New West Technologies Releases Bitcoin Integration for POS

Bitcoin for RMS is a progressive extension that allows Microsoft RMS to receive and process Bitcoin payments for goods and services.

Bitcoin, a peer-to-peer payment network and digital currency, has substantially lower payment processing fees than those of credit cards or money transfers with the opportunity of true flat rate pricing. Using cryptography to control the creation and transfer of money, Bitcoin eliminates opportunity for fraud and identity theft. Because the Bitcoin system doesn’t allow payment cancellations, chargebacks are impossible. The RMS Bitcoin extension extends the powerful POS software package RMS and automates POS processes.

“Bitcoins offer Bricks and Mortar retailers an opportunity to reduce fraud and identity theft, eliminate chargebacks and lower processing fees by more than half,” Stated President Dan King.

Users send payments by broadcasting digitally signed messages to the network; however the process of ringing up a sale does not change. The seller tenders the Bitcoin, the consumer scans the QR code and approves the payment. Upon approval, the exchange rate is locked in through Bitpay and the transaction is made. All action is accomplished through RMS and the internet.

“There is a lot of talk about engaging the customer these days to combat people simply shopping on thier phones, we thought we would take action and enable a new level of engagement”

Microsoft Dynamics Retail Management System (RMS) offers small and midsize retailers a complete point of sale (POS) solution that can be adapted to meet unique requirements. With RMS Bitcoin, retailers can expand their customer’s options now and get ahead of the crowd on the newest payment technology!