11 Jan COINTED: PAYCO THE FUTURE OF PAYMENTS
Making digital currency part of everyday lives is any crypto enthusiast’s dream. However, implementing cryptocurrency into the current payment systems is often turns infeasible or too costly. PayCo is a payment solution interface that allows clients to pay with crypto and the merchant to receive the payment in fiat.
Although some vendors and merchants are including crypto in their payment options, there are two major problems slowing down the process. One of them is the volatile value of cryptos. This makes them quite inconvenient as a medium of exchange. The second issue is that among thousands of cryptocurrencies, most stores accept only bitcoin. This is quite limiting as many people hold other kinds of digital currency.
First up: volatility
The fluctuating value of digital currencies, as stated in the latest Bitcoin News, is very attractive for anyone interested in investing. However, when there are costs to cover and budgets to meet, volatility becomes a big risk.
If a merchant accepts payments in crypto, they run the risk that if the value of the digital currency suddenly falls they would not be able to pay bills, suppliers and employees since these expenses are in fiat currencies.
Second: bitcoin is not enough
Most retailers that do go through the hassle to implement crypto in their systems include bitcoin but rarely any other currency. And with more than 1300 different cryptocurrencies, accepting only bitcoin is like opening a fruit store and selling only apples.
“With PayCo customers will be able to pay with bitcoins at the shop or online and the entrepreneur will get money on his bank account if he wants it. It is cheaper and safer than the common credit card payment” -Cointed’s CEO Christopher Rieder
With PayCo integrating bitcoin into existing cash register systems and online shops is cheap and easy.
Merchants have two options
The first one is for clients who have no payment processing system in place. This option includes a mobile hardware solution together with the interface.
If the client already has a processing system, they need only the interface. With the help of API, the PayCo interface is easily integrated. The product works with cash registers, as well as vending machines and smartphone apps.
Lower risk and more currencies
The biggest advantage of this interface: it allows the client to be charged in crypto and the merchant to get paid in fiat currency. This way, merchants do not need to worry about the value of bitcoin plummeting. In turn, this stability makes merchants more willing to accept multiple kinds of digital currencies not only bitcoin.
And, what about the other cryptocurrencies out there? Cointed are setting up a voting platform where contributors in the ICO campaign can make proposals and vote on them. So, if you want a some digital currency implemented in PayCo make sure to contribute!
To wrap it up
Cointed know how frustrating it can be to order a $2 coffee and pay $5 for it because of the high transaction fees. Or how risky it can be to accept payments in crypto and then see your profits disappearing because of a change in value.
This is why PayCo was designed with the needs of both parties in mind. To ensure lower risk for merchants and maintain the ease of use for buyers, creating a seamless shopping experience.
With PayCo buying a TV set with bitcoin is cheaper and easier than ever!