Cryptocurrencies, like Bitcoin and Etherium, have become a major topic of conversation, not only among technologists but also among the general population. As the value of Bitcoin skyrocketed, interest in its usage did as well. As the value has dropped, interest has not diminished by much. But, the problem is, few people understand exactly how to take advantage of this new style of virtual currency. If you are a retailer or a restaurant, for example, how can you accept Bitcoin in your establishment? Credit cards are easy enough, with payment processors available a dime a dozen, but what about cryptocurrencies?
Enter Wampei, the non-standard payment processor bringing cryptocurrency to a variety of businesses. Accepting cryptocurrency creates a number of efficiencies. For example, businesses have no need to worry about chargebacks, a massive source of loss for many businesses, because they not only lose the money but also the product, adding insult to injury. Since cryptocurrency works like cash, once a transaction is complete, it is complete - no take backs.
Also, since there are no financial institutions involved, the cost of transactions is far lower. With credit cards, companies can pay upwards of 10% of the transaction as a fee to the payment processor, depending on the processor and the type of card used. That means that products have to sell for a higher price to make up for the loss to the processor. With Wampei, however, they're not really a processor - more of a facilitator. Businesses whose average transaction is under $500, which is probably most, can save up to 80% over accepting credit cards.
With Wampei, you also don't need to have a bank account, which is not the case for credit cards. You can store your company's Bitcoin is an offline, protected wallet and only have enough available online for refunds, similar to having cash in your register. Converting your Bitcoin to standard currency is also fairly easy, as ATMs have begun popping up all over.
For more information on Wampei, or to sign up to begin accepting Bitcoin, check out their website.
Scott is a developer who has worked on projects of varying sizes, including all of the PLuGHiTz Corporation properties. He is also known in the gaming world for his time supporting the DDR community, through DDRLover and hosting tournaments throughout the Tampa Bar Area. Currently, when he is not working on software projects or hosting F5 Live: Refreshing Technology, Scott can often be found returning to his high school days working with the Foundation for Inspiration and Recognition of Science and Technology (FIRST), mentoring teams and judging engineering notebooks at competitions. He has also helped found a student software learning group, the ASCII Warriors.
Daniele is a student at Florida Polytechnic University who is studying Computer Science with a concentration in Cyber Security. In High School, she was introduced to the science and technology world through the Foundation for Inspiration and Recognition of Science and Technology (FIRST), a robotics foundation where students of varying ages can compete through tasks that their robots perform. With help from mentors she met through FIRST, she became interested in programming and developing. Today, Daniele is a special events host for F5 Live: Refreshing Technology and PLuGHiTz Live Special Events and a co-host for both The New Product Launchpad and FIRST Looks.