Bitcoin transactions are the least complicated of the all electronic payment options. There are three main components to accepting Bitcoin.
It’s Really Pretty Simple
Merchant displays QR Code Payment Request using Wampei Register©
Customer scans QR code using their wallet and pays merchant
Bitcoin is now in possession of the Merchant
Merchant chooses to hold Bitcoin or convert to USD
A merchant wallet is software that is analogous to a till which collects and holds your cash and checks until you bundle them together for deposit. Wampei Register© is our software which includes a merchant wallet. Merchants request payment from the customer using the wallet. Brick and mortar establishments display their request (it’s a QR code) to their customer over a phone, tablet, computer screen, tv… whatever works for their business. Online stores make the payment request on their website or through email or text. A merchant can be up and running with their merchant wallet in about one day.
A customer who wants to pay with Bitcoin needs a personal wallet. This wallet is a software version of the wallet we all carry in our pocket or purse. Customers use the wallet to manage their Bitcoin and make payments. It takes about 90 seconds to set up a wallet.
Converting Bitcoin to Cash
Most merchants will want to quickly convert any Bitcoin collected into cash. This can be accomplished by leveraging an exchange or partnering with one of Wampei’s liquidity partners, which will accept your Bitcoin and deposit the equivalent funds into your bank account.
For those who want to hold on to their Bitcoin, they can simply configure Wampei Register© to move funds to the exchange or wallet address desired.