If you’ve ever worked in retail or food service, you’ve probably heard about Point of Sale, or POS. POS systems consist of hardware and software that allow businesses to accept transactions. For ages, the cash register was the only piece of POS that anyone needed. Then check readers. Then credit card readers. Now cryptocurrency wallets.
The first cryptocurrency POS hardware that we know of was made by General Bytes, a Bitcoin ATM manufacturer from Prague. However, a new company that specialises in crypto POS is coming into its own.
What Is Paytomat?
Their next step was to ask early followers what cryptocurrencies they would like to see the platform work with. They currently work with a dozen different cryptocurrencies, including Bitcoin, Litecoin, Dash and Ethereum .
In addition to their own coin, the team is working on a loyalty program that would give business owners a special bonus every time that they use the software. These coins also incentivise business owners to do things like refer colleagues. This is similar to the role of many cryptocurrencies that reward miners for performing roles in a digital space. Allowing all owners to also operate as sellers, Paytomat can keep a lower overhead cost.
Interested business owners can also become partners in the company. That entails greater reward but also a greater contribution of time and effort.
What Do They Offer?
To be clear, Paytomat doesn’t sell point of sale hardware — at least, not yet.
While a mobile app may not seem as impressive as a dedicated device, it’s just as useful. More and more businesses and business owners are conducting their business on mobile devices.
Further, providing an easy-to-use app rather than a new piece of kit makes the idea more accessible to business owners. That’s especially true of business owners who aren’t all that interested in promoting cryptocurrency. Justifying the price of an app that’s already similar to what a business uses can be easy. Justifying the price of a new piece of hardware that must be paid for and learned may not be.
What Does This Mean for Crypto?
Hopefully, readers who own businesses are excited about Paytomat. Hopefully, readers who shop at local businesses are even more excited.
Tools like Paytomat make it easier for individuals to use their cryptocurrency at brick-and-mortar retailers. This has the potential to make crypto much more convenient to those who have it. It also makes cryptocurrency much more appealing to those who see its limited use as an obstacle to adoption.
Jon Jaehnig is an American freelance writer specializing in Technology and Health. Jon has degrees in Scientific and Technical Communication and Journalism from Michigan Technological University and lives in Michigan’s Upper Peninsula with his wife and cat. For more from Jon, you can follow him on LinkedIn and Twitter.