TSYS Puts Bitcoin In Perspective

Russell Moore, Director of Innovation at TSYS, agrees that it’s been misused in a myriad of ways, but feels that bitcoin and other cryptocurrencies offer merchants the chance to view payment processing in a new way. He gives PYMNTS a different take on the use of cryptocurrencies in payments.
PYMNTS: What is the biggest misconception about bitcoin and digital currencies in terms of the payments processing perspective?
RM: That bitcoin is a dark currency that it is only used for elicit purchases. Thousands of merchants accept bitcoin payments every day for ordinary purchases such as a monthly satellite TV subscription or home goods. There is also a misconception that bitcoin is too volatile to accept as a form of payment when, in reality, price volatility is easy to avoid.
PYMNTS: What should merchants that are considering accepting bitcoin/cryptocurrencies know about the potential benefits?
RM: As the world’s first borderless payment network, bitcoin allows merchants to receive payment in any amount, from anywhere in the world, from any computer or mobile device. The user base for bitcoin is growing steadily and is a loyal group that is drawn to businesses that accept bitcoin as a payment method. Accepting bitcoin can be less expensive for the merchant than other forms of payment, with the added benefit of reducing chargeback risks and identity fraud.

This post was published at Pymnts on June 29, 2016.