OLB Group (OLB), a New York-based e-commerce service provider, makes it easy for businesses to accept cryptocurrency payments.
Over 8,500 OLB merchants can accept Bitcoin (BTC), Ethereum (ETH), USDC, and DAI at POS through the OmniSoft Business Administration Platform. Customers who want to pay with crypto in-store or via mobile phones can do so with a cryptocurrency wallet. All payments are processed through SecurePay, a payment portal that authenticates the transaction, converts the cryptocurrency to US dollars, and approves the final sale.
The decision to combine payments in cryptocurrency was driven in part by the rise in contactless and online orders during the Covid-19 pandemic. As the OmniSoft platform already provides many options for merchants to facilitate payments, cryptocurrency was the next logical step.
OLB CEO Ronnie Yakov says the payment portal and POS architecture is “familiar territory for merchants,” making it easier to integrate cryptocurrency through these channels.
As for cryptocurrency payments – a promising but underutilized use case in industry – Yaakov believes we are still in the very early stages of adoption.
“It’s too early to use cryptocurrency as a payment method, but we are seeing growing interest from merchants exploring this payment option as a way to meet their customers, no matter what it is or where they prefer,” Jacob told Cointelegraph.
He also believes that some industries are more likely to accept cryptocurrencies than others:
“We expect adoption to be faster in larger transactions such as jewelry, B2B accounts and real estate because the transaction fees for cryptocurrency processing are lower – often half the typical credit card fees.”
Cryptocurrencies like Bitcoin have struggled to become a viable trading medium and has been criticized for their usefulness. Charlie Munger, a billionaire investor and deputy CEO of Berkshire Hathaway, recently criticized Bitcoin for being “too volatile to be a good medium of exchange.”
As development and side-chain work continues to expand, it remains to be seen if cryptocurrencies will function effectively as payment systems at all. At the same time, assets like Bitcoin and Ethereum are valued for holding value and developing opportunities, respectively.