular as more companies and people start using digital money. They get cryptocurrency at the store and give customers a cool and new payment method. Skipping an old school credit card saves fees, increases payment time, and adds security. Learn important parts, functions, and how to use both shops and buyers from the use of these POS systems.
What is Crypto Point of Sale?
Crypto Point-OF-SALE (POS) is a solution for setting a cryptocurrency payment gateway. As a result, customers can use mobile devices and Crypto wallets quickly and easily with cryptocurrency. The main advantage of the POS system is that it takes only a few seconds to generate invoices that can be used to pay. In addition, POS gateway is easy to use and does not require complicated setup.
Service payment is a safe way for both sellers and buyers when using cryptocurrency. In addition, you can personalize the invoice to a merchant and generate new things for each customer, and POS is an ideal option for a small physician that does not need to process dozens of transactions per second.
Cryptocurrency sales points are either web -based (software) or hardware/devices, like the standard POS terminals used every day.
How does the encryption point of sale system work?
Point of Sale Systems works very well, regardless of whether it is a web -based app or hardware device.
The Crypto POS terminal is easy to use. What you need to do is that the customer automatically generates the QR code simply by entering the amount that the customer needs to pay in the Fiat currency, and selecting the cryptocurrency they need to pay. Masu.
The client can use a mobile phone to scan QR code and pay the previously mentioned amount in the Crypto wallet.
Advantages of using cryptocurrency in physical stores
Outstanding security than standard payment methods
All digital assets are supported by blockchain systems that use encryption. Cryptography is a mathematics area focusing on providing safe end -end encryption. Thus, transactions form a series of blocks that are safely transmitted via a highly encrypted cryptocurrency mining server and cannot be changed. This reduces the risk of fraud, transaction failure, or power outage in the sales point system.
Low transaction fee
When using a standard POS system for transactions, security responsibilities are outsourced to third party vendors. However, with regard to cryptocurrency, the blockchain network enables pierced piercing replacement without external vendors. Using Crypto Payment Gateway eliminates the need for a third party vendor and reduces the transaction fee to about 1 %. On the other hand, a standard credit card or debit card transaction costs 3 %.
Suitable for marketing
We already know that positive thinking about payment methods tend to increase encryption payments. Effective marketing campaigns can be constructed mainly on a simple slogan of “accepting the future of digital payment.”
Prior to competition
No matter how big or small your business, you are always facing direct competitors. By implementing a quick and safe way to create a transaction, you can reach a new faithful client base.
New wealthy population statistics group
According to an article by Triple-A, 46 million people in 2021 and 13.7 % of the US total population are currently their own cryptocurrency. In a detailed statistics, 44 % of US cryptocurrency owners have an annual income of over $ 100.000.
There is no refund
Bitcoin Transactions are irreversible and can only be refunded by the receiving side. This is greatly contrasting with a credit card transaction that can be canceled. This means that when you accept bitcoin, there is no charge back.
See details of how to accept cryptocurrency payments at actual stores.
Important aspects to be considered before using the cryptocurrency POS system
All rewards have several risks. There are some factors that need to be considered before implementing the POS system.
Volatility
It is well known that cryptocurrency may be unstable. If you intend to keep them longer, it’s important to have a planned strategy to do the coins you have received. If you are planning a cash out at a certain point, or if you decide to hold them, you need to decide in advance.
compliance
The regulations and laws of cryptocurrencies are constantly evolving based on the increase in use around the world. Data protection rules, money laundering anti -mane laundering, and knowledge requirements are some factors to note. It is important to track a change in compliance or consult a law expert as needed.
safety
When using a cryptographic POS, the third party is not involved, and the transaction is performed directly between the client and the merchant. You can access the history of the transaction immediately, and you can maintain anonymous in the world where privacy is expensive.
Taxes and accounting
In many countries, tax laws on cryptocurrencies are constantly changing because their posture is not yet clear. For example, in the United States, IRS classifies cryptocurrencies as property or digital assets. When purchasing, selling, or replacing encryption, it is a taxable event. Before you start to accept the cryptocurrency payment, consider the tax.
Which digital currency do you want to accept?
If you want to accept cryptocurrencies, you need to carefully investigate what you have in your business. Popular cryptocurrency is a safe bet among users. If you still have any questions, don’t talk to an expert.
What are the various types of the cryptocurrency sales point system?
Let’s take a closer look at the two major types of the Crypto POS system. These are web -based applications and hardware devices.
Web -based cryptocurrency sales point application
These apps are accessed from web browsers and no additional hardware. Merchants can simply sign up to the service, connect digital wallets, and start to accept cryptocurrency payments from customers. These web -based systems provide simple and convenient solutions for merchants who want to accept cryptocurrency payments without investing in expensive hardware.
Usually, such apps can be installed on Android or iOS. This makes it even more convenient.
Here are some examples of such encryption POS applications.
NowPayments
NowPayments is one of the main encryption payment gateway providers. It also provides solutions that accept payments through POS links.
To set the callpayment and Crypto POS link, you must follow the following steps:
1) Create a nowPayments account
2) Add a wallet address
3) (Settings)-> Select the cryptocurrency you want to pay to the coin settings. Select the coin or token supported by your wallet. There are more than 100 cryptocurrencies.