CRYPTOCIES

How to pay with Fantom using Point-of-sale


Performance is the most crucial thing for modern blockchains, and Fantom delivers it. Fantom is a fast, high-throughput open-source smart contract platform for digital assets and dApps. Since its launch, Fantom has been employed by over 200 different dApps, and the list is growing every day. The FTM crypto is the native coin of Fantom that powers all of its products and services. Thanks to Fantom’s next-gen infrastructure, FTM has a variety of cool features, which in many ways make it a superior coin to many existing alternatives. Merchants can find integrating FTM payments using a Point-of-Sale terminal particularly useful.

Key points:

What is Point-of-Sale?

A Point-of-Sale terminal is a software that processes different kinds of payments, including crypto ones. PoS systems can be both physical and web-based. NOWPayments’ web-based Point-of-Sale terminal can be used on any device with access to the Internet, from a mobile phone to a personal computer. Here are the key advantages of the Fantom coin Point-of-Sale terminal:

  • It automatically updates the sum of the order in crypto according to the latest exchange rate.
  • All transactions processed by the terminal require a small fee of no more than 0.5%.
  • Instant payouts are guaranteed.
  • The terminal can be deployed anonymously.
  • The terminal can be integrated with the automatic crypto-to-fiat conversion feature letting merchants charge their clients in VeChain crypto and receive payments in fiat.

Why should I accept FTM in brick-and-mortar stores?

Instant payments

Instant payments

With the help of the Fantom crypto, you can make the payment process nearly instant. Fantom possesses a massive throughput which translates into fast transactions that take seconds. Brick-and-mortar stores particularly value the speed of payment methods.

FTM crypto transactions are so quick that it will not take more than a minute to transfer FTM coins from the crypto wallet of your customer to yours. FTM can help you avoid large queues in your stores that often form due to delays and lags in mainstream payment systems.

Low fees

FTM transactions are also much less expensive than the traditional payment solutions. On average, an FTM transaction will cost you less than a fraction of a cent. Try comparing it to the fees charged by banks and payment processing services such as PayPal, you will instantly see the difference. Basically, FTM offers you a chance to not only accelerate the payment process but also save a great deal of money on fees reducing the costs of your business.

Permissionless money transfers

Permissionless money transfers

FTM transactions are permissionless, which means that virtually every person can use FTM, and they do not need to ask anyone for permission to do that. Therefore, Brick-and-mortar stores may use FTM as a payment method which is universal and available to all people.

This can be helpful in many situations. For instance, foreigners’ credit cards may not work in your store, so offering them to pay in FTM instead can be a viable solution.

Anonymity

Moreover, since FTM is permissionless, it is completely anonymous. Fantom does not request any personal information about its users, and it has no capacity to do it in the first place. So, to start accepting and sending FTM, one only needs to install a Fantom-compatible wallet and create their crypto address. Stores can provide FTM as a private payment option.

No chargebacks

No chargebacks

Finally, FTM transactions are irreversible because there is no authority that controls and can manually reverse them. This means that chargebacks are simply impossible on the Fantom network.

So… how to install Fantom PoS for your store?

NOWPayments provides a PoS terminal for brick-and-mortar stores and other merchants for accepting $FTM. The terminal facilitates the payment process and allows businesses to issue custom invoices. If you wish to set up an FTM coin Point-of-Sale terminal using NOWPayments, you need to follow these steps:

Create a NOWPayments account.
  • Step 2.  Enter the requested information, such as your email and password.
  • Step 3.  Type in your FTM public address.
  • Step 4.  Go to “Store Settings” and generate your API key.
Go to “Store Settings” and generate your API key.
  • Step 5.  Refresh the “Store Settings” page and scroll down to the “POS Terminal Link” segment and create your PoS link by adding your custom line of text to the link.
POS Terminal Link
  • Step 6.  In “Store Settings,” specify your base currency.
In "Store Settings," specify your base currency.
  • Step 7.  Go to “Coins Settings” and choose your version of FTM (You can use the Ethereum or Mainnet versions).
Coins settings
  • Step 8.  Enter your terminal link in the address bar and load the page.
Enter your terminal link
  • Step 9. Congratulations, you have created your FTM payment terminal, try creating your first invoice.
FTM payment terminal

Conclusion

FTM is a coin with an exemplary speed of transactions and low fees. NOWPayments helps brick-and-mortar stores to deploy their custom FTM Point-of-Sale terminals.

Learn more about FTM payments and other use cases



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