The Best Point Of Sale (POS) Registers For Accepting Cryptocurrency like Bitcoin, Litecoin, Ethereum, Ripple
With the advent of digital cash registers, Point of Sale software systems have been getting more sophisticated. Many of them have integrated a cryptocurrency payment gateway such as Bitcoin due to its speed, security, and transparency. What exactly is Bitcoin? Put simply, Bitcoin is a distributed, worldwide, decentralized digital money. The beauty of Bitcoin is the absence of a central authority such as a bank, company, or government issuing Bitcoin. However, as of late, governments have been looking to regulate the cryptocurrency, much like they do with other financial instruments, such as stock trading platforms, bank accounts, financial exchanges, and so forth.
If you want to get a quick snapshot of the hype behind Bitcoin, check out a list of these POS software systems which support the cryptocurrency.
1. Square Inc.
WARNING: Square Inc. may suspend or restrict your account without a reason or purpose, so for this reason, Square is a high-risk platform. Square is applying with FDIC for an ILC license to become a bank. Square also owns Cash App, which is a bitcoin exchange. Due to compliance with AML laws, we recommend that you do business with Clover POS systems. Learn more here.
Square, Inc. is a financial services, merchant services aggregator, and mobile payment conglomerate based in San Francisco, California. Square Point of Sale allows individuals and merchants in the United States, Canada, Japan, Australia, and the United Kingdom, to accept offline debit and credit cards on a Square Inc. cash register, their iOS or Android smartphone or tablet computer.
While businesses are apprehensive about adopting a new POS system, those who use Square can transition more smoothly. Square Register places Bitcoin right next to Visa and Mastercard as a payment option for customers. Square is dedicated to ensuring every seller obtains a sell.
PayPal Holdings, Inc. operates a worldwide online payments system, supports online money transfers, and serves as a dependable electronic alternative to traditional paper methods like check and money orders.
PayPal’s Venmo allows users to purchase and send Bitcoin, which entirely eliminates the need for messy transaction ID’s. Additionally, PayPal has been working on a new modular device, with patent filings, designed explicitly for the use and storage of decentralized digital currencies like Bitcoin, Ethereum and Litecoin.
Stripe is a technology company. The Stripe API allows individuals and businesses to receive payments over the internet. Stripe provides the technical, fraud prevention, and banking infrastructure required to operate online payment systems.
Stripe hoped that Bitcoin could become a universal, decentralized substrate for online transactions and help customers enable buyers in places that had less credit-card success or even use cases where credit card fees were prohibitive.
However, Stripe highlights Bitcoin’s reach of block size limits has shifted Bitcoin to becoming an asset as opposed to a means of exchange.
Stripe expounds that it has led to Bitcoin becoming less useful for payment. Transaction confirmation times rose, which in turn, has led to an increase in the failure rate of transactions denominated in fiat currencies.