DULUTH, Ga.--(BUSINESS WIRE)--The NCR Silver™ cloud-based point-of-sale (POS) system for small businesses such as retail shops, cafes and food trucks will offer merchants the ability to accept bitcoins as payment.
Bitcoin support, which will be integrated with NCR Silver by the end of 2014, will be free to merchants. After registering with a bitcoin processor, all merchants have to do is activate bitcoin as a payment option in the POS back office within NCR Silver. Consumers, meanwhile, pay using a mobile bitcoin “wallet” app which is available in either the Apple App StoreSM or Google PlayTM store.
Bitcoin is an unregulated virtual currency. It is digitally transferred from one user’s digital wallet to another without the need for a third party. Unlike the Dollar or Euro, bitcoin is decentralized, meaning no single authority or institution controls the Bitcoin network.
This added capability is part of NCR Small Business’ strategy to offer integrated payment alternatives for small businesses and their customers.
Customer Mehul Patel, owner of Austin, TX-based Dominican Joe coffee shop, was one of the first users of PayPal™ for NCR Silver when it was launched. Patel says his independent business is always looking for technologies that make lines move faster and engage more early-adopter customers.
“It’s smart to be able to accept multiple payment options, as long they’re easy to use,” Patel said. “That's one of the things I like about PayPal, and of integration in general — no extra work. When you have fully integrated payment alternatives, it makes customers and employees happier. I view the recent availability of mobile payment options such as bitcoin in the same light as the transition merchants made from cash to card decades ago.”
The value of a bitcoin is determined by supply and demand. When bitcoin demand increases, the price increases. When demand falls, the price falls.
There were 1.2 million bitcoin wallets created by consumers in Q3 of 2014, representing 21 percent growth quarter-over-quarter, according to Coindesk, which also forecasts 8 million total bitcoin wallets by the end of 2014.
Reggie Kimble, NCR Small Business director of business development, said one of the biggest reasons why Bitcoin integration was added was to offer merchants more flexibility.
“Gone are the days when cash and cards were the only payment options available to customers shopping at small businesses,” Kimble said. “Offering bitcoin as a payment alternative allows small businesses the flexibility they need to better serve their growing number of customers who prefer digital payment solutions.”
In recent months, NCR Silver has launched in-store PayPal payments and mobile pay ahead capability.
About NCR Corporation
NCR Corporation (NYSE: NCR) is the global leader in consumer transaction technologies, turning everyday interactions with businesses into exceptional experiences. With its software, hardware, and portfolio of services, NCR enables more than 485 million transactions daily across retail, financial, travel, hospitality, telecom and technology, and small business. NCR solutions run the everyday transactions that make your life easier.
NCR is headquartered in Duluth, Georgia with approximately 29,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries.
Apple, iPhone, iPad and iPod touch are trademarks of Apple Inc., registered in the U.S. and other countries.
iOS is a trademark or registered trademark of Cisco in the U.S. and other countries and is used under license.
Google Play is a trademark of Google Inc.