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We are about to release a Bitcoin integration for RMS and I wanted to hear peoples thoughts on this? Have you had any requests around this?
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Well said Tair
I don't know about the durability of Bitcoins in the long term, but by sheer use of the etymology of our common language, I think the word 'trend' is more suitable than 'fad'. Whether you think that Bitcoin have long-term sustainability or not, they are currently a form of tender which is fairly widely held, and is a venue some merchants see as an avenue for additional revenue.
The thing is, whether Bitcoins disappear in a decade, or still exist but aren't as media-centric as they are now, they still are a form of currency which can be used as tender. As such, they can equate to more income for your business.
Adam, the Original Poster of this thread, has developed a way that you can accept Bitcoin, without risk, for their immediate face cash value in USD. In other words, you can accept Bitcoin, be guaranteed the immediate cash value, and not have to worry if the Bitcoin market dips significantly later in the day. For those people seeking a way of offering convenience to their customer base who have Bitcoins, or for those seeking additional revenue streams, this is a wholly viable option. It's like accepting a credit card. You get your money at the end of the day, even if Mastercard's stock dips by 90%...
Yes, they are novel- and that is why consumers are less hesitant to spend them. Yes, they may be a short-term thing, but, let's consider the Diners' Club card... Since 2004, the number of Diners' Club cards in circulation have declined significantly, yet tens of thousands of merchants accept the card. Why? Because the more payment options you offer, the more customers see you as a convenient, flexible merchant, and the more likely they are to spend.
Paypal was seen as a fad... but they are among the biggest financial institutions in the U.S. now... Merchants accept PayPal because it's convenient for their customers, (though based on my experience, they are NOT convenient for merchants, as they are slow, cumbersome, expensive, and take forever to pay out.) Bitcoins are just as viable a payment option as PayPal; it's just a matter of if you are willing to accept them or not.
Someone needs to tell the little company called Overstock.com that they just signed up for a fad.
Ed,
I think you are missing the point. There is no risk in accepting Bitcoin. People have and want to spend their Bitcoin. Retailers should accept Bitcoin if they want to make money...Pretty simple, get it? Regardless of if the Bitcoin collapses or not why not make some additional sales b/c you accept it in the time that it is viable?
Ed,
I would agree with this advice if it was directed at people thinking of Bitcoin as an investment opportunity. I would strongly disagree if you are a retailer. There is no risk in accepting as Bitcoin payment through our system as you are paid out the exact cash amount of the transaction in USD not BC. People have Bitcoin, people want to spend Bitcoin, you might as well let them spend it with you right?
with the recent hacks of bitcoins, I would advise to stay away from them, as Apple Inc is doing.
The processing fees are actually less, one of the biggest benefits.
Shoot me an email or give me a call and we can talk more about it.
awilcox@newestech.com
503 235 4656
So, your module automatically adjusts based on the exchange rate, and it eliminates the risk of devaluation before the bitcoin is converted to cash value? Okay, that's pretty awesome. You've basically eliminated the two reasons we were avoiding bitcoins... If the expense of the integration was reasonable, and the processor fees were comparable with a credit card processor, than I'd be willing to give it a go!
This is a good point. We wrote this integration to work with a specific processor who absorbs the risk. When a transaction is processed you will be paid out the dollar amount that was applicable at the exact time of transaction. So if Joe customer comes in and buys a coke for a dollar a dollar and this is .001 BTC at the time of transaction and then at the eod the same coke is worth .0001 BTC you are still paid out a dollar. There is absolutely no risk when it comes to the exchange rate.
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