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BitPay, Toshiba Partnership Brings Bitcoin To 6,000 New Merchants

Posted by timothy on from the how-will-refunds-be-calculated dept.

Raystonn (1463901) writes "Toshiba has announced the integration of Bitcoin support in their touch-screen point-of-sale platform, VisualTouch, used by over 6,000 merchants. The merchants will now be able to accept Bitcoin payments at the register from anyone with a smartphone or any other QR code reader. Acceptance of Bitcoin as a payment method frees merchants from worries of fraudulent chargebacks, as Bitcoin payments are non-reversible just like cash, while allowing settlement deposits in any of 9 currencies, including USD and Bitcoin."

2 of 85 comments (clear)

  1. What about taxation? by CRCulver · · Score: 3, Interesting

    Many countries are slowly transitioning away from cash to electronic payments in order to ensure that there is a paper trail and people can be forced to pay taxes on all their income. Terminals that accept anonymous Bitcoin seem to undo much of that progress. Will we see legislation to require terminals to also take a form of ID (or another document linked to one's ID) when paying with Bitcoin?

    1. Re:What about taxation? by rotaryexpress · · Score: 3, Insightful

      On the other hand chargebacks are not that prolific for honest sellers. I've used two in my life and both for cheats.

      I used to work for a small retail chain (75 stores) working specifically on the POS system (including CC processing). Chargebacks are a huge issue.

      Our staff had to deal with 30-40 chargebacks a month during our busy times. Each of those required at least an hour of research on the transaction, filling out forms and then getting the information back to the credit card processing company. All of which typically resulted in money coming out of our account, even though the customer was in the wrong (Along with other things, we sold monthly subscriptions to our service. A customer would dispute charges because they went to a store that started with the same first 4 letters of our name and didn't recognize the charge.).

      Chargebacks cost us 1 employees time for an entire week every single month, and we where an honest retailer (refunds for anything even have way reasonable).