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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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News

mPOS Solutions: Bringing in the Much-Required Changes in Payment Industry

The introduction of the mobile point of sale (mPOS solutions) into the payment settlement scene has revolutionized many business sections – it has simplified and offers several options for cashless payments. Established industries such as healthcare, travel, hospitality, and tourism have embraced the idea of using mPOS systems and endpoints quite extensively. The mobile POS wave has positively triggered the growing payment ecosystem into new heights and this is just the beginning of what has been projected to be on the way.

Easy, smooth, fast and secure cashless payment transactions relieve customers of the obligation of carrying a high amount of cash and at the same time, the business owners can focus on offering improved customer experience. It fastens the sales completion cycle, boosts productivity, saves time spent on manual cash-counting, drives financial accuracy, provides customer satisfaction and overall security.

mPOS Solutions and Systems - Here's Why Mobile Point of Sale Systems Is The Much-Required Upgrade Needed in Payment Industry
Mobile Point of Sale Solutions Adoption:- This post and infographic explains the reasons why we believe the mobile point of sale systems is the much-required upgrade needed in the payment industry. mPOS systems are rewriting the narrative of the ever-growing instant payment space and your business must act fast to integrate this new technology to stay ahead of your competitors.

mPOS solutions benefits for retail business owners

Retail merchants and small business owners benefit greatly by the use of mPOS systems that allows them the flexibility to close sales deals with customers by accepting credit/debit card payments, anytime and anywhere. At the same time, the replacement of cash registers with mPOS endpoints also implies better security from thefts and financial miscalculations.

As the name suggests, the mobile point of sale enables independent merchants and business owners to collect payments on-the-fly without any worry of collecting cash in bulk. Cashless and mobile payment and transactions can be done from anywhere, which also proves to be convenient for the customers. mPOS devices can come in different forms like standalone solutions, smartphones, wireless terminals, mobile card readers and so on. Some of their core advantages are:

Accept payments anywhere and anytime: mPOS solutions allow the merchants to drive sales, sell products to customers and initiate a monetary transaction from any location! Be it a door-to-door delivery service, a farmer’s market or a mobile-business model like a food truck, mPOS systems allow for easy cashless transactions accepting different types of card payments.

  • Enhance customer experience and sales opportunities: Usage of mPOS devices allows merchants to provide a more personalized experience to their customers. For instance, in a crowded retail store, floor executives approach the customers to use mPOS devices for a fast check-out option while exploring cross-selling options. This doesn’t only help customers with better experience and convenience but also instills a positive brand image for repeat purchases.
  • Helps businesses become EMV ready: For business owners and merchants, using mPOS devices make them ready to accept EMV cards in a non-expensive and easy way. Easy and fast deployment of mPOS systems and endpoints make it further seamless for the merchants to migrate to EMV in order to avoid being responsible for fraudulent credit card transactions and chargebacks.

Apart from these key benefits, NFC enabled mPOS solutions also allow customers to leverage contactless payment platforms like Apple Pay, Samsung Pay, Amazon Pay, Android Pay, which are gaining popularity with time. These solutions too, are easier to implement and are inexpensive for the merchants to consider. mPOS systems can also be integrated with value-added services like discount and loyalty offers.

Check out the Infographic to glean interesting insights about the current trends and future market of the mPOS solutions industry.

mPOS solutions – here’s why mPOS systems are the much-required upgrade needed in the payment industry.

Why mobile point of sale systems is the answer to unending prayers of payment industry advocates
Why mobile point of sale systems is the answer to unending prayers of payment industry advocates.

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Disruption

POS Technology: How Can Point-of-Sale Systems Save Money For You?

POS (Point-of-Sale) systems are simple yet highly efficient technologies that transformed the food service industry. A high-tech, robust POS solution can affect your work environment positively in many ways and bring innovation to your business. A great POS system will save you a lot of money, increase your revenues substantially and save a lot of time for your employees and customers.

The latest POS systems with a lot of features can help you gather data you can analyze later to optimize your business, enhance your marketing strategies, and develop healthy relations with your customers.

How can a Good POS Technology Save Money for You?

mobile Point of Sales Systems
A mobile Point of Sales Systems device to aid collection of funds from customer. | Copyright: Olivier Moritz;

Let us know the four primary ways in which a good POS technology can save a lot of money for you and your business.

Analyzing your business data

To manage a business effectively, you must be well-aware of its strengths and weaknesses. For this, you must have access to the data that is reliable like facts, statistics and number, instead of just depending on your instincts such as many old-school shopkeepers still do. Gathering data can be a time-taking process that may require a considerable effort, and sorting by hand through all these numbers is nearly easy.

One of the ideal features of a modern POS technology is the accumulation of all of your business data like:-

  • Discounts,
  • Items sold,
  • Food and labor costs,
  • Number of customers, and
  • Sales by the hour and type.

They provide you with access to the highly popular “Big Data,” enabling you to understand about your numbers using a practical approach. POS provides the available reports that streamline the sorting process through your taxes and expenses, plan your future deals and promotions and define your marketing strategies. According to few well-defined KPIs(Key Performance Indicators), getting to know how well you performed will get you a step closer towards reaching your goal.

Enhancing Customer Experience

It is not easy to argue that the clients who are happy can make successful businesses, particularly when you run a coffee shop or a brewery which are quick ticket businesses. With the specifically designed features, some POS solutions can improve your customer experience substantially. These features can also enhance their engagement. Imagine your restaurant guests can make their reservations online, view their order status in real time, and enjoy their waiting by watching some food pictures.

The delightful menus that can be customized as required may attract the Patrons in cafeterias. They can display your convenient next-week-only promotion, an enthralling upsell or your amazing food that may convince the customers to come back again.

If POS is integrated with tablets and iPads, servers can take orders from customers on the spot, thereby reducing waiting time and mistakes, turning more tables and enhancing the service quality. The better your customer experience and the faster your service, the more likely a customer is going to come back again. Gift cards and loyalty programs can be programmed easily with a few clicks, and they provide you a simple method to tightening your bond with your guests and increasing your brand exposure.

Making your Business More Effective

POS Technology
The image above gives us an idea of what a retail POS looks like along with its peripherals and functions.

You can save a lot of money by enhancing operational efficiency and you can smoothly run your daily operations in many different ways by an advanced POS technology. Here are 2 instances of how a POS can help you in running an eatery.

Order efficiency and speed – a traditional order system needs your server to write down the order after talking to the customers by going their tables. Replacing this traditional order, a guest can send an automated order through online or by clicking on a table menu instead of through phone, cutting down the time to just few seconds. The higher success rates can be achieved on the orders if the tickets are easier to read. The more orders you can receive and process accurately, the more amount of money you can make.

Order Accuracy – the workload can become hectic if you have more number of customers. Due to this, mistakes are bound to happen as in these kind of situations, the cooks must prepare dishes quickly and servers must run back and forth. You are saving more than $200 per month, if you avoid one mistake per day and if this error costs you $7.

Save Environment and Money by Going Green with Technology

Saving cash and going green have a direct relationship. Putting money in technology that is environmentally sound is wonderful not only for the business but also the environment. These technologies are highly efficient in enhancing the daily operations’ productivity and they will help in saving a large amount of money. The easy and simple ways of cutting cost are provided by POS technologies to businesses like restaurants. During the day-to-day operations of a restaurant, a lot of paper is wasted. By adopting better items, you can eliminate paper waste and paper costs.

A transaction can be completed from a credit card and the receipt is sent to the customer through email by the signature capture pads. It is efficient and doesn’t need any paper. You must invest in rechargeable gift cards if you are offering gift cards to the clients. They can be utilized again and again by reloading. The trouble with printing new ones can be avoided in this regard. The cost of kitchen receipts can be saved if you can use the kitchen display system (KDS). Without decreasing the service quality that you are offering, these techniques are ideal for saving money.

Conclusion

Choosing the appropriate POS for your online or retail store can save a lot of money for you, probably much more than you can imagine. Though most of these solutions need an upfront expense, they are highly economical in the long run. As we quickly progress towards an era of digitalization, having the appropriate “tools of the trade” incorporates having the highly reliable and advanced POS tech as well. In order to succeed in this competitive world, it will provide you with the edge you need. 

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Business

How Mobile Point of Sale Systems is Improving Local Business and Increasing Revenue

If there is one thing, we need to credit the late Apple co-founder Steve Jobs with; it is reshaping how to think about customer presentation. Beginning with understanding the difference between what people think they want and what they actually want, few entrepreneurs have done as much as Jobs for changing the way we think about customer interaction. Do you remember the first time you entered an Apple store?

Their open floor plan, inviting environment, and helpful, highly-educated customer service representatives were an entirely new business model at the time when it was initially implemented. For the first time at a major outlet, customers were able to check out and pay for their goods anywhere in the store, without ever having to encounter a line. While the Apple model has many groundbreaking components to it, one that is easily transferable to other businesses, is a mobile point of sale systems.

mobile Point of Sales Systems
A mobile point of sales systems; a device to aid the collection of payments from the customer. | Copyright: Olivier Moritz

While the Apple example is notable because it was groundbreaking, it also has several components that might not be a good fit for every business model. That said, the benefits of mobile point of sale systems should convert seamlessly across most industries. SMBs struggling to keep up with the corporate competition, in particular, may find such an update to be the exact leg up they need to keep things going.

4 Benefits of Implementing Mobile Point of Sale Systems 

If you want to know how the mobile point of sale systems and other e-payment solutions is gradually improving local businesses around the world, this article will guide you through.

Now, let’s study four reasons why introducing a mobile point of sale systems will skyrocket your small business growth.

1. On-the-Spot Checkout softens the closing process

While the walk to the counter and a short line may not seem like a huge issue, the fact is that every time a customer considers making a purchase, they get momentarily thrilled and then gradually that excitement fades until they have either paid for the item or returned it to the shelf. By providing on-the-spot checkout, you reduce the time between the initial, maximized level of excitement and closing the sale. This minimizes the chances of a customer changing their mind. Check out one of our older articles for more information about how to use point of sale solutions to improve sales for your business.

2. No in-store Lines

Along a similar line, waiting in line gives the customer time to second guess their purchasing decision. But even if they do not go back on their choice and go through with a purchase, they do not enjoy standing in lines. By reducing your lines, you produce a better customer experience that is guaranteed to yield a higher number of returning customers.

3. Improves Customer Service

By eliminating a swamped employee at the front desk, rushing to check out customer after customer to keep up with a growing line, each client is aided more efficiently, freeing up your employees to provide better service to each customer.

4. Allows for Deliveries and Curbside Checkouts

This is a big win for smaller storefronts, like pharmacies, which may need to increase flexibility to provide for individual customers. If you have ever owned or worked at a small, local pharmacy, you know how difficult it is to keep up with the corporate competition. By providing the quickest and painless process for fulfilling prescriptions, you increase your chances of being able to hold your own against the bigger companies. Curbside checkouts, drive-through options, and deliveries are the best customer experience for such purchases; the mobile point of sale systems are integral for these types of improvements. 

When it comes to finding the right mobile point of sale system for your business, Forbes provides an overview of some of the most common and most useful POS systems out there for traditional retail environments. When it comes to mobile pharmacy point of sale systems, the EvolutionPOS from RM-Solutions was one of the original options and remains one of the most common solutions for pharmacies of all sizes.

After reading this article, we’d love to hear from you…would you consider implementing mobile point of sale systems into your business for better customer experience?