How to Pay With Bitcoin
Bitcoin is often made to sound scarily complex and technical, something only geeks could figure out. Nothing could be further from the truth. Cryptocurrency holders use their mobile devices to scan a QR code generated for them by the seller, and the payment goes through. It’s that simple.
Merchants can use ForumPay’s Android or iOS app to effortlessly accept payments on their mobile device from a customer’s digital wallet in the cryptocurrency of their choice, or use the web-app to accept payments face-to-face; anywhere there’s an Internet connection.
A webshop can integrate ForumPay’s Crypto Payment Widget right into its website, or send a link to pay by email. Putting the ForumPay widget or pay button on a site is literally as easy as copy-pasting a code snippet. There’s even a WordPress plug-in.
Incorporate Crypto Payments Into An Existing POS
The ForumPay API lets users directly access the payment gateway platform, allowing them to view, add, cancel, and check the status of payments in real-time. Notifications can even be set up for changes in payment status. The API interfaces directly with most major POS software providers, so there’s no need to learn a brand new system or put customers off with an unfamiliar checkout process.
For a portable no-fuss one-stop POS system, look no further than the POS Terminal V1 Mobile All-In-One Touchsystem. It features a high-quality 5.5” IPS glare-free touchscreen and 75mm per second 58mm thermal slip printer. Completely portable, this mobile terminal runs on Google’s Android 5.1 operating system and can connect to the Internet via WiFi or 3G network. Easy maintenance, a 7.4 V / 5200mAh battery for longer life, and USB charging capabilities make it an excellent choice for any size store.
Advantages of ForumPay Bitcoin Payments
No Volatility Exposure
What makes it attractive for (non-risk-averse) investors is the same thing that scares away a lot of merchants: Bitcoin’s (in)famous roller-coaster price fluctuations. However, ForumPay users are protected from all that. Sale revenue is converted promptly to the shopkeeper’s fiat currency of choice and paid directly to them. Each transaction’s payout amount is completely guaranteed; the risk is zero.
Credit card and ACH transactions can take days to settle, and personal checks can take even longer. Until the transaction actually posts, the bank won’t give up the money owed. And, of course, there’s always the risk that the transaction will be declined for whatever reason, or the customer will change their mind and the first the seller knows of it is the notification of a payment dispute. ForumPay’s daily transaction settlements mean that there’s never a days-long wait for funds; it’s all conveniently deposited directly into a bank account, every day.
Bitcoin, by design, is a one-way payment system. The concept of chargebacks simply does not exist for Bitcoin, and so the classic scam–the one where a customer buys something and then, once the purchase is safely in hand, initiates a chargeback or payment reversal and the seller is left holding the bag–doesn’t work with Bitcoin.
Traditional credit cards will take an arm and a leg for the privilege of using their payment network; three to four percent, or more. ForumPay takes a small percentage of the sale as a transaction fee and that’s it. No hidden or extra fees on top of fees from endless middlemen. It’s refreshingly straightforward.
New Potential Customer Markets
ForumPay and Bitcoin are both global. A store can take a Bitcoin payment from the other side of the world as quickly, efficiently, and securely as it can a local payment. It’s perfect for an online store looking to broaden its clientele. Let’s say a merchant wants to market their services or products to tourists, business travelers, or newly-arrived immigrants. Exchange rates and fees are expensive; purchasing in Bitcoin is cheaper on both sides of the transaction.
Additionally, there’s a large young adult demographic who see using Bitcoin as a statement and will seek out and patronize merchants who accept Bitcoin over others. In short, expand the payment options, expand the customer base.
Contactless Payment Methods and COVID-19
Every major health organization recommends limiting contact with anything and anyone, but especially “high traffic” items like card terminals and checkout counters. It doesn’t get any more contactless than scanning a QR code, making Bitcoin the ultimate pandemic payment method. Long after the COVID-19 crisis has passed, more people will be much more aware of their exposure to germs and contagions in everyday environments. Paying with cryptocurrency protects everybody.
Bitcoin is everywhere now, and it’s here to stay. Merchants can get on board, or get left behind. From widgets to web apps, terminals to APIs, ForumPay has cryptocurrency payment solutions for any industry, any size, and in cyberspace or face-to-face. The question shouldn’t be, “how to pay with Bitcoin,” it should be “how soon can my customers start paying with Bitcoin.” Contact ForumPay today to find out how easy accepting Bitcoin payment can be for your business.