Digital currency, bitcoin, and blockfi; oh my! What are these trending topics and what do they have to do with your business when it comes to payment processing? Let’s look at what they mean, why they are the talk of the town, and how this could affect your business.
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If you are wondering how the rise of digital currency plays into your business, you’re not alone. As more and more people buy digital currency it is leaving them with the question of how to spend it. It is also leaving retailers with the question of how to accept this money. Are you going to need a whole new POS (point of sale) system? I’m here with the good news; no! You won’t need to be getting a new system because there are companies already creating special debit and credit cards for digital currency. As long as you can process Master cards or Visa cards, it is going to be smooth sailing for you.
Does this mean that I’m going to see transactions in Bitcoin instead of US dollars? The short answer is, no! It will convert to whatever your shop’s currency is so you don’t need to worry about that. The people who are releasing these cards are working with the credit card companies so that they are the ones doing the conversions to ensure that you are getting the payment that you want. You won’t need to put out signs saying that you now accept digital currency, the cardholders will know that it will be processed just like their other debit cards.
Do you have any questions about this new form of currency? Do you want to know how it’s growing and able to be used as regular currency now? Let me know and I can go into deeper dives on this topic!
