Just recently a development team from the UK has created a bitcoin cash (BCH) point-of-sale server which allows brick and mortar merchants to accept BCH as a form of payment in-store. The startup has started an initial pre-sale, and BCH Mini-POS devices will begin shipping this summer.
Mini-POS Allows Zero Confirmation BCH transactions In-Store
The decentralized cryptocurrency bitcoin cash (BCH) will soon have a point-of-sale (POS) server available for merchants running a business in physical locations. The BCH Mini-POS is intended for small merchants and stores says the startup. Further, the device is compatible with a web browser and also allows merchants to accept 0 confirmation BCH transactions in-store. Additionally, the server solution is open source and its codebase can be reviewed on Github.
“Although it is an internet-connected device, at no point are any private keys stored within Mini-POS server,” explains the startup.
There are zero on-going costs when using Mini-POS server to accept Bitcoin Cash transactions. Unlike in the fiat world, all transaction fees are paid for by the sender of the transaction i.e the customer, not the merchant.
Settle in 10-15 Seconds
In order to use the Mini-POS system, the merchant simply types the amount charged in the terminal application. The device server checks the live exchange rate with conversion rates in multiple local currencies. Following this, the terminal displays an on-screen QR code tied to a generated BCH receiving address. The customer merely scans the QR and sends the payment to the merchant. Because the server accepts 0-confirmation transactions the process is very quick as the development team explains:
Approximately 10-15 seconds later, once Mini-POS server has confirmed the 0 confirmation transaction is ‘in the Bitcoin Cash mempool’ via multiple sources, the Mini-POS terminal displays a ‘Payment Completed’ window and completes the transaction as ‘Finished’, before returning to the welcome page ready to process the next payment.
The machine has Wi-Fi and Bluetooth capabilities alongside an ethernet connection. The company has started its pre-sale, and the Mini-POS server and cashier terminal kit is currently $200 USD. An additional Mini-POS terminal can be purchased for $75 while the standalone server is selling for $125. In September of 2018, the development team plans to launch a wallet that allows fiat conversion and plans to outsource product manufacturing by October. The server and terminal system are currently being tested at a UK based store.
What do you think about Mini-POS server? Let us know what you think about this product in the comments below.
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Images via Shutterstock and the Mini-POS Cash website.
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Author: Jamie Redman