VeChain and Point-of-Sale

VeChain payments with Point-of-sale

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VeChain is designed to solve real-life economic problems. VeChain builds a decentralized ecosystem which is getting larger every day, and its native coin plays the main role in it. VET is considered by many as one of the most efficient cryptocurrencies. The coin largely outperforms a good share of cryptocurrencies on the market across different metrics, including capitalization. Businesses that wish to tap into the potential of cryptocurrencies should definitely try featuring VET payments. Brick-and-mortar stores will particularly enjoy utilizing a Point-of-Sale terminal from NOWPayments, a VeChain payment processor.

VeChain payments with Point-of-sale
  • Key points:
  • A Point-of-Sale terminal facilitates the crypto payment process for businesses.
  • VET payments are nearly instant and low-cost.
  • Brick-and-mortar stores can feature a VET payment gateway using a PoS terminal.

What is Point-of-Sale?

A Point-of-Sale terminal is a solution for processing payments. While there are PoS systems which have a physical device, crypto PoS terminals are usually web-based. NOWPayments’ Point-of-Sale terminal can be deployed on any type of platform with access to the Internet, from a mobile phone to a personal computer. Here are the key features of the VET Point-of-Sale terminal:

  • The terminal updates the sum in crypto according to the latest exchange rate.
  • Every transaction processed by the terminal entails a small fee of no more than 0.5%.
  • You receive instant payouts.
  • The Point-of-Sale terminal can be deployed anonymously.
  • The crypto-to-fiat conversion feature lets you charge your clients in VeChain crypto and receive payments in fiat.
  • Each invoice issued using the PoS terminal can be reused an unlimited number of times.

Why accepting VeChain in brick-and-mortar stores?

Instant payments

Instant payments

Since VeChain is one of the most efficient networks out there, it manages to process transactions in a matter of seconds. Brick-and-mortar stores are particularly in need of a fast payment method. This is why VET payments can be a great solution.

Basically, by using NOWPayments’ Point-of-Sale terminal, businesses will be able to get paid in VeChain coin quickly without forcing the rest of the customers to stand in line while waiting for the crypto payment to get confirmed.

Easy payment process

VET payments are extremely easy to set up. In fact, all you need to start accepting VET is to install a VeChain-compatible wallet and generate your public and private keys. If you wish to use NOWPayments’ PoS terminal, the payment process will not get any more complex. You will simply need to enter your public address into the system, and you will be ready to create custom invoices. Your customers will settle these invoices just by scanning a QR code and confirming the transaction.

Low transaction expenses

Low transaction expenses

The efficiency of VeChain also translates into low gas fees. A gas fee is a sum in VET you need to pay to send a VET transaction. The average transaction cost on VeChain is less than $0.01. Compare it to the fees charged by your bank for processing payments.

VeChain cryptocurrency is even superior to many of the mainstream coins such as Ether since ETH transaction fees can be quite outrageous. So, if you want to reduce your transaction costs, VET is the coin made for you.

Full control over your funds

VET lets you be the only owner of your money and avoid exposing yourself to the risks inherent to keeping your funds in traditional financial institutions. Most businesses store their money in banks, yet such an arrangement implies several possible issues. Banks may go bankrupt or freeze your account, which will make it problematic to get your money back quickly. In the case of VET cryptocurrency, you can store your coins in a non-custodial wallet. This way, you will remain the sole owner of the money, and no person or organization will be able to freeze your account or control your funds in any way.

Financial privacy

Financial privacy

Financial privacy is important for the majority of people, yet frequently it is a privilege and not a right. VET makes private money transfers possible. VeChain does not record any personal information about users. So, VET transactions are not tied to the identities of the parties involved in them.

Brick-and-mortar stores can offer VET as a private payment method that enables customers to maintain anonymity while shopping.

So… how to install PoS for your store?

NOWPayments’ Point-of-Sale terminal is a web-based solution that is perfect for brick-and-mortar stores. Any store can deploy its PoS system in a matter of 5 minutes. Follow these steps to set up your terminal and begin accepting VeChain payments:

  1. Sign up for a NOWPayments account.
  2. Add your crypto VeChain wallet address and generate an API Key.
  3. Go to the “Store Settings” and choose the PoS Terminal option there.
  4. Create a link to your PoS terminal.
  5. Choose VET as your preferred cryptocurrency.
  6. To issue your crypto invoice, simply specify the sum and the coin.

Learn more about VeChain and VET

Conclusion

NOWPayments assists brick-and-mortar businesses in featuring crypto payments. Companies may enjoy the speed and efficiency of VeChain by accepting VET payments.