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    7 Replies Latest reply on Jan 8, 2018 3:58 AM by bibi

    Payment Options for Small Businesses: Which Do You Use?

    Moderator Berta Guide

      When you're considering payment options for your business, how do you decide which options to use and/or accept?  If you were mentoring a new business owner, what would you recommend in regards to Bitcoin, Crypto pay, Apple Pay, iPay, etc.?

       

      ~Berta

        • Re: Payment options
          Vilnius Industries Tracker

          We don't use cryptocurrency but we do conduct ongoing analysis of the block-chain technology and alternative currency space. Be aware that while the transaction fees are low with crypto, that is the crypto to crypto transactions, when you want to convert that cryptocurrency to a central bank back currency like the US Dollar, there may be fees from that exchange operator.

           

          Also many players in the cryptocurrency space don't provide all the necessary recording and reporting that the Internal Revenue Service may or may not require, in that case you could be liable for recording all transactions.

           

          Vilnius Industries suggests that small business consult an accountant and state law, before accepting any currency other then USD.

          1 of 1 people found this helpful
          • Re: Payment options
            Albert Sandar Scout

            Started using an alternative currency this year called steemit, it's a social token built on block chain. Not using it for customer transactions yet but we are using it for business to business transactions like marketing and consulting.

            2 of 2 people found this helpful
            • Re: Payment options
              bibi Adventurer

              With regards to this, i have a small question about credit cards. How do exchanges deal with fraudulent charge-backs?  Like what's to stop a scammer from buying Bitcoin and disputing the charge?

                • Re: Payment options
                  moderator_lisa Pioneer

                  That's a great question, bibi. Can any of our members shed any light on this?

                   

                  Is there a stand-out resource where someone who wanted to learn more about the logistics, advantages, and disadvantages of using cryptocurrency could go for more information?

                   

                  --Lisa

                  • Re: Payment options
                    Albert Sandar Scout

                    Well first the Federal Government makes rules for credit cards and debit cards, and they are different, but the national baseline is set by the FDIC at FDIC.gov. Basically if the amount in dispute is less or more then $50.00 (Fifty Dollars) the rules change. Also if the disputed charge is in your home state matters and if the disputed charge was within 100 miles of your place of purchase matters.

                     

                    Now the second force making these rules is the issuing bank and card company, banks can add rules or increase reimbursement thresholds depending on what account type and relationship accounts you have at a specific institution.

                     

                    On the Cryptocurrency topic, so far I don't see user agreements or terms and conditions making a distinction between fraud and crypto fraud. If it was a fraudulent transaction on a credit card for anything is a crime, whether or not the purchase was for crypto.

                     

                    The crypto exchange operator would dispute the fraudulent credit card charge just like any other business. Everything in the cryptocurrency space is basically the same as the US Dollar space.

                     

                    In the situation described in which questions were asked, the only bad actor is the person making the fraudulent purchases in the first place.

                    1 of 1 people found this helpful
                  • Re: Payment options
                    bibi Adventurer

                    Thanks for clarification Albert! If you have more information which you believe is useful on this topic feel free to share it with me.