Cred Merchant Solutions has been unveiled in Emeryville during San Francisco Blockchain Week in an event hosting several California elected officials. The new point-of-sale system will help unbanked business sectors, such as California’s cannabis industry, accept crypto payments from customers and pay taxes.
Cred Merchant Solutions Debut
The Universal Protocol Alliance (UPA) and Cred have held a private event at the Ohana Cannabis Dispensary in Emeryville, California, on Wednesday, October 30 to celebrate San Francisco Blockchain Week.
Dan Schatt, Cred CEO and co-founder, unveiled during the event the new Cred Merchant Solutions, a 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 and help them quickly pay taxes, dramatically lower transaction fees and reinvest money back into the business.
Cred Merchant Solutions converts a customer’s payment in crypto that is then loaned out to businesses around the world, while merchants instantly get the cash sales equivalent and governments get their share of the taxes, Schatt explained to an audience of about 100 attendees at the event. The new system is said to be faster than Square, fairer than Visa and friendlier than Chase. With it, customers are able to pay the way they want, merchants can use it to earn, borrow and save, and local governments will receive real-time tax revenue.
Based in the San Francisco Bay Area, Cred is a decentralized banking platform serving customers in 179 countries with over $300 million in lending capital. It offers interest rates on more than 30 crypto and fiat currencies through its partner network.