Accepting Cryptocurrency in your business will be the next prominent payment type merchants will be using! Will it be next week or next year? I remember working in my dad’s clothing store, and we only accepted cash, and my dad started to take credit cards – he had an imprinter and a book that came out weekly – you had to look up the card and if it was NOT in the book it was good. Then you had to imprint the card and take the slips to the bank, and my dad got the money in his bank account in 3 to 5 days.
Later, I worked in the restaurant and hotel industry, processing credit cards through little square boxes. In 1995 I opened a restaurant, and I had to get a merchant account and a credit card machine. After opening, I got a visit from Discover, American Express, and Diners Club – they all sent in a salesperson to get me to sign up for those cards and then get it programmed into the machine I had.
The business has changed over the years – in 2001, after two years of experience in the payment industry, I co-founded Nationwide Payment Systems. We started selling all types of payment options to merchants. These were all new things to the merchant – all in one machine, debit on a pin pad, debit in an all-in-one machine, check conversion services, ACH, E-commerce, and Integrated payments!
Now fast forward to 2016 – I started hearing about Bitcoin and Cryptocurrency, so I was keeping my eyes peeled for a payment method that was legal and compliant for merchants to use. In 2020 we found a few companies that had systems set up. We started to offer cryptocurrency processing to our clients. We’ve processed over $2 Million in cryptocurrency payments 90% were Bitcoin!
Will the day come when you will be paying for burgers or at a grocery store – with cryptocurrencies? Maybe it will happen but not just yet.
The U.S. Government, the IRS, and SEC recognize that Cryptocurrency is here to stay and are looking into it and collecting taxes.
So, who is using Cryptocurrency today?
Gen Y, Gen X, Gen Z, and the Millennials are all part of the Decentralized financial world, and many people are getting paid with Crypto and transacting in Cryptocurrency today. Every day, $1 Billion processed payments in business transactions!
The main uses are for the following:
- Large Transactions
- Yachting and Boating
- Automobile dealers and Brokers for down payments and buying cars
- Donation – the average cryptocurrency donation is $20,000
- Jewelry
- International business transactions are less expensive and faster than an international bank transfer or wire.
- Business to Business in USA and International
- Art Gallery’s
- Real Estate Transactions
- And more!
Businesses using Cryptocurrency will happen, and it’s already happening with more significant transactions. There are Cryptocurrency investors, and there are Cryptocurrency users who buy, trade and use it for their business transactions. Just like people use Cash, Debit, and Credit – now there is a 4th payment type, Cryptocurrency! Some people buy it low and trade, and instead of cashing out the Crypto – buy selling it and then transferring it to a bank account – it is more cost-effective to spend the cryptocurrency or donate it.
Our system converts Cryptocurrency to cash, which helps the business owner avoid the new tax laws that the IRS has put in place. Our platform is also compliant with SOC2 and all the IRS reporting rules.
To find out more information on how we can help your business get set up to accept cryptocurrency.
