Taking Crypto to New Highs
Cred Introduces New Merchant Payment Solution
Earlier this week the Universal Protocol Alliance and Cred showcased during SFBW19 a new payment solution for merchants that will change the game for many small businesses globally. On Wednesday October 30th, members of the Universal Protocol alliance gathered with Cred in Emeryville, California to demonstrate a contemporary solution for vendors facing challenges with cash-run businesses and tax remittance.
Cred’s CEO and co-founder Dan Schatt kicked off the ceremony by officially unveiling Cred Merchant Solutions, a new point-of-sale handheld terminal that supports the unbanked, underbanked and poorly banked around the world. The Android-based terminal will be deployed to businesses at cost, which will help them quickly pay the appropriate government sales taxes, allowing them to dramatically lower transaction fees and reinvest money back into their business.
The event was held at a cannabis store called Ohana Dispensary, and featured a live demonstration of Cred’s new solution to allow for customers to pay for their cannabis tax remittance with Bitcoin Cash. Customers were able to purchase the standard dispensary products, but also Cred branded S’well bottles, and seamlessly use BCH for the tax remittance. In attendance at this special event were various elected officials from the Bay Area, including Emeryville Mayor Ally Medina, Berkeley Mayor Jesse Arreguín, and Berkeley Councilmembers.
Although Cred Merchant Solutions has a variety of applications for business, its versatile design will allow for the + $2 billion California cannabis industry access to banking services that have been restricted to the cannabis industry due to federal banking regulations. Cannabis businesses specifically face a higher levels of security risks due to having to operate in an entirely cash-based economy, one where high volumes are stored at dispensaries due to their exclusion from traditional banking services.
This new service will open up different financing options for cannabis small businesses because it will give them access to Cred’s global loan infrastructure. Cred Merchant Solutions takes the customer’s crypto payment and then loans it out through the Cred platform, and instantly distributes the revenue back to the merchant and the final sales tax to the government entity.
In addition to this historic display, Berkeley City Councilmember Ben Bartlett announced his intention to sponsor city legislation to allow for Berkeley cannabis dispensaries to use Cred Merchant Solutions for tax collections. He has announced that he is working with the requisite California state legislators to enact similar statewide legislation to allow for tax remittances to be paid in cryptocurrencies. This will not only benefit the parties involved, but will also enable California to take the lead on tackling the problem of cash-intensive businesses nationally and internationally.
“What’s missing is money. When 70 percent of these operators are unbanked, we’re missing the money,” Bartlett said. “One way we can ease the burden amongst these companies is to alleviate their burden, achieve safety, and receive tax revenue for the city.
Cred Merchant Solutions provides a revolutionary new way to use blockchain. Through this new product, blockchain is being exposed to an entirely new customer base for new applications not yet seen in crypto. Cred and the UP Alliance are solving real world issues for existing markets through new programs and features like Cred Merchant Solutions.
Cred Merchant Solutions is faster than Square, fairer than Visa, and friendlier than Chase. It enables customers to pay any way they want to, rather than limiting them to byzantine cash payment structures. Merchants can now enter new business development stages by having access to earn, borrow, and save using the crypto they receive from customers. Cred Merchant Solutions is a literal game-changer for customers, small businesses, and the government tax entities, as it reinvents the way that cash-based businesses can move around their capital in a modern, safer, and more efficient manner.
To learn more about the UP Alliance visit: www.universalprotocol.io
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