Tuesday, October 16, 2012

Accept mobile payments from ANY mobile operating system

The mobile payment battles are just beginning.  As a merchant, which one do you accept?

Cups and Cakes Bakery at 451 9th Street,
San Francisco
Do you look into Google Wallet, which requires new NFC terminals in your store, and comes with a hefty 5% merchant fee?

Apple and Facebook are also racing to get into the payments game.  Banks like Chase and Bank of America are getting into the mobile payment space, but they work for US Customers only.

But what if there was a mobile payment option that worked on all operating systems:  Apple, Google, Windows, and even Symbian?  And it also worked in every country on earth?  And it did not require any NFC hardware?  And it was an open-source platform, that any programmer could take and innovate to meet their needs?

Cups and Cakes Bakery in San Francisco recognizes the power of Bitcoin, the open-source digital currency, and wants to be an early adopter of this technology.

Cups and Cakes Bakery began in 2007, and immediately received praise and awards for their homemade baked treats.  Their specialty is the mini cupcakes, which come in delicious flavors such as Rich Red Velvet and Cookies & Cream.

Cups and Cakes is using Mobile Checkout from BitPay, which they run from an iPad at their point-of-sale. The cashier will enter the total amount of the order on the iPad, and the screen will then display the payment instructions to the customer. The customer will pay, and the iPad will update automatically.

Jennifer Longson, who owns the bakery, is getting frustrated with the ever-increasing fees to accept credit cards.  "I just assume I'm not going to get 3-4% of my income," says Jennifer.

When her husband, Tom, suggested bitcoin as a way to process payments at a much lower cost, Jennifer agreed to try it.  The couple wanted to start accepting mobile payments, and bitcoin allowed them to use the one mobile payment system that is available for any smartphone in the world.  They already use an iPad at their checkout register, so adding BitPay was free, and comes with a transaction fee of 0.99% per sale.

Since bitcoin uses QR codes, the payment instructions can easily be presented on any display, and scanned from any camera phone, with no expensive NFC terminals to buy.

Here is a video demonstrating a bitcoin mobile purchase at Cups and Cakes Bakery:

To accept bitcoins at your business, visit https://bitpay.com