digibyte digitorial
Never a Dull Moment on Cryto Twitter
September 23, 2019
DigiByte – Community Powered Blockchain
October 1, 2019

DigiByte Accepted Here!

Things to consider for a company to accept DigiByte as a payment option

Cryptocurrencies are an exiting new way of payments that are in the news a lot these days.

Although DigiByte is much broader than a form of payments alone, we see the global secure payments system as one of the four important strategic pillars of DigiByte.

The other strategic pillars of DigiByte are: Authentication, Proof of Authenticity and Digital Assets. Those topics will be discussed in separate articles.

If you run a company that either accepts payments from end customers, or as a B2B company that  does business with other companies, there are several topics you need to consider when starting accepting DigiByte or other cryptocurrencies as a form of payment. In this article we will dive deeper into the topic of accepting crypto-payments:

 

There are several things you need to consider:

  1. Why choose to accept DigiByte or other crypto as a payment option?
  2. Brick & Mortar or Online: does it matter?
  3. DigiByte only or also more cryptos, and why?
  4. Keep your DigiByte or change to other crypto, stable coin or fiat? 

 

  1. Why choose to accept DigiByte or other crypto as a payment option?

You as a business owner typically don’t care about crypto anymore than cash or card or any other payment option. You just want to be able to sell!

So why would you start to accept payments in the form of cryptocurrency? 

  • No charge backs: 

Unlike credit cards or PayPal, charge backs and card fraud are not possible. You can be sure that your customers actually pays as soon as the transaction is confirmed on the blockchain. You can be sure of irreversible payments! And with DigiByte your payment is irreversible in 15 seconds, that is a lot faster that Bitcoin with 10 minutes or longer.

       2. Lower fees

Most cryptocurrency payment providers have much lower fees compared to what your credit-card company charges you. And you don’t need any deposits too!

  • Extra traffic: When you accept crypto, it can bring exposure to your company as being forward thinking. Exposure like in the news or sites like https://www.acceptcryptoz.com/ and https://cryptwerk.com bring attention to your shop. 
  • A new type of customer:

When you start to accept DigiByte or other crypto, it can also bring in a new type of customer that likes cryptocurrency and would not shop with you if you didn’t accept crypto. This can be nice for Online shops and for B&M shops close to demographic areas where young high educated people live, like university cities, inner cities etc.

       3. Brick & Mortar or Online: does it matter?

There is a profound difference for B&M and Online shops when it comes to accepting DigiByte or other cryptocurrencies at the point of sale. For B&M shops, the challenges are as follow: 

        a) Integrating in you current payment and inventory system:

As a B&M you can have an old cash register or a newer type of system that has payments and inventory combined.

  • For an old cash register system: you can simply use a phone or tablet with an app. You can use  https://www.digibytepay.us for DigiByte, or for example  https://coinify.com/payments/ or https://utrust.com for multi-currency. Also you could use https://www.coinomi.com or any of the other good multi-currency wallet (see https://digibytewallets.com) on a tablet or phone to accept crypto. You are already used to to have payments separated from your inventory system. In this way it is just another payment system like cash or card.
  • For the newer systems: you would want to be able to insert the crypto payments into your current setup. Most systems can support an alternative payment in their setup. You simply choose: other payment in the system and present the tablet/phone for payments. A good system like: https://www.clover.com/ can support this right away.
  • Specialized Crypto POS equipment: In the future more of the current Point of Sale equipment will integrate cryptocurrencies. And newer systems are being developed that are more cryptocurrency centric. But this usually means an extra investment.

 

        b) Prevent complexity for your personnel:

You usually don’t choose your personnel on the basis of having technical skills. And also there will be likely rotation in your staff. So it is paramount that it really easy for them to handle cryptocurrency payments. Things to consider:

  • Make sure you choose your crypto-payment system that will fit all your needs, so you don’t need to switch or run multiple systems parallel.
  • Make sure you create a quick reference card for your personnel that they can pick up when a customer pays with cryptocurrencies. Practice it with your staff. 
  • Place a tablet near the cash register on a turnable mount. You personnel can simply select the type of cryptocurrency and type in the amount. Then simply turn it towards your customer to have them scanning the QR code for paying.

 

        c) Prevent wait times for the customer:

This must be short as possible for obvious reasons. DigiByte wins here, because it super fast. The DigiByte transaction is visible in your wallet within 1 second! That is suitable for small payments. For large payments you would like to wait for at least one confirmation on the blockchain, so 15 seconds for DigiByte. If you accept other cryptocurrencies like Bitcoin, this can be an issue, because Bitcoin has10 minute block-times. 

If the customer asks to pay in crypto, make sure to ask to takes out his phone and start his wallet while you are processing the payment request. This takes about the same amount of time, so doing this in parallel will speed things up. For DigiByte, the whole process takes less time compared processing credit cards. So that great! 

        d) Considerations for Online shops:

This is much easier, as there is less time constraints in the shopping process. And you can automate the whole process much easier with payment providers that also have plug-ins for all the mayor online selling platforms. https://www.coinpayments.net/merchant-tools-plugins and https://coingate.com/plugins have a whole suite of solutions. For DigiByte we have the https://www.digibytepay.us/digibytepay-for-woocommerce/ plugin available. The advantage of DigiByte is fast confirmation on the blockchain, so you can be sure the payment will not be reversed as can be done with Bitcoin within the first 10 minutes, although it is very hard to do.

 

      4. DigiByte only or also more cryptos?

For us as the DigiByte Awareness Team it seems totally logical that we would only accept DigiByte, because it is the fastest one with the lowest transaction speeds. But for your company, it’s probably not primarily about cryptocurrencies:

  • You want to be able to be as flexible as possible to lure in as many customers as possible. The nice thing about cryptocurrencies is that there are no charge backs, unlike with credit cards. And also the % costs are important, as long it is cheaper than credit card or bank payment.
  • So for a company, you would likely want to accept a lot of cryptocurrencies and not only DigiByte. Yes, we push for the big three: Bitcoin, Litecoin and DigiByte as they are the most secure and have a real blockchain behind them. But as a company you would like to accept all major ones. This means choosing a crypto payment processor that accepts a lot of different cryptocurrencies like like http://coinpayments.net is the best way forward.

 

     5. Keep DigiByte or change to other crypto, stable coin or fiat? 

For you as a business owner, its important that you can be sure that the value of the payments you receive is stable. If you accept DigiByte or Bitcoin and it loses 30% in a week, that’s hard, unless you are a holder. So as a company you must be able to:

  • Hold your DigiByte or other crypto: you can send your crypto you receive to a good hardware wallet and hold it as an investment: https://digibytewallets.com Make sure you always write down your personal recovery key and store it in a safe place.
  • Switch to fiat: https://www.digibytepay.us/digicafe-auto-sell/ can automatically sell the DigiByte you receive for USD. Also payment providers like https://utrust.com/ or https://coinify.com/payments/ can settle directly to your bank account, always in your local currency. 
  • Switch to other cryptos or stable-coins: In wallets like https://www.coinomi.com you can switch to other cryptocurrencies or stable-coins. Also this can be automated in your payment processor service.

We hope you like this information and start accepting DigiByte in your shop, whether its Online or Brick & Mortar or B2B!

If you want to help out the DigiByte Awareness Team and create even more exposure for your shop, you can become an affiliate for us! https://dgbat.org/affiliates/ Just email me at: rutger@dgbat.org

links:
https://dgbat.org/digibyte-payment-processors/ 

https://www.digibytepay.us 

https://www.dgbwiki.com/index.php?title=DigiByte 

https://digibytewallets.com

Leave a Reply

Your email address will not be published.