Litecoin promoter Jon Moore tweeted a DIY crypto-friendly sign that he hopes will catch fire with local merchants who pay exorbitant credit card fees. The sign lists several expensive payment options such as American Express, Mastercard, Visa and Discover, followed by a list of cryptocurrencies including Bitcoin, Litecoin and Ethereum. Venmo is below.
Vice president at Nationwide Merchant Solutions, Moore makes a pitch to summer vendors in the Northern hemisphere who sell small-ticket items along the boardwalk and could maximize profits by eliminating expensive credit cards fees.
“Let’s think of any business that’s by the shore, that’s by the beach, maybe that’s by a lake. Boardwalk. I’m thinking Jersey Shore. Right on the boardwalk you could see this sign.”
“The coolest thing about it – payment options – not only does it let the customers know that they accept Bitcoin, Litecoin, Ethereum, Venmo, and obviously Apple Pay and credit cards, they can actually send payment right to this sign.”
Typically merchants use cash registers and point-of-sale payment devices to swipe credit cards and accept payments. The crypto “cash register” sign is a merchant’s tablet. It requires the buyer to use their smart phone to scan the displayed QR code of a preferred payment option. The code then sends the merchant’s cryptocurrency wallet address to the buyer – no extra hardware required.
“A lot of people ask me, well Jonny, what happens if they send payment to this sign. Let’s say somebody pays with Litecoin, and they go up and scan this QR code right there. It matches up with that address, they send $50 over. How does the business validate that the payment came in? Well, they just have to generate these QR codes from an app that they have control of.
Most businesses have an iPad or tablet that they have access to that they use for the business. So on that iPad or tablet, they just download a crypto app. They could use Coinbase, LoafWallet, Bread Wallet. Then they download Venmo on there to include Venmo. And just a very easy method shows them these lower cost payment options.
Especially for these businesses that are by the beach, by the shore or on a boardwalk. It’s a lot of small-ticket items, low-transaction dollar amounts. So if you pay with crypto or Venmo, the business is going to save a lot of money because the credit card fees on small transactions are very high. That’s why sometimes we see $10 credit card minimums. Businesses just don’t want payments that cheap. So guys, #paywithlitecoin, #paywithcryptos this summer.”
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