Crypto is now a popular option for everyday financial transactions. Individuals, businesses, and even large organizations have recognized crypto as a reliable medium of exchange, positioning it alongside traditional fiat currencies and online payment options.
As the popularity of crypto grows, numerous businesses are actively looking for ways to incorporate it into their operations. A feasible solution is to integrate cryptocurrency as a payment option into a point-of-sale (POS) system. This PoS system ensures that you have a gateway to accept payments from consumers in various ways, including cryptocurrency.
So, if you’re a business owner looking to include crypto in your payment methods, this article is for you. We will delve into the different types of POS systems and provide insights on seamlessly integrating them into your business operations.
What is Crypto PoS And What are the Different Types?
A Crypto Point-of-Sale (PoS) system allows merchants to facilitate payment by accepting cryptocurrency payments for the purchase of goods and services. There are two kinds of PoS crypto payments: Physical and Virtual.
Physical PoS Terminal
Business owners looking to expand payment options can consider integrating cryptocurrency acceptance into their physical Point of Sale (PoS) systems. The physical PoS terminal comes along with a terminal device that holds the software processor, allowing clients to pay with compatible cryptocurrency-approved debit or credit cards. It also allows clients to transfer directly to the cryptocurrency wallet integrated into the terminal or scan through QR codes to make the appropriate transfer.
Virtual PoS Terminal
Virtual PoS terminals do not come with a physical terminal device, but rather a personalized link that can be opened by any smartphone or gadget. It is cost-effective and business owners as business owners do not have to worry about purchasing these terminals. A web-based POS terminal processing can come in the form of an app, or a scannable QR Code that redirects to your cryptocurrency wallet during payment. Merchants are assured of a secure payment as the blockchain network cannot reverse a cryptocurrency transaction once it gets into your wallet.
When compared to the traditional payment method, PoS crypto payment offers accessibility, fast transactions, enhanced security, and lower service charges. It operates on a decentralized network and thus, allows for unrestricted and infinite transactions.
It is a perfect solution for brick-and-mortar stores looking to expand their payment offers. A simple web-based PoS terminal allows for anonymous payment for your goods and services, benefiting both you and your clients. It differs from the physical POS terminal that comes with a device as it solely operates on DeFi web technologies.
Why Should You Accept Crypto Payments?
Cryptocurrency provides some benefits over traditional payment methods in PoS systems. They include:
Transaction fees
Accepting cryptocurrency payments can potentially lower transaction fees compared to traditional payment methods. Cryptocurrency transactions often involve lower processing fees, especially for international transactions, as they bypass intermediaries like banks or payment processors. This can result in cost savings for businesses, particularly those with high transaction volumes or international clientele.
Quick payments
Cryptocurrency transactions are known for their fast and efficient processing times, typically settling within minutes or even seconds, depending on the blockchain network’s speed. This rapid settlement enables businesses to receive payments quickly, improving cash flow and liquidity. Quick payments enhance the overall customer experience, as customers enjoy swift transaction processing without delays or waiting periods.
Versatility in transactions
Cryptocurrency offers versatility in transactions, allowing customers to pay with various cryptocurrencies approved by the PoS system. This flexibility accommodates customers who prefer using specific cryptocurrencies or digital assets, providing them with more options at checkout. Also, cryptocurrency transactions are borderless, eliminating currency conversion fees and simplifying cross-border payments.
Broader reach
Accepting cryptocurrency payments can broaden a business’s reach by attracting cryptocurrency enthusiasts and tech-savvy consumers who prefer using digital currencies for transactions. By offering cryptocurrency as a payment option, businesses can tap into a global market of cryptocurrency users, potentially expanding their customer base and increasing sales opportunities.
How Can You Accept PoS Crypto Payments?
There are pre-made solutions that are tailored to handle crypto transactions at physical stores and make the setup seamless. An example is PTPShopy (crypto payment gateway), which manages both physical and online payments for retail users.
Set up a cryptocurrency gateway processor with PTPShopy
To start accepting PoS cryptocurrency payments, you need a gateway processor to facilitate the payment process from your customer’s crypto wallet to yours. These gateway processors operate similarly to the gateways of your regular traditional banks.
For many businesses, especially small and medium-scale enterprises (SMEs), setting up their gateway processor to help process their transactions may seem daunting, hence, there is a need for a crypto gateway processor provider to scale through this process.
PTPShopy is a crypto gateway processor that offers DeFi solutions to merchants looking to accept cryptocurrency as a form of payment. This crypto gateway processor comes as the perfect solution for business owners in this position as it offers secure, scalable, and fast payment processing for business owners.
All you need to set up your business’ crypto gateway is to sign up as a merchant with PTPShopy by providing the necessary details. Then confirm your email address and log in to access PTPShopy numerous B2B features. Every merchant that successfully signups up is given a secure cryptocurrency wallet that will play an essential role during transcation.
Choose the “PoS Terminal” in Your Preferred Payment Gateway on the Website
PTPShopy offers numerous payment gateways for merchants, since you are interested in the PoS terminal for your physical store, click on it. Follow the further instructions provided such as creating your offline store, generating your personalized API key, and setting up your PoS sale order.
Integrate your PoS terminal software with your device
To start accepting payments, integrate the software or link provided into your gadgets to start accepting offline crypto payments.
Make a Sale
Try out the software by executing a sale. A successful sale should appear in your wallet, indicating a successful integration. PTPShopy transacts 400+ cryptocurrencies including Bitcoin and Stablecoins like USDC, USDT, and more. Merchants do not have to worry about their terminal’s security while making a sale because PTPShopy employs highly secure encryption that protects merchants’ and consumers’ financial data from thefts.
Take advantage of the additional financial tools for your business
As merchants, it’s important to document all the crypto payments you receive as this is particularly essential when you file your tax reports to the IRS using Form 1040 Schedule D. PTPShopy has many tools you can use to monitor and manage your transactions. These tools manage your payment history, earnings, and other important financial settlements.
How Much Does It Cost To Accept Crypto Payments With PTPShopy POS?
Merchants and business owners interested in settling a PTPShopy POS at their stores do not require any capital to do so. All that is required of you is to sign up or register, navigate to the POS platform, and create an offline sale and their sales order to get started. The process takes less than an hour and no capital is required to begin.
When it comes to transaction fees, PTPShopy has the most competitive rate in the entire Defi landscape. We only charge <1% for every successful transaction and withdrawing your sales to your cryptocurrency wallet is free.
Accept Crypto Payments For Your Business With PTPShopy
PTPShopy is a trusted crypto gateway processor that facilitates crypto transactions for business owners. With compatible software that works efficiently with smart devices including mobile phones, desktops, and iPads you already own at home, business owners can easily set up payment without delay.
PTPShopy also has an easily accessible support line for business owners looking to know more about our services.