Cryptocurrency Point-of-Sale incorporates crypto dramatically into people’s daily lives and it’s quite a positive change in the world’s financial system. It enables merchants to accept cryptocurrencies for goods and services in online and offline business settings.
There are dozens of approaches to make crypto payments possible, so each business has a choice of what’s better for them particularly. In this article, we will give a definition of the crypto POS system, explain how it works, give the list of the best ones and describe the risks associated with its usage.
- What is crypto Point-of-sale?
- How does Cryptocurrency POS work?
- Top 40 Best Cryptocurrency POS Systems
- Main risks of Cryptocurrency PoS
What is crypto Point-of-sale?
Basically, it is a solution that allows deploying a crypto payment gateway. Cryptocurrency Point-Of-Sale systems enable customers to make payments for goods and services directly with Bitcoin or other cryptocurrency. The main pro of this method is its simplicity, because it literally takes seconds to make an invoice for the user. This gateway is easy to use and does not require building complicated infrastructure.
A cryptocurrency POS system is a secure option for accepting crypto for both parties: merchants and customers. It allows sellers to fully customize invoices and create new ones for each buyer, which is great for small brick-and-mortar shops that don’t have a requirement to work with dozens of payments per second.
Why is it important for offline stores to have this option? Let’s look at the statistics of retail payments in the US. Nearly 86% of transactions take place in offline physical stores. Acquiring this big market share for crypto has been the key to establishing the adoption of cryptocurrency point-of-sale.
Setting up a Bitcoin Point-Of-Sale system can also be beneficial for online stores, especially multinational ones. Because the idea of crypto is that it’s borderless, online store transactions don’t have any geo-restrictions. Thus, eCommerce stores are able to sell products worldwide and create invoices for international clients in a matter of seconds.
How does Cryptocurrency POS work?
A POS system is a software application installed in shops to make payment transactions through the terminals existing at the shops. These terminals are linked to the POS application through a network and enable accepting crypto payments through cryptocurrency payment systems.
The crypto POS system gateway works like this:
- The merchant enters the amount of money in the fiat currency of their choice that their client needs to pay
- The merchant chooses the client’s preferred cryptocurrency
- The software automatically generates the QR code
- The buyer scans the QR code with their phone and pays from their crypto wallet
- The software confirms the transaction.
The software is usually web-based, so invoices with QR codes can be done with either phone, laptop, or PC.
Top 40 Best Cryptocurrency POS Systems
A – C
- ACR Point-of-Sale
- ASC (Applications Systems Corporation)
- Aesthetics Pro Online
- Alert EasyPro
- Arcoro HR Management System
- Clover POS
D – N
- Diaspark Jewelry
- Epos Now
- KORONA POS
- Lightspeed Retail
- NOVA POS
- NTS Retail Suite
- NetSuite SuitePeople
O – R
- Oracle HCM Cloud
- QuickBooks Point of SaleEditor choice
- Revel Systems
- Rose for Square
S – Z
- Square Point of SaleEditor choice
- Toast POSEditor choice
- Versa Cloud ERP for eCommerce
- Wireless Standard POS
Main risks of Cryptocurrency PoS
There are two major risks in using a crypto POS Machine:
- Network uptime
Providers of POS solutions may try to save money on network infrastructure, but this can result in occasional delays or even crashes in their connection. Potentially, these issues can make the network unable to process payments or merchants may inadvertently double charge the client.
The solution here is to choose a provider that deals with reliable hosting services.
Because we are talking about software that deals with payments, by default it is vulnerable to scammers. Malware may redirect payments from clients to the scammer’s crypto wallet. Not only can clients lose their money, but also merchants can become suspects in committing a crime as the transaction goes through their point of sale.
The solution for merchants is to install security software, deploy firewalls and protect connections to make them resistant to these kinds of attacks.
Essentially, both risks are avoidable, even though it requires a bit of extra spending to make things safe. But it’s no different to any other payment system. The more you invest in your business the better customer experience you can provide.
A cryptocurrency POS system is a great invention that benefits both buyers and sellers. Crypto users can spend crypto directly at the points of sale, while merchants can grow their customer base and earn more. Even though there are certain risks involved, they are solvable, therefore, it is still worth implementing a crypto POS system for mutual advantage.