Why Accepting Scotcoin makes Sense for Businesses

Since our inception, we have been inviting businesses to become Scotcoin merchants. There are many reasons why it makes financial sense for businesses to do so, especially given our current economic climate.

In the wake of the Brexit vote, the pound sterling has taken a huge hit. There has never been a better time to look to other, more viable safe havens. Scotcoin could, in fact, benefit from the strains currently placed on traditional currencies. As it makes more sense than ever for people to own and use Scotcoin, it is pivotal that merchants begin to accept the currency.  This is where you come in.

Why Accept Scotcoin?

Scotcoin is not governed by any central bank and as such is not dependent on their operation in order to complete transactions. Scotcoin transactions are carried out extremely quickly, as Scotcoin itself is a peer to peer payment system. You will never face delays in receiving your funds.

Scotcoin transactions are extremely secure. The open blockchain system which facilitates the transactions is constantly being improved upon. Scotcoin sits on the counterparty platform on the Bitcoin blockchain which houses all the security benefits enjoyed by the Bitcoin currency. Safety is not an issue.

Most decisions tend to come down to the impact on the bottom line, which is why we must impress upon you that adopting Scotcoin makes financial sense. Many firms lose profit on sales due to the fees levied by services such as Amex, PayPal and MasterCard. Often these fees are dependent on the size of the transaction, which can be between 2.5-4%. This is not the case with Scotcoin. All of our transactions are charged a flat fee of 10p, irrespective of their size. The margin that you would’ve lost to other service providers, is then kept by you- the retailer.

The Set-Up Process

You’ll be pleased to know that including Scotcoin as a payment method is extremely easy. We’re committed to continuous improvement, which is why we’re also working on ways to make it even easier as we speak.

Quite simply, to begin accepting Scotcoin, all you need is a wallet. Set up a wallet using our recommended applications and you’ll be ready to go. You can find detailed information on how to set up your wallet here.

After it has been established, all you need to do is ensure that you publicise your wallet ID and/or its respective QR code. It’s not essential to publicise the QR code, however, it does make it easier for mobile users to complete the transaction.

How do I accept a Scotcoin payment?

Online Retailer

If you are an online retailer then be sure to publish your Scotcoin price equivalent. The customer will have your wallet address and the cost of the item, all that’s left is for them to transfer the coins to you. After doing so, their wallet will issue the customer with a confirmation code which you will ask them to send to you.

Once you receive the confirmation code, you know that your funds are on their way. All you need to do now is look out for the incoming funds.

Physical Premises

Should you own physical premises, the process will be very similar. However, in this case, you must ensure that the customer shows you the code with the correct information and wallet address before handing over any goods.

For instance, if you own a bar then make sure that your bar staff are checking that the recipient wallet address is that of the bar. Also, that the correct number of scotcoins are being transferred. Then at the end of the night, you can tally up the total of scotcoins taken in the same way you would for other takings to get your total profit.

Making transactions using Scotcoin is convenient for both consumers and businesses. The extremely low transaction fees also make it a cost effective and financially sound decision. At present, we are working on developing a specially adapted ‘till’ style wallet, which we hope to debut in the near future. If you are interested in accepting Scotcoin and would like more information, contact us. Also, if you have begun accepting Scotcoin and want to let consumers know then we can help. Just get in touch with us via the website or one of our social media channels.

We believe that we can revolutionise the way that payments are made in Scotland. Are you ready to join the movement?

More news