Payments in gold, not the GM mastercard, at Brick and Mortar businesses

mr1mr1 Posts: 375 Silver ✭✭✭✭
Online businesses can put a "Goldmoney Pay" button on their site to get paid directly in gold, correct? But what about Brick and Mortar stores? For some reason I'm not seeing much discussion about that (am I missing it?). I'm not too familiar with mobile payments in general so I'm trying to think this through.

What is the easiest most convenient way for brick and mortar businesses to accept payments directly in gold from in-person customers?

There is the "invoicing" feature, but that seems like that would be clunky for the business to have to get the customer's information as they're standing at the checkout counter, in order to send them an invoice, and then wait for the customer to receive it and pay.

Does the business just need to give the customer their email address, or phone, or contact name in order to have the customer use the "Send Gold" feature? And then give them a receipt when they see the payment go through?

Is there an easier way?

P.S. - I'm not talking about using the Goldmoney Mastercard since that would pay the business in the local currency, not in gold. I'll post more thoughts below.

Comments

  • mr1mr1 Posts: 375 Silver ✭✭✭✭
    edited January 2017
    I do think that the ability to use the Goldmoney Prepaid Mastercard at Brick and Mortar businesses is an amazingly good and necessary feature (I'm so glad it is there)... It helps promote gold usage by providing liquidity to your gold holding and maybe by helping start conversations with others, but its benefits to promoting gold are limited due to:

    1. It doesn't actually transact in gold. In order to load the card, gold has to be redeemed into a currency, and when the card is used, the merchant receives payment in that currency, not gold. This is great for providing liquidity to Goldmoney users and a necessary feature, but doesn't introduce or encourage those merchants to use gold in anyway.

    2. For normal expenses, for most people, it seems more beneficial to use a normal cash back or rewards credit card that can be paid off form a checking account, without having to incur the .5% deposit fee to get money into your Goldmoney account, and the .5% redemption fee to redeem gold to fund the Goldmoney Mastercard.

    3. The business still has to pay the normal merchant processing fees for accepting a card.

    That's why I'm trying to figure out how it works to pay in gold in-person at a Brick and Mortar business. I want to encourage businesses I visit to use Goldmoney, but I need to understand how they would accept payments in gold.
  • UvasUvas Posts: 680 Silver ✭✭✭✭
    Well, the business can open a business account, place a sign that announces they accept Goldmoney payments. Then when someone purchases something, ring up the amount , and the customer can use his phone app to send the correct amount of gold directly to the business account.

    Seems like it is workable.

    What I am wishing for is a goldmoney credit card machine that a business can get to accept any credit card for payment which then switches the cc payment to gold and deposited in business account. That would be sweet.
  • SpontaneousOrderSpontaneousOrder Posts: 298 Bronze ✭✭✭
    I bought movie tickets online the other day, and got an email with a QR-code in it. When I got to the theater they had a special reader - just had to hold my phone up to it, and it processed instantly. Perhaps something like that would work.
  • mr1mr1 Posts: 375 Silver ✭✭✭✭


    Uvas said:

    Well, the business can open a business account, place a sign that announces they accept Goldmoney payments. Then when someone purchases something, ring up the amount , and the customer can use his phone app to send the correct amount of gold directly to the business account.

    @Uvas
    Thanks for the response. That is kind of what I was thinking, so I'm glad to get confirmation someone else is thinking the same way. I do think that putting up a sign with the business info for where to send payments is workable to some extent with small businesses with only one customer at a time, but it would be difficult to keep straight for businesses with more than one checkout lane.
    Uvas said:

    What I am wishing for is a goldmoney credit card machine that a business can get to accept any credit card for payment which then switches the cc payment to gold and deposited in business account. That would be sweet.

    I agree, that would be awesome.

  • mr1mr1 Posts: 375 Silver ✭✭✭✭
    edited February 2017

    I bought movie tickets online the other day, and got an email with a QR-code in it. When I got to the theater they had a special reader - just had to hold my phone up to it, and it processed instantly. Perhaps something like that would work.

    @SpontaneousOrder
    Yes, this is good, but we also need the ability to complete a transaction for a random customer off the street without having to send the email with the QR-code in it. What about if the Goldmoney app could create a unique QR code, just like it can create invoices, then the code is displayed on business owners device (phone or tablet), then the customer holds their device up so the GoldMoney app can scan the code, then a pop-up would show on the customer's screen with the purchase details and ask them to confirm the purchase.

    Would that work? Is there an easier way?
  • ike11ikeike11ike Posts: 164 Bronze ✭✭✭
    "What I am wishing for is a goldmoney credit card machine that a business can get to accept any credit card for payment which then switches the cc payment to gold and deposited in business account. That would be sweet."

    That would be so epic!

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