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FAQ Bitcoin Merchant Terminal/POS and Coinkite Cards
What is the Coinkite POS Terminal?
The Coinkite terminal will finally enable you to accept bitcoins in a robust way. Operating just like a conventional credit-card payment terminal, this fully-customized device works exclusively with cyptocurrencies such as Bitcoin and Litecoin. Field-proven resilient hardware, easy to understand—and ready to be dropped—by your cashiers and customers.
Some of its features:
Allows transactions in Bitcoin without a computer, tablet, phone, or other hardware.
Connects through GSM and Wi-Fi, which are available worldwide, so it can work anywhere!
High-quality laser QR code reader can scan Bitcoin address codes in addition to using Coinkite cards.
Integrated receipt printer prints QR codes on easily readable receipts.
Accepts and issues Coinkite’s debit cards.
Sell preloaded Coinkite Cards.
Accepts payments from any Bitcoin user regardless of wallet host (including Bitcoin-QT, Coinbase, Bitstamp, BIPS, and others).
Allows buying and selling your Bitcoins at retail prices.
Allows you to print exchange rates at any time.
Adjustable exchange rate for conversion to or sales in your currency.
… and a lot more!
If you don’t have a Coinkite account yet use this link.
Why use that if I can just use my phone or tablet?
The purpose of our terminal is to improve the bitcoin experience in a few different ways:
Our terminal is much more solid than a cell phone
Integrated receipt printer allows both parties to walk away with paper proof of transaction
Customers are used to seeing this type of handheld payment terminal
Retailers often employ cashiers who may not be comfortable using a laptop
A specialized device is less attractive to thieves
Of course, since Coinkite works well on mobile smart phones, you are certainly welcome to use a phone for retail payments.
Why not just use the same terminal as Visa, Mastercard and so on?
The incumbent players in the payment industry are interested in protecting their existing revenue streams and have not exactly been jumping onto the Bitcoin bandwagon. In fact, they may be actively interfering with its adoption.
Coinkite was founded to create a parallel and new system of payments that works entirely on crypto-currencies. Having a physical machine at one end of the payment path is a key part of that goal.
As far as the POS is concerned, we are using PCI-certified hardware and our own specialized software.
All the hardware security features of this terminal required by Visa and Master card, do remain in place.
Why would anyone want to carry the Coinkite card?
Our unique Coinkite card has a bitcoin address on the back: this allows you to present the card to any bitcoin user (not just Coinkite users) and accept a payment from them on the spot. The funds will appear in your Coinkite account without any effort on your part.
The card can also speed your use of the Coinkite terminal, so if you make frequent visits to an establishment with the terminal, your checkout process is much faster and more secure.
In time, we will offer additional programs and benefits to our card holders.
How much does the terminal cost?
We are now accepting pre-orders here.
Does this terminal integrate with other wallets to send and receive? (e.g.: Coinbase, BitPay, BIPS, etc…)
Yes, it is a bitcoin (and litecoin) device and inter-operates with any wallet or service that can send coins to a QR code printed on a receipt.
The POS can also scan directly from the screen of a smart phone or laptop (and paper of course).
Do they have skimming or tamper protection?
Yes, these terminals have the same security features as PCI-certified hardware.
Does it work with registers and POS or is it strictly standalone?
Integration with standard POS systems is on our roadmap, and the hardware platform already includes the required RS-232 serial port.
How does this work out with confirmations, would the consumer have to wait 10 minutes?
We can immediately confirm amounts from customers that are using Coinkite’s accounts, and in other cases, we offer the choice to the retailer as to how many confirmations they require. We feel that if you are transacting small amounts, then accepting zero confirmations (for instant payment) may be a reasonable risk.
Why not just use computer, tablet or smart-phone?
Those can be used, but a special-purpose machine has these advantages:
General purpose hardware is more desirable for theft.
Our terminals already work with current Registers and Point-of-Sales by serial port.
Computers, tablets and smart-phones are more expensive (iTablets start at $300 + Case $50 + POS Stand $200)
Computers, tablets or smart-phones are more fragile: they will break if dropped.
Our terminal hardware is field-proven in Restaurants, Convenience Stores, General Retail, Clubs & Bars, Spas, etc…
Do you have an affiliate program for terminals?
Yes. We are working out the details right now, so please send us your thoughts about what you’d like to see in such a program.
What hardware warranty do you offer?
Our straightforward standard warranty:
Coinkite warrants against defects in materials and workmanship under normal use for a period of 1 year.
We do not warrant batteries or provide replacement thermal paper rolls.
Hardware repair — when we receive your damaged unit, we’ll either repair it or send you a replacement. You pay for shipping your unit, if the replacement or repair is authorized we pay for shipping it back to you.
Hardware exchange or advanced replacement — when we receive your Terminal, we’ll replace it or, with the hold of a deposit in bitcoin, we’ll cross ship your replacement before we receive it. In both cases, you pay for shipping your unit.
Replacement parts can be ordered and are subject to availablity.
Request Repair & Order Parts
Pre-ordering of bitcoin terminals has started!
Get started here!