Cryptocurrency Integration – Sancus Systems
There are many advantages to integrating cryptocurrency into your current register and point of sale systems. Accounting is easier with the immutable blockchain ledgers, transaction fees are lower than traditional credit card processors, and transfer fees (even when transferring to other countries) are extremely marginal compared to normal wire transfers.
According to Investopedia.com, “Bitcoin merchants also save on credit card fees that can range anywhere from 0.5% to 5%, plus 20 to 30 cents for each transaction made. Bitcoin payments can be sent and received at a very low cost or none at all, as bitcoin fees are based on the amount of data sent. For merchants, the advantages of receiving bitcoin are obvious. Payments made using the virtual currency save substantially on processing fees and eliminate the risk of charge-backs. For shoppers, the advantages of paying with bitcoin include greater simplicity in placing the transaction, user anonymity, no interruptions from intermediaries, and very low transaction fees. (For example, your account being frozen as a result of a fraud alert).”
Accepting and using cryptocurrencies for payments business to business, or to and from customers lets companies take advantage of all the best selling points of blockchain technology.
Published at Thu, 19 Dec 2019 23:33:02 +0000
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