Cash Payments Using BTM’s

In an effort to stay on the forefront of payment problems that seem to be almost inevitable in this industry, we are always on the lookout for new, SAFE, ways to accept payment. It would make all of our lives easier if we could place a credit card terminal right on our website; however, if we were to do that, we would have been shut down years ago.

The newest craze in the financial world is Cryptocurrency. Although many of you may not use this, it is one of the safest options out there today. A new tool that is gaining traction around the country are BTM’s, short for Bitcoin ATM’s. This is a way you can take cash to a location, verify yourself with a just a phone number, scan a code that we provide to you, and deposit cash in the ATM.

Although there are thousands of these Cypto ATM’s across the country, they seem to be more prominent in the more heavily populated areas… thus, this will not be a viable option for every one. To see if you have a BTM close to you, simply CLICK HERE and enter your address. A list of BTM’s will populate starting with the closest. Only select this option at checkout after you have verified that you have access to a BTM in your area.

 

The fees on this are a bit higher (for now)… we believe these fees will go down over time once these grow even more in popularity. You will see the fee schedule for each BTM near you, but don’t be alarmed by this. Currently, fees are anywhere from 10-14% of the purchase amount; however, we have set forth a flat 5% fee charged to the customer. The remaining percentage will be absorbed by Gear Depot.

The process here is very simple and, from the feedback we have gotten in our test groups, the longest part of the whole process is depositing the bills in to the “vending machine like” ATM.

At checkout, select the BTM Cash option (by selecting this option, we assume you have already verified you have a BTM close by). When we reply with payment info (within 24-hours), we will send you the total (inclusive of the 5% fee), along with payment instructions and a QR code that you will take with you to the BTM (usually just saved on your phone). Here is a breakdown of how the BTM payment process will work.

1. Once you get to the BTM, you will need to verify yourself with your mobile number.

2. Once you enter your phone number, you will receive an SMS Text Message with a verification code; enter that code when prompted.

3. Once verified, you will be given the option to buy or sell Bitcoins, select BUY.

4. You will then be asked to scan the QR code (which we will have provided to you).

5. Once the QR code has been scanned, you can then enter your bank notes (in the amount of your order and 5% fee).

6. Select “I’m Done” or similar and you will be given either a paper receipt or a text message confirmation.

7. Take a picture of the receipt, a screen shot of the text message, or a picture of the BTM screen when you are finished.. this will show the amount of BTC purchased and a confirmation code. Send this to us via email, we will confirm, and your order will be shipped out the next day!

If you have any questions on this new payment method or something does not make sense to you, feel free to reach out.

Thanks,

G and all of Team Gear Depot