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Are You Losing Business by Only Accepting Cash and Checks?

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Many mobile business owners and professionals struggle with payment options. While on the road, moving from one job site (or client) to the next, it can be difficult to keep things organized. Most small business owners have the luxury of a storefront, cash register, and credit card processing terminal. For them, there’s no guesswork or potential “run-around” involved – either the card has funds, or it doesn’t.

Mobile business owners, such as landscapers, trades people, merchants at craft fairs, and others simply do not have these luxuries. Most are limited to accepting cash or check; the latter with no guarantee that there are funds in the account. It can be difficult for them to find a payment method that is convenient for both them and their customer, especially for big-ticket items. Unfortunately, this may often mean that the sale goes instead to the brick and mortar merchant, simply because they accept credit cards and/or provide a financing option that doesn’t involve some sort of collection arrangement.

(In other words, the credit card company acts as the “creditor” for them, in a sense, and gives the customer a self-directed financing plan on their own terms.)

Are you losing sales because you don’t or can’t accept credit cards? This is a problem shared by many mobile business owners. Imagine the sales you might have had at your last trade show or job fair, if payment of a large sum had been easier and more convenient for your customer.

Customers are carrying less and less cash around. We are quickly becoming a plastic consumer society and few people like to bother any longer with the hassle of cash or check books. They prefer the ease and convenience of their credit or debit cards. Are you losing valuable sales because you don’t accept this most convenient method of payment?

Many business owners also prefer credit cards. They offer the advantage instant approval. There is no waiting for days for a check to clear and money to be deposited in your account. Credit cards provide 24-hour payment in a 24-hour world. Payments can be processed quickly, on demand.

What if there was a way for you to accept credit cards from your mobile office or job site? This would enable you to build your business from anywhere, any time. Why should brick and mortar businesses get all the customers?

What would this do for your business? Your business could potentially grow by leaps and bounds – and you’d be making life a lot easier for both your customers, and yourself.

Here’s the good news – you do, in fact, have options. Here are two solutions you should consider:

1. Use a Wireless Credit Card Terminal.

If your typical business day consists of a large number of smaller sized transactions (for example, a pizza delivery business with an average of 40 sales under $30 a day), then you should seriously consider getting a wireless credit card processing machine.

Your monthly fees for the merchant account (and equipment, if leasing) will be average, as will the discount rate per sale, but the convenience factor in addition to the potential increase in sales from customers who don’t necessarily have cash on hand will likely more than make up for the monthly fees, and then some.

2. Accept Credit Cards by Phone

Now, if you run a business where you’re only closing on a few sales a day, but at a higher ticket ($x00 – $x,000), then you’ll want to minimize your merchant account costs because your credit card transactions will be more of an occasional occurrence – even though it will certainly impact your business in regards to convenience, efficiency and potentially even sales.

For example, if you own a landscape business where the average transaction is $600, you’ll find that quite a few clients will want to take advantage of either their card’s built-in rewards points (like “air miles”), the flexible financing – or in most cases, both of these added benefits combined.

The benefit for you is that credit doesn’t “bounce” and in most cases, you’ll have access to the funds much faster than with a check.

Now, here’s the best part – you can accept credit card payments on the spot from any touch-tone phone, including your cellular.

Also, the leading “pay by phone” services available have very low monthly fees and operate in more of a “pay as you go” fashion.

This is the perfect solution for a mobile business – or professional – where occasional credit card transactions are necessary (and profitable), but don’t quite warrant the hassle of using a traditional terminal.

Some services cost as little as a few bucks a month at about 4% per sale.

So there you have it – two very viable options for mobile business types that would otherwise have to remain stuck in the “dark ages” of cash and check payments.

Do your due-diligence to see what service might be best for you and your customers.

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I Only Hold 1 Bitcoin, Real Vision CEO Raoul Pal Reveals

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Raoul Pal

Millionaire investor Raoul Pal has revealed how much he owns of bitcoin, a cryptocurrency that he has been known to actively promote in the past. In what was a shocking revelation, the CEO and founder of Real Vision posted his bitcoin holdings on Twitter, which turned out to be lower than everyone’s expectations. Pal disclosed that he only owned a measly 1 bitcoin.

Why Does Raoul Pal Only Own 1 Bitcoin?

The CEO got into a heated Twitter argument with Greg Foss after Foss insulted Pal. In a response to another user who defended the CEO saying they liked him, Foss explained that he was “just calling out the BS.” This is where Pal came into the conversation demanding to know what exactly it was that Foss was accusing him of as he’d like to know.

Related Reading | Bitcoin Millionaires Are Flocking To This North American Tax Haven. But What Do The Locals Think?

Foss continued on to explain that he did not agree with Pal promoting his trading mechanism to other traders who were less inclined to understand how it worked, pointing towards bond math. Pal however disagreed with Foss’s assessment, stating that he did not hold his views on bonds as a philosophy, rather just a mechanism which he uses to trade.

The argument continued on, eventually culminating in Pal stating how much bitcoin he owned, which it turns out is a single bitcoin. The founder and CEO of Real Vision explained that it was because of the bitcoin community’s approach to inclusion that led to this decision. Pal lamented the exclusion of others from the space who happen to share a different viewpoint from the accepted majority.

BTC price recovers above $43,000 | Source: BTCUSD on TradingView.com

“This is why I hold only one bitcoin, the community has lost sight of inclusion and you sir, are helping reduce the network effects by excluding people who don’t share your view from the network,” said the CEO.

It eventually ended with Greg Foss conceding and acknowledging he was wrong to have attacked Pal in the first place. In a separate tweet, Foss tendered an apology to the CEO, stating that he regretted his actions.

Not Completely Out From Crypto

Despite his views on the bitcoin community, Raoul Pal has not entirely ruled crypto. Even bitcoin has not been completely ruled out as evidenced by his tweet stating that he does own one BTC. However, Pal has moved on to other things in the crypto space. Given his comments not too long ago, the CEO is now more bullish on ethereum compared to bitcoin.

Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means

Pal noted back in November that he expected ethereum to continue to outperform bitcoin given its performance in previous months. The millionaire investor still holds a well-rounded bullish view on bitcoin but expects ethereum to be the better investment of the two going forward.

A month before this, Pal had received that he made the biggest personal position of his life in ethereum. He explained that he is long the digital asset which he placed at the $20,000 mark by the second quarter of 2022, less than six months away from now.

Featured image from iGaming.org, chart from TradingView.com

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Australian Football League Bags $25 Million Sponsorship Deal With Crypto.com

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Australian Football League Bags $25 Million Sponsorship Deal With Crypto.com

Sponsorship deals have become part of the measures that crypto-related companies employ in widening the knowledge and acceptance of cryptocurrency, one of the recent deals in the Australian Football League (AFL) and Crypto.com.

Most of these sponsorships have been on sporting teams, with more football and basketball.

This deal comes as the number 1 primary crypto sports sponsorship for AFL as this deal with Crypto.com will be backing its women’s league (AFLW).

The sponsorship deal, about $25 million, is expected to last for five years. It depicts an increase from the current $18.5 sponsorship contract AFL has with Toyota.

Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block

This Crypto.com partnership with AFL represents its first sponsorship for an Australian sports team. Also, it stands as the initiating move from the crypto exchange in supporting an elite women’s sports competition globally.

Reacting to the milestone created by the sponsorship, Kylie Rogers confirmed that she is proud to be a part of it.

The general manager said that the AFL is proud of receiving the honor as the first Australian Sports league and the global elite women’s competition to partner with Crypto.com. She stressed their excitement in working with a company with the same passion. And for the progress and sustainability of elite sports and technology.

Reason Behind Sponsorship Deal With Crypto.Com

Karl Mohan, the general manager of Asia and Pacific of Crypto.com, is on his part. He revealed that his company’s attraction came from the high volume of interested women in cryptocurrency.

Mohan stated that their latest research on their Australian customers revealed female investors in cryptocurrencies were over 53%. The general manager mentioned that such a discovery is quite encouraging.

According to Mohan, this indicates that crypto adoption in Australia cuts across all levels without any inhibition from either gender or background. So, Crypto.com is pleased to serve as their beck-on-call platform for any of their crypto-related activities.

In August, a survey from CNBC disclosed that women’s participation in crypto investments is far below half of their male counterparts. The report indicated that while 16% of men were involved, only 7% were recorded.

The Singapore-based crypto exchange, Crypto.com, provides many crypto services to its customers. These include digital wallets, crypto-backed debit cards, and others.

In addition, the crypto exchange has had several sponsorships deals from sports brands within the past few months which amounts to more than $1.5 billion.

Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means

Crypto.com, in June ending, bagged a $100 million sponsorship deal with Formula 1. This was followed closely with its July partnership with the UFC worth over $175 million.

Furthermore, mid-November saw the company with a new agreement of renaming the Staples Center in Los Angeles to the Crypto.com Arena. The deal worth over $700 million is expected to cover the next 20 years.

The total crypto market cap stays below $2 trillion | Source: TradingView.com
Featured image from Pixabay, chart from TradingView.com
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Russia just suggested a blanket ban on cryptocurrency

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Russia crypto ban

Russia has proposed a full ban on crypto, this includes both mining and use of cryptocurrencies. The country’s Central Bank suggested that the trading of cryptocurrencies must come to a stop immediately. In the report put forth in an online press conference, the Russian government along with the Bank of Russia suggested this regulatory measure. This blanket ban on cryptocurrency was tied to risks of financial instability and rising illegal activities. The digital asset apparently posed a serious threat to the sovereignty of Russia’s monetary policy. Russia holds the third rank in bitcoin mining after US and Kazakhstan.

This recent ban on cryptocurrency comes right after the Central Bank of Russia displayed interest in securing information from commercial banks in respect to private money transfers. It also specified that the information collected will comprise of details of individuals who have previously traded in cryptocurrency, not only within the country but also outside of it. Despite Russia legalising cryptocurrencies in the year 2020, it always remained sceptical in regards to accepting the same as a medium of exchange. The report stated that this measure of banning crypto might after all be in favour of Russial as this decision happens to be the “best” and “optimal” one that safeguards Russia.

“Cryptocurrencies: Trends, Risks, Measures”

In the report, “Cryptocurrencies: trends, risks, measures” an excerpt read that cryptocurrenices “offer an outlet for people to take their money out of the national economy, thereby undermining it and making the regulators job of maintaining optimal monetary policies harder.” The other major concern that led to this ban was the ever increasing dynamic and volatile nature of cryptocurrency along with illegal activities being funded by the digital asset. The culmination of which has urged the Central Bank to form new laws and regulation which could help ban the digital asset in Russia.

Related Reading | NGOs Use Crypto To Aid Afghans Facing Taliban Takeover

Russia previously also expressed its concerns around cryptocurrency as they believed that the asset could be used for money laundering and even financing terrorism. Reportedly, Russia has showed interest in creating thier own digital currency (CBDC) which is believed to enable, equip and finally empower the functioning of future banking in the country.

This could help people of Russia to opt for a quicker, easier and more seamless payment option. The report also stated that there will be a prohibition of mutual funds investments in cryptocurrency. Besides that, institutional investors have also been discouraged from investing in crypto. This move might be quite a blow to the country’s financial organisations as any cryptocurrency in the form of a financial asset will not be accounted for. Failing to abide by the above mandated resolution will result in firm punishment as mentioned in report.

The crypto industry's growth has attracted a lot of negative attention | Source: TOTAL-CRYPTOCAP on TradingView.com

Russia Crypto Ban Extends To Mining Also

Cryptocurrency mining in Russia has a major footing as the country is the third largest when it comes to mining of cryptocurrencies. Volume of cryptocurrency mining still remains the highest in the US, followed by Kazakhstan, however, the latter has been in talks about cutting off electricity provisions. This news about Russia’s ban might potentially drive crypto enthusiasts across the globe up the wall. Minimising of crypto issuance along with over-the-counter trading desks, crypto exchanges and peer-to-peer exchanges could send a ripple across the whole crypto space.

Related Reading | Digging Into The Data Of Bitcoin Mining Decentralization

The aforementioned report also added that this prohibition was also because of environmental factors as it creates “”creates a non-productive electricity expenditure, which undermines the energy supply of residential buildings, social infrastructure and industrial objects, as well as the environmental agenda of the Russian Federation.

Featured image from iStockPhoto, Charts from TradingView.com
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