John Beebe, President and Chief Executive Officer of Secure Cryptopayments, believes when it comes to security, cryptocurrency payments surpass Europay, Mastercard and Visa (EMV) chip cards.
"Cryptocurrency is a one-way transaction where no one can go back in, because there is no means of a backdoor," Beebe said. "When you hand over your EMV card, it can be skimmed; the data can still be captured, stolen and then sold. We have had a lot of data breaches in the headlines recently on credit cards and debit cards. … Cryptocurrency levels the playing field, enabling a more secure method of transaction, and also protects the customer and the merchant."
Beebe, who previously started successful enterprises such as Global eTelecom Inc. and Celestial Payments LLC, founded Secure Cryptopayments in 2017. The company enables POS payments via bitcoin and the recently launched Hellenic Coin. The payment alternative is designed to appeal to consumers and merchants by making the process simple, inexpensive and fast.
According to the company's website, merchants working with Cryptopayments can:
The value of cryptocurrency locks in at the time of sale, processing and settling takes up to 48 to 72 hours by automated clearing house or electronic deposit, and merchants can include a cryptocurrency payment option in customers' bills, which are processed electronically without wait time, the company noted.
Beebe said Secure Cryptopayments is set up easily using an infrared receiver reader that can be added to an existing POS system. The company provides white-label processing services that work as seamlessly as card transactions, increasing consumer payment options.
"Consumers will be able to make purchases through their phone, tablet or other smart device," Beebe said, noting that consumers purchase cryptocurrency in real time through smart devices, which are used immediately as payment instruments.
Today, the biggest problems for cryptocurrencies are a lack of widespread adoption; lack of appropriate, balanced regulation; and ability of criminals to facilitate illicit transactions. Secure Cryptopayments runs Office of Foreign Assets Control checks at the POS to deter identity theft and money laundering, which takes only a couple of seconds.
Beebe expects consolidation to occur. "I think the cryptocurrency industry is going to have a shake out at some point," he said. "There are too many cryptocurrencies that have been launched; it's not going to support all of them. The major players who go along with pending regulation and additional technological advances will continue to grow exponentially. Cryptocurrency will continue to grow at a very rapid pace and, going forward, I see the future of Secure Cryptopayments being exceptionally bright."
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