How can I accept crypto payments in my physical shop?

Accepting bitcoin and other cryptocurrencies in a physical store has significant benefits for merchants, as bitcoin and other cryptocurrencies are a faster and cheaper monetary exchange for merchants providing any services or goods. Brick-and-mortar retailers can accept cryptos in a couple of different ways: through POS systems or person-to-person payments simply by getting your customer to send the correct amount of cryptocurrency to your blockchain wallet.

Point-of-sale (POS) solutions for bitcoin and other cryptocurrencies

Crypto point-of-sale (POS) fits everyone’s needs – from small grocery stores to fancy restaurants and businesses that are large enough to look into a solution that fits in with their existing POS systems. SpectroCoin provides a crypto POS option for brick-and-mortar retailers and, as a payment service provider, serves merchants with a couple of options to accept payments in bitcoin and other cryptos.

How to accept crypto payments in your physical shop?

1. Create a payment order

• If you don’t have a SpectroCoin account yet, click "Sign up" and fill in the registration form.
• After submitting the form, you will receive a confirmation email. Please note that the email might go to your Spam/Junk box. Once you receive the email, click on the link and complete your registration.
• "Log in" to your account and click on "Business", then choose "New Project". If you don’t know how to create a new project, click here to view the steps.
• Use a tablet, smartphone, or any other device that you can access SpectroCoin through to provide your customer with a payment window.
• Click on "Create Order" and enter the "Order price", "Order ID" and other necessary information. Please note that if the "Auto-convert received currency" function is enabled, you will receive all payments in your selected currency. You will receive payments in the customer’s preferred currency if this function is not enabled.
• There is a possibility to complete the transaction in three ways:
  • Scan the QR Code: after the system generates a unique QR code, the customer scans it with their bitcoin wallet app. Once the code is scanned, the transaction is completed.
  • Send the payment manually: once you create the order, a deposit address is generated. The customer can then complete the payment by manually entering your deposit wallet address into their blockchain wallet and submitting the transaction.
  • Pay through a SpectroCoin blockchain wallet: once you complete the order details, the customer can simply send the payment via their SpectroCoin blockchain wallet. Choose "Pay with SpectroCoin" so that your customer can log in to their SpectroCoin account and submit the payment.
• Use the same pre-order link multiple times. Once an unique payment pre-order is created with the "Create Multiple Pre Order links" function, you can save it and use it for different clients in the future. This option is great if you sell goods or services for the same price.

2. Create a Public Payment Link

This cryptocurrency payment option is very convenient for points of sale, where prices for services or goods are changing constantly. To accept payments in bitcoin and other cryptos, all you need to do is to create an URL address once and use it to complete every other payment.

For a quick tutorial on how to create a merchant order at SpectroCoin, please check our video:

How long does it take to receive a payment?

The time money reaches your digital wallet depends on the network, as transactions must be confirmed on the blockchain before they are considered valid. This takes time, and it is not within SpectroCoin’s control. However, the payments are instant and free if your customer uses their SpectroCoin blockchain wallet. After the cryptocurrency reaches your wallet, the transaction will appear on your transaction list, giving you a complete overview of your income.