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Blockchain Technology Business Disruption Information and Communication Technology (ICT)

Post-COVID-19 Solution: How to Start Accepting Crypto Payments

A mini-guide for entrepreneurs in preparation for the Post-COVID-19 era where accepting crypto payments (cryptocurrency payments) will soon become the norm, and the future of online payments, written in partnership with TechAtLast by the PARSIQ team.

Do not wait for your customers to ask when you will start accepting cryptocurrencies. There are many advantages that your business can gain by adding this payment method. 

A simple mention – “We accept Bitcoin” – on your website is guaranteed to get noticed by customers who are looking for the opportunities to pay with cryptocurrency, not fiat. These people are extremely likely to tell their friends about a new crypto-friendly merchant they found.

“Since we started accepting Bitcoin as a form of payment three months ago, our sales have jumped a whopping 427%,” Lynx Art Collection team reported last year.

LYNX ART COLLECTION

Companies should consider accepting cryptocurrencies in order to not only offer new payment methods to existing customers but also to acquire new clients from the crypto and blockchain ecosystem. This is a real win-win path to increasing revenue that cannot be ignored.

Are cryptocurrencies payment a salvation bay during and after the crisis?

In the context of the COVID-19 pandemic, cash has become one of the threats to human life and health. According to researchers, a total of 397 bacterial species representing more than 20 bacterial phyla live on the surface of banknotes.

Microbes found on circulating currency in New York City during the summer period
Microbes found on circulating currency in New York City during the summer period. Credit: doi.org

In order to protect people from an additional source of coronavirus infection, the Chinese government decided to disinfect cash with ultraviolet light, and the South Korean authorities quarantined cash and even burned some of the banknotes.

Besides the fact that banknotes have become a kind of old-fashioned payment, most companies have transferred their employees to remote work. Therefore, in self-isolation conditions, consumer habits gradually changed. As a result, most purchases have gone online – the number of global e-commerce transactions increased by 23% after the rise of the pandemic.

Cryptocurrencies are a separate and very promising type of online payment. Therefore, in this document, we will emphasize the main aspects of connecting digital currencies to your business.

“Since PARSIQ works as a bridge between cryptocurrency payments and traditional business finance, we noticed a new wave of demand for automation of cryptocurrency-related activity. Therefore, we can assume that businesses consider cryptocurrency a new way to grow profits and gain new customers,” says Tom Tirman, Co-Founder of PARSIQ.

The rise of cryptocurrency payments

On the CoinMap portal, you can find a world map with indicated locations of all the stores and ATMs accepting cryptocurrency. According to the site at the time of writing, there were 19,369 such venues around the world.

Indicated locations of all the stores and ATMs merchants accepting cryptocurrency payments
Illustration (heatmap graph) indicating locations of all the stores and ATMs merchants accepting cryptocurrency payments around the world. So far, as at June 3, 2020, there are about 19400 venues all over the world. The figure will keeps increasing as the adoption of cryptocurrency payments increases worldwide.

Cryptocurrencies are gaining popularity as a means for value exchange and as a method of payment for goods and services. In the US, crypto is not considered legal tender. However, it is fungible, as exchanges are considered to be money transmitters, according to the Financial Crimes Enforcement Network (FinCEN). This enables businesses to legally accept digital currencies as payment.

In most jurisdictions, cryptocurrency regulation is enforced when it is exchanged as security. As a method of payment and in general use, however, such jurisdictions as the European Union, most require that utilization is under KYC and AML regulations to ensure that cryptocurrencies are not used for illicit or illegal purposes, such as terrorist financing and money laundering.

Having multiple options for cost reduction, crypto wallets, and exchanges enable businesses to have flexibility in terms of accepting B2C or B2B payments using cryptocurrency.

How to start accepting cryptocurrency payments

Accepting Cryptocurrency Payments - How to Start Accepting Crypto Payments During Post-COVID-19 Era for Entrepreneurs
TechAtLast partners with PARSIQ team to bring you a mini-guide for entrepreneurs in anticipation and preparation for the Post-COVID-19 era in which we strongly believe that accepting cryptocurrency payments for business transactions will be the new normal same way that Covid-19 has rendered oldfashioned business processes obsolete. It will be a very smart decision for business owners and industry leaders to invest in research and development of cryptocurrency based payment solutions going forward. For this reason, TECHATLAST, as an industry leader is spearheading the research and data gathering process to help intending business owners make informed decision on accepting crypto payments. Read and enjoy!

Here are some options that your business can consider in accepting cryptocurrency payments:

Payment processors. The most straightforward and simplest means to accept crypto payments would be through a payment processor. This partner will basically accept the payment in cryptocurrency and then remit into your business account in fiat currency or other preferred means. Some examples are Dash, BitPay and Coinbase Commerce.

Crypto wallet. The most direct means to accept crypto payments would be the peer-to-peer option, wherein you provide your payment address. This will require that you establish a wallet account available on mobile and desktop apps, or even as a physical device. 

You can then utilize exchange services to convert your crypto into fiat or even into other cryptocurrencies. Some wallets have convenient built-in exchange functionality so that businesses can quickly convert from one crypto to another, or even to fiat, with minimal hassle.

Point-of-Sale solutions. Another option for accepting cryptocurrency payment is through a PoS solution that accepts digital currencies. As with payment processors, this will also entail the service provider remitting the funds through fiat or other preferred means after the transaction goes through.

Regulations, compliance, and establishing trust in the crypto ecosystem

As earlier mentioned, most jurisdictions require compliance with KYC and AML regulations, which means businesses will also need to provide such information when establishing accounts for receiving crypto payments. Transparency in transactions is one way to ensure compliance with such regulations. 

This also enhances trust between the parties involved. Instant notifications provided by PARSIQ’s Smart-Triggers, for example, gives both merchants and customers the assurance of transactions as they are confirmed on the blockchain. There is no need to manually monitor the progress of such transactions. The platform automates this crypto monitoring, analytics, and notification platform so that your business can focus on what matters–building value for your customers and industry.

Pros tips for accepting crypto payments:

Cryptocurrency payments provide unique advantages over traditional digital payment solutions. Businesses can start accepting crypto payments to save time and reduce transaction fees while staying compliant.

Pro tips for accepting crypto payments using PARSIQ
Accepting crypto payments offers unique advantages than traditional digital payment solutions that we have been used to. Lets explore some of the advantages of accepting cryptocurrency payments for your online and offline business.

Save time. Automate your business needs–save hours or manual work using customizable notification services. In just a few clicks, you can specify how and where to accept crypto payments from your customers. No need to manually accept payments each time. 

Lower cost. Existing digital payment options, most notably credit cards, can charge fees up to 3%. This can add up to exorbitant costs for businesses over time. Instead, crypto payments can drastically lower transaction costs, as seen in the case of a cryptocurrency exchange who transacted US$1.26 billion worth of Bitcoin for just US$124.60, or less than 0.00001% of the payment volume. Businesses can automate the processing of payment deposits at scale to save costs over time. 

Stay compliant. Keep up to date with the latest AML and KYC regulations by making sure you have the right compliance measures in place for accepting crypto payments. Using transaction monitoring services, businesses can monitor payment transactions at scale to collect and analyze important regulatory information. Know if incoming payments originate from blacklisted or high-risk addresses so that your business can take appropriate action in real-time.

PARSIQ monitoring enables businesses to set up alerts according to amount thresholds, such as limiting the maximum payment accepted per transaction. When thresholds are triggered, the service notifies you through your connected application with the transaction details, so that you can quickly react with proper compliance measures. 

Summary on accepting crypto payments

Digital payments have proven to be a necessity in today’s economic climate. According to the World Economic Forum, central banks around the world are recognizing the viability of digital currency as an alternative to cash, since it reduces physical contact and thus the possibility of spreading the coronavirus.

The global pandemic has led many businesses to close down physical operations and shift toward digital commerce and payments instead. Accepting crypto payments can accelerate your business’ digital transformation, and it will enable businesses of all sizes to quickly recover and even thrive during and after the economic uncertainty resulting from COVID-19.

A little bit about PARSIQ

PARSIQ is a blockchain monitoring and workflow automation platform that serves as a multi-level bridge between blockchains and off-chain applications. PARSIQ’s features automate the blockchain analytics and monitoring process, providing customizable workflows with real-time intelligence.

People behind PARSIQ are experienced and highly qualified industry professionals that are passionate about blockchain technology. Our ultimate goal is to push forward the mass adoption of blockchain technology by providing the necessary solutions. We want to give everyone the ability to understand and manipulate blockchain data streams.

With PARSIQ, we are making it easier to integrate blockchain infrastructures into existing businesses with an additional layer of monitoring and automation for blockchain-specific asset management.

Details on solutions provided by PARSIQ can be found here.

Conclusion

With this guide, you should be able to start accepting cryptocurrency payments anytime soon as the world of industries is bracing for the impact of the aftermath of the novel Covid-19 pandemic that has crippled almost every business around the world.

Other resources on blockchain and cryptocurrency:

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Apple iOS Business Information and Communication Technology (ICT)

Point of Sales Systems: No Strings (or Wires) Attached

Since it was introduced to the world in 2010, the iPad has been a revelation in the way people work, learn and relax. Today, it’s the norm to catch up on TV shows on the bus, cook along with a celebrity chef in your kitchen, and challenge someone on another continent to a game of chess.

apple-ipad

Now, the iPad is revolutionizing the way retail and restaurants function. How? By way of iPad point-of-sales systems (iPad POS). These easy-to-use, easy-to-tailor devices are allowing businesses everywhere to streamline their operations, improve customer satisfaction, and make their businesses run more successfully overall. Of course, the other notable benefit of using an iPad as a point-of-sales system is that it’s possible to use a current device – no other hardware is required.

Reviving Retail

A major issue for retailers in the past has been the disjointed nature of their businesses. Multiple inventories, payment systems and product catalogs can cause confusion and slow everything down. Enter the iPad point-of-sales system. This savvy set-up allows retailers to store all their information in one simple-to-navigate place.

Take customers for instance. Sometimes they shop online, and sometimes they shop in-store. By using the iPad POS, retailers save customer card details for both online and in-store shopping, thus streamlining the experience. By tracking customers’ buying tendencies, retailers are also providing themselves with some handy analytics; they can look at purchasing trends and hone their business model accordingly. As well as this, the retailer is able to reward their best customers – a perk that’s bound to turn them into even better customers!

SF41681Source: PR Newswire

With online and in-store stock all registered on the same system, the retailer knows exactly what’s left, and when to reorder. When selecting a product to sell, there are various ways to do so; either by choosing the product on the iPad itself, entering the PLU/SKU key, or scanning the barcode of a product – just like the old days!

Real-time tracking means that retailers can now keep up-to-the-minute with their business, rather than having to appraise every once in a while. The benefits of this are not insignificant. Everything from transactions, to orders, to reports, to inventory is at the retailer’s fingertips. Bigger businesses can keep tabs on staff labour, making precise calls on when to call in reinforcements and when to send an employee home early. In all, detailed management like this can save a business over $85 a day – as much as $31,000 a year!

Revitalizing Restaurants

Problems in the restaurant can start before the diner has even ordered. If a server isn’t aware of table availability, it can already create a bitter taste. The iPad POS provides table area plans that display colored tabled status updates. That way, the server has knowledge at their fingertips of what’s available, and when it’s available.

For centuries, the waiter and waitress have been armed only with pen and pad. Orders have to be scribbled out and written again as indecisive diners change their minds. And depending on how busy the restaurant is, the kitchen might not even receive a table’s order for five or 10 minutes after it’s been taken. The traditional ordering system is in need of an overhaul, and that’s now happening by way of the iPad POS. The device covers all sorts of dining types: Fine Dining, Casual Dining, Order & Seat, Bistro and more. A detailed interface allows the server to select dishes, sides, and cooking preferences, sending these straight to the kitchen either via high-speed prep printer or kitchen order video screen (KVS). Color coding makes inputting orders fast, simple and effective for the server, and because everything’s recorded on the database, there’s no confusion between restaurant staff as to what the order was. Who knows, maybe it’ll even stop a heated between staff members!

If something in the kitchen is out of stock, the server already knows this, and can alert diners there and then. This saves them that embarrassing traipse back to the table five minutes later, accompanied by the grovelling apology that the salmon is off the menu.

When it comes to settling the bill, the iPad POS’s ingenuity is apparent once more. Payments can be split or combined with ease, transferred to bar tabs, or if it’s a hotel, transferred to room numbers. Everything’s done in real-time so the process is transparent and instant.

ImPOS specializes in Hospitality Point of Sale. ImPOS sells, develops, implements and most importantly provides exceptional support.