fbpx

+1 (954) 478-7714

info@npsbank.com

Restaurant Micros Stimulus Program
B2B Vault Episode 45: How To Accept Cryptocurrency At Your Business

Written by Allen Kopelman

January 21, 2022

Video Transcription

Hello, everybody. Welcome to another episode of B2B Vault The Payment Technology Podcast, educational information for business owners and merchants. Today we’re going to talk about how to accept cryptocurrency at your business, and we’re going to get into it.

So first, let’s go over ten reasons to accept cryptocurrency at your business. It’s a safe way to do business overseas. So there are great advantages to using cryptocurrency. Someone’s going to purchase goods and services from you, and they’re from outside of the country. You don’t have to deal with international wires. You don’t have to deal with waiting for that money. Waiting for an international wire can take five to seven business days or longer. Those wires have to pass through multiple banking systems. There are currency exchange rates. You get an incoming wire fee from your bank. Sometimes the customer doesn’t pay for those. So then you don’t get all, all of your money. And with crypto, it’s much faster.

You can get paid basically in 48 hours, no matter how large the transaction is, you know, it’s an effective way to do commerce and e-commerce. You can plug it into your website with different plugins. We’re compatible with WordPress Magento and a few other platforms. And you can also do a custom integration to eliminate price volatility. This is very important because if you’re going to transact, you want to get $20,000 or $10,000. The person’s going to pay you in crypto. And on the other end, you’re going to get the specific amount of money you requested in your bank account. Getting paid in USD can also get paid in euros or Australian money.

Then depending on where you’re located in the world, it’s converted to what’s called Fiat. And that way you get your money in your bank account to pay all your bills. And that makes it easy. For business owners to deal with, especially those you don’t want to have to learn how to buy, sell, and trade crypto and deal with that. Other advantages are, you know, the customer wants to pay you with crypto, and you don’t accept it. Then they have to go cash it out. That could slow down the transaction because they have to sell it. And then, if they’re dealing with a large amount of money, a lot of crypto exchanges only will deposit 10,000 to $25,000 a day. We don’t have those limits. We don’t have limits on our platform. If you need to do a hundred thousand dollar transaction, a $500,000 transaction. The other day we heard from our vendors that somebody did a million-dollar transaction to pay for some yacht so that it could happen. And then it’s a lot faster, a lot cleaner, and fewer fees to deal with. So, you know, cryptocurrency makes it easy. We have an easy-to-use portal.

You can log in; it looks just like a virtual terminal for credit card processing. So you can create an invoice send it to your customer. If you have web transactions, you can see all your transactions inside the portal. You can see all your customer’s information in there, right? You know, there’s a safe outlet for your crypto holdings. If you want to hold onto the crypto, we don’t recommend holding onto crypto, but some people ask us, oh, can we hold onto the crypto? We recommend making a wallet on our platform. That way, you have a separate wallet for your business activity versus your activity, but we’ll get into why that’s not recommended in a few minutes. You know, ID theft protection. You know, it’s straightforward to deal with cryptocurrency because everything’s on the blockchain.

So everything’s protected when people do a transaction; there’s one piece of code for each transaction. So the code can only be used one time. So it’s not like, you know, a payment link you send out from your, from your credit card processing, people can click on it and make payments all the time. This one is specific only to that transaction’s multiple payment methods. So you can do in-person payments, invoicing, payments, e-commerce payments. We can also help you set up with credit cards and ACH if you need them for your business.

So, you know, you’re unlocking a new revenue stream for your business. With cryptocurrency, you’re going to be able to attract crypto millionaires, billionaires, people who are buying and selling crypto. The crypto community is a whole different community. It’s just like we hear all this talk, oh, America or the world will go to this cashless society. There’s a big cash society. I can tell you, we operate ATMs, and there’s plenty of cash flowing out of those. ATM’s banks have ATMs they’re used every single day. There’s a section of society, you know, bartenders, waitresses, and waiters and people that work in salons and all types of businesses, small businesses, people who have side hustles, and there’s a lot of cash going on, you know, in a whole level of society, people are taking tons and tons of cash and the same thing. There’s a whole society now of this gen X, millennials; I don’t know what other name they went by? Justin? I don’t know. There are too many. Yeah. Generation Z, whatever it is. Right? So, but all these, but a lot of the younger people and many people in tech companies are doing business with crypto.

So they’re buying stuff with crypto trading, crypto, paying for goods and services with crypto. They’re looking for your business to cross over. We’re making it easy. We’ve created a system that’s easy to use, just like using a virtual terminal for your credit card processing. So let’s get into the next little subject, and that has to do with the IRS. So the IRS has renamed cryptocurrency to virtual currencies, and they have, you know, I tell everybody goes to IRS website or Google IRS rules on cryptocurrency. They created a whole a whole thing on cryptocurrency. It’s on the 10 40 this year. We did another podcast earlier. You can search it in the podcast about cryptocurrency and the IRS. We go into some more detail about it. We’ll just go into a little bit here, but they have rules. So basically, if you accept crypto, it’s subject to attacks; there’s no business wallet for crypto. So it’s only subject to personal tax.

So we don’t recommend people to hold onto the grip data. We recommend you cash it out, take the cash and avoid dealing with the IRS because they’ve seized it. You can also Google IRS seizes cryptocurrency that they seized Bitcoin. They probably caused Bitcoin to go crashing down from about 60 something thousand dollars a few months ago. Now it’s in the forties because there they seize, I think, $300 million of Bitcoin and other coins, and they’ve been selling it off. So that hasn’t been too good for the crypto market. And you know, so, but I tell people, listen, I’m not an accountant, right? I’m not an accountant. You know, I say, tell people, talk to your tax professional. I can tell you; I bought crypto. I traded crypto. I sold crypto. I know what it takes to sell it. It took it wasn’t. It was a process to learn how to sell, you know, how to cash out the crypto. And then I had to prepare all these documents to show, you know, what the capital gains were on the cryptos. So we recommend to businesses avoid the whole IRS new rules and just get the cash, get the cash is king, get, pay all your bills, pay your employees, your rent, everything. So what’s the easiest way. These are questions I get asked all the time, just general questions about cryptocurrency. So what’s the fastest way for someone to purchase crypto. You need to go to a website like Coinbase.

I tell people, you know, Google, these companies, check them out, and make sure you’re comfortable with them. I know that just in the news about crypto.com had some kind of problem. There have been problems with other crypto wallets in other countries. Coinbase, I think so far, has been pretty good. They also have some educational material there where you can learn about cryptocurrency. So that’s, you know, that’s the best way you want to buy some crypto. You can, you know, as I said, you go on any of these services bit tans, crypto.com Coinbase. That’s how you can purchase crypto. Usually, you have to send them money from your bank account, and they put limits on it. When you first get on the platform of how much money you can send them daily, can I send refunds to my customers? So this is basically on an as-needed basis, you know, to refund crypto because it’s a little bit complicated. There are no chargebacks with crypto. So if somebody wanted a refund that’s between you and the customer and how to handle it, what cryptocurrencies do, can you accept? So you can accept Bitcoin Bitcoin cash, Ethereum, unlike going. So we stick to those four coins because those are the most heavily traded goings. They can be sold in real-time, which is what we’re doing. As the transaction is coming back from the customer, we’re selling that those coins are being sold and fractions.

That’s how the coin is bought and sold and fractions. So it’s being bought, sold off fractions, converted to cash. And, in a matter of seconds, just like you stick your EMV card and the credit card machine, it gets approval. The same thing is happening with crypto. As soon as the customer puts that code in their wallet, it tells them that crypto is coming across five or six different blockchains. It’s all being sold. Boom, boom, boom, boom. And then, the merchant is going to see the green light, and the dashboard at the transaction has been complete. And it’s a good transaction. And a crypto transaction just takes a few minutes. The price is locked in for just a few minutes. Because basically when you’re sending somebody an invoice and they start to click to do it, that the price is locked in as to like what the price is that people are buying crypto for it just cause you to see the prices $45,000 doesn’t mean people are, you know, that you could sell it for 45,000. It’s the same works the same way as the stock market. You know, that’s the best price that it was that day, but that might not be the price.

It might be a little less, you know that, but that’s how it works. And you don’t need to know anything about cryptocurrency to use our system because you’re Dion with cash, and you’re getting cash. You know, how do you know the transaction was processed? When you go to the dashboard, you see the green. next to it means that it was processed. How and when weekly get a notification, right, right. You get email notifications also. But you know, if you’re not, if you’re the bookkeeper and you’re using e-commerce or something, one person’s getting the notifications, but still someone can log into the dashboard and make sure a transaction went through because you can create logins for different people. So they, they can monitor, you know, log into the dashboard and use it and things like that.

Do you know? And then, if you have multiple locations, you can have one dashboard where you can see all your locations in one dashboard, which makes it easy to use. So when are the fees deducted? So we charge a 2%, the fees come out of the transaction, and then you’re funded the net amount. But you also can pass that transact the pass, the fees to your customer. What if you’re underpaid or overpaid for a transaction? Well, that doesn’t happen. If somebody underpays you, you have to go into the system and say, you accept the underpayment because, but let’s say somebody says to you, oh, I want to pay you $50,000. Still, I need to do two transactions to do it because maybe they’re going to pay you 20,000 and lite coin and 30,000 in Bitcoin. Well, you sent them two invoices because that transaction blockchain code can only be used once. There’s only use the ones. So they can’t reuse it. Like you can a link for credit card processing.

They can only use it one time. So if someone says, oh, I need to do two or three transactions because maybe they’re using different wallets, or they’re going to use a few different coins. They can do that. So that’s the best way, how-to, and how. How can I settle my altcoins? So we don’t recommend using altcoins coins because the price fluctuates and depends on the selling of the coins and how fast that can be done. And it can’t be done with instant settlement. So we don’t recommend doing that. You know, what are the simplest ways to integrate and enable crypto transactions for my business, either using the invoicing method or which can be used in person or through email or text messaging, or you can do integrate onto your website. If you are selling specific items, let’s say you’re a nightclub and you want to have bottle service and let people pay with crypto. You could have people sitting at the table scan a QR code, go to a website, order their bottles, pay with crypto boom, and it’s done. It doesn’t have to be complicated. And like I said, with our system, you don’t need any knowledge of cryptocurrency because you’re asking for a specific amount of money that person’s then converting it to crypto.

Then you’re getting the specific amount of money you requested. So we make it easy for you to learn how to use our system. It’s an easy-to-use dashboard, easy to understand. You want to get 500 bucks, the person’s paying with their crypto, and you’re getting your 500 bucks. Boom. So now let’s talk about, you know, how many people have cryptocurrency. So there are 350 million people in the US, and roughly 28 million have crept out around the world. There’s a lot of people using cryptocurrency and, and, and cut all these countries, Australia, Asia, South America, Africa, Europe; everybody’s got cryptocurrency.

So cryptocurrency, I put people into a couple of different categories as cryptocurrency. You have some people who’re using cryptocurrency. They’re treating it like the stock market or like Forex. And the difference with crypto is it can be traded 24 hours a day, seven days a week, never closed cryptocurrencies, never close. So, and you can’t buy every kind of crypto like these altcoins they talk about sometimes you can’t always find those altcoins everywhere, because you know, when you go to different platforms that don’t offer every single coin because they’re not, maybe not tradable, you know?

So that’s why I tell people, you know, be careful, you’re investing in crypto, you know, make sure that’s money. You can lose. It’s a high-risk investment, so you can’t lose the money. Don’t invest it. So the crypto market, you know, it’s growing, and people look at it. So you have people that are buying and selling and trading crypto, and they’re like day trading it. So that’s where you get all these crypto millionaires from because they’re basically using the market and going up and down, and then you have other people investing in it. And then you have people who are transacting because it’s safer to use a Bitcoin and Bitcoin cash and all that.

Like you want to make a purchase, and you’re living in Europe or Russia or South America. You’re trying to buy something expensive in the United States, you know, $50,000 watch. It’s a lot easier to send cryptocurrency than dealing with sending wires. So it’s becoming trendy in those markets. So now let’s talk about our product NPS coin. So you can go to our website. We have just for crypto NPS, coin.com. You know, what do we offer that other people don’t offer? Such in-person transactions. Some of the other services out there do not offer a way to do an in-person transaction by scanning a QR code invoicing. We have to invoice, not every platform as that. E-commerce with many plugins available. Some other services only have maybe one plugin dashboard. We have a dashboard; some of the services I’ve looked at don’t have a dashboard. They might have an app, but they’re not collecting all the customer data and storing it for you, which I think is very important. Storage, customer data, multi-location dashboard. Yes.

If you have multiple locations, we can provide you with a solution where you have a dashboard to see all your locations. We have other companies that don’t have that dollar limit per customer. We don’t have a limit. Some places I’ve talked to have a $2,500 limit, a $10,000 limit, and that’s per transaction and day. So we don’t have a limit. We’ve done transactions that are 50,000, 40,000, 143,000, 250,000. Somebody said they did a million. There was a million-dollar transaction the other day on the network that we use. So it’s great. Do we have a daily or monthly limit? No, we don’t have a daily or monthly limit. So you don’t have to worry about that cash conversion. Yes. We’re doing that. Some platforms don’t allow for cash conversion. You’re just getting the coin, and then you have to deal with the, you know, you have to deal with buying, you know, selling the coin later. So we’re not, you know, you can do that with us, but we don’t recommend it because of the stuff going on with the IRS KYC on the invoice and purchases.

Yes, we have full KYC. It’s stored on the dashboard. So you can, you know, if anybody, your accountant or God forbid, anybody gets audited, you’re able to have all the information on who was doing those transactions. We also have signage available. We have electronic signage. You can put it on your website; we can send, you can also send you, we can print you up signs. You can put in your business. So we make it easy to have a crypto program with our service. And it’s easy to sign up. So let’s talk about how do I sign up? Because people ask me like, oh, you know, how do I sign up? Well, I can tell you it’s a lot. If you need a lot less information to sign up than you do to get a merchant account, which is crazy, but it’s crypto. And you know, that’s it, there’s just a lot less, a lot different KYC. So what is step one? You go to our website and PS coin.com. You’re going to fill out a form there. Then you’re going to get an email from us with some instructions.

You know, this paper right here going to make, we’re going to make all of this information available in the download section on, on our website. So you’re going to get an email from us telling you what’s the next steps. Then you’re going to get a link from our provider, and then you’re going to create a username and a password. You’re going to verify all your business information because we ask you for your name, the name of your business, your DBA name, phone number, email, address, address, basic information. Then you’re going to need to upload some documents to verify your business. So a clear copy of your driver’s license. Anybody who’s the owner of the business over 25%. These provide a driver’s license, a copy of your corporate papers, not a screenshot. Everything needs to be a clear PDF document, or you know, a JPEG. So, but you know, corporate papers and beneficial owner forms are available. And you can, you can type on that, print it out, sign it that way.

They know who the beneficial owner is. Every business as one person, avoid a check, and you’re going to supply them with a federal tax ID number, and you’re ready to go. Those documents all get uploaded. Then it takes about 24 to 48 hours. Usually, it can be 72 hours. Your account is approved. Once your account is approved, you’re going to get an email. Then you can contact us, and then we can help you with what you need. If you need some training on using the dashboard, we can walk you through that and walk you through creating users. We can walk you through some of the marketing you’re going to need. If you need to put a shopping cart on your website, we can either send you the information about how to do it or hire us. We can do it for you in some cases, depends what you need. You know, if there’s missing information or you don’t get approved because there’s information that was missing or you uploaded something, and the document wasn’t clear. You get an email from the provider, you know, you just need to contact us or find out we’ll contact you. You. We’ll help you get all of that done. So we can, you know, we own a printing company so we can make, we have people ask us to make the banners, little signs to sit on the counter, or they just want something. They can print it out from the computer and put it out so we can create whatever you need. So it says, you know, pay with crypto here and make it easy for you to let your customers know.

I’ve had people tell me; they go, oh no, one’s asking me about cryptocurrency. Well, they’re not going to ask there; believe me, they’re looking to find, they’re looking for places who will take it. You know, I was talking to a few jewelry stores the other day, and they said, oh, you know, a guy came in here the other day wanted to pay with crypto. We don’t have it. We needed to get set up because we’re missing sales. You know, that was a bit, it was a big sale. The person wanted to buy a $50,000 watch and pay with crypto. And then they don’t understand crypto, but w the way we do it, they don’t need to understand it because they want the money. So they get the money. So it’s really, we’re taking all the guesswork at crypto. We’re not; you don’t have to learn crypto. You don’t have to know anything about crypto. So if you want to learn more about cryptocurrency to watch some of the other podcasts we did about it, you can download the material that we’re going to put up on the website and read that over and learn about cryptocurrency.

As I said, you can also go to NPS coin.com and sign up. We have a real easy signup page there; sign up for your account, and we’ll get you set up with cryptocurrency. So thank you for listening today to B2B vault, the payment technology podcast; you can follow us on social media. You can catch us on all the different podcasts networks, Spotify, apple. You can watch the podcast on YouTube if you need that visual or on Google podcast, iHeart, Stitcher, and newly on Amazon music. And probably many others connected to these networks, you know, and you can check out our website, B2Bvault.info. And thank you. Hopefully, you’ll listen to another episode soon and Carpe diem from B2B Vault.

Merchant Statement Analysis | Merchant Services Statement Analysis

SUBSCRIBE TO OUR NEWSLETTER

Related Articles

No Results Found

The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.

Subscribe To The Payment Technology Newsletter

Join our mailing list to receive the latest news and updates from the NPSBANK team.

You have Successfully Subscribed!

Share This