If any of this takes too long, it may frustrate your customers. Probably not the Bitcoiner at this point in time, but those waiting in line may actually get annoyed at both the business and Bitcoin.
In the case of a business with a limited number of staff (like that market stand), a simple bitcoin and Lightning wallet may be all that is required. We have found that Breez wallet is a great solution for this, as they have a light-weight POS built in that allows one to have products and prices pre-loaded. In addition, the Breez POS can be configured to prevent front-line employees from seeing the wallet balance, or sending funds from the wallet.
Of course, BTCPay Server can also be used here, and Anthony Feliciano recently discussed this application at a Denver, Colorado brewery. While I’ve not personally used this method in the businesses we work with, it is a great option if it works for the business.
Of course, better POS software with integrated Bitcoin and LN payments will mitigate some of this (looking at you @jack !), but we’re not there yet.
Point Of Sale Payments With A Loyalty Program
Another platform that I’ve used is Oshi . Oshi is unique in that it feels like other coupon apps (such as Groupon), but is entirely Bitcoin based. In that vein, it is extremely easy to integrate into the checkout flow of a business that has used those other apps in the past. Also, since Oshi allows the use of OpenNode or IBEX as a back-end, the business can choose to receive either bitcoin or USD, in any proportion they desire. Also, because of the way it’s built, in Oshi it is not possible for employees to steal funds from the wallet.
Because the business can choose how much Bitcoin to get, they can enable customers to pay in bitcoin, even if they’re not yet ready to take the plunge. Also, they can, for instance, have a portion of the payment be sent to their bank account as USD, perhaps ensuring that the sales tax portion is covered without any exchange rate risk.
On the loyalty side, Oshi is very interesting. In addition to providing a directory of Oshi-enabled businesses, you can incentivize customers to pay in Bitcoin by giving discounts and sats back. Bitcoiners are a very loyal bunch, and if there are options, many will choose the Bitcoin-enabled business just for that reason, and an added discount (recognizing that you’re receiving the best money on Earth!) is always appreciated.
One small detail with Oshi is the fact that setting up OpenNode or IBEXis somewhat involved from a documentation standpoint. In order to convert to USD or withdraw the bitcoin, you have to go through business KYC, which is more like setting up a bank account than a normal Bitcoin service. Most businesses won’t have an issue with this, but it is something to recognize because it does mean it will probably take a couple of business days to get fully set up. They’ve also recently added a Square gift-card integration, though we have not used that feature myself.
Summary: Some Bitcoin Business Options
Sovereignty-Seeking Businesses Can Move Towards Bitcoin And Save On Legacy Transaction Fees
Now, more than ever before, Bitcoin is starting to move into the mainstream transactional flow. We know it’s totally possible due to El Salvador, but we also know it’ll be a longer roll out in places where Bitcoin isn’t an official currency. That said, the killer app would be for a mainstream POS enabling native Bitcoin payments, but until that happens, cutting edge businesses can continue to push the envelope — and save on transaction fees while also clawing back some of their sovereignty.
This is a guest post by Colin Crossman, Mark Maraia and Heidi Porter. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.