EOSCommunity.org Forums

EOS as payments

If I understood Dan on yesterday’s call EOS as currency needs to be frictionless and super easy. Whereas if used in the context of a smart contract then access to various levels of powerful tools is appropriate.

Payments seem like the easiest way to get people excited and using EOS. Our business would then start saving EOS instead of fiat.

Any suggestions on how to onboard 70+ people and keep their keys safe till they get used to using EOS accounts? For our staff to start using EOS as payments inside our pizza business. Then loyalty accounts for fans. Then suppliers.

I need to get guidance from the local government, they may not be ready for this.

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I agree that the way to mass adoption is to start using EOS as a currency. The Greymass guys are super helpful and I would suggest engaging with them on how mobile payment works…

See Anchor for Mobile - a portable EOSIO Authenticator | Greymass

I can imagine that tying up USD working capital in your business must be tough. Ideally you want pre-payments from customers upfront i.e. some form of loyalty scheme with discounted pricing. Or better yet, some chance for a reward. Volatile exchange rates make it tricky but EOS is still useable at current prices in that regard.

First I would look to trial EOS payments using Anchor internally in your business with staff. You would need to assist with onboarding them to Anchor and a suitable exchange (preferably not Binance from what I hear) for them to cash out to USD when they need the fiat. Only thing to watch is tax implications here… I assume staff don’t pay much employee tax at the moment, but if they’re seen to be trading a crypto currency, many governments appear to want to tax that heavily…

In regards to customers, here is an idea…

  • Assume a pizza costs US$10
  • I assume that around US$4 is wages (W), US$3 is cost of sales & overheads (O) and maybe US$3 is profit ( P )… I don’t know your business so am guessing…
  • How about creating a customer rewards fund ( R ) as well, perhaps taking US$1 from your US$3 profit margin, or using your marketing and advertising budget for it instead…
  • So now every pizza price = W+O+P+R where O+P probably need to be kept in USD, whilst W+R can be converted to EOS

Now get customers to buy upfront vouchers for x amount of fiat value. Immediately take the fiat and convert W+R to EOS. This is fine as long as your staff have agreed to take EOS price risk… Keep O+P in fiat for operating costs and reserves.

The R pot should build up and creates customer excitement. Distribute the pot in EOS maybe quarterly to customers, pro-rata based on their business with you. I reckon you could build a nice marketing campaign around that… Enjoy experimenting. :grinning:

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Just starting with R makes sense. I need to find out about local laws, even though dollars are easily traded here they are never supposed to be used in commerce. I would like to think adding W is possible but I doubt it.

R could even be a centralized account that pays out based on loyalty points. We are currently building our own IT system so it’s possible to integrate smart contracts into it at some point. Buy we have plenty of other basic problems to solve first.

The other goal would be a savings pot for the business to diversify away from the local currency and usd.

Finding a local exchange for fiat makes the most sense.

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100%. Any customer facing business should do this.

Print a marketing brochure which says something like, “We believe in personal sovereignty and that everyone should be free to transact as they wish, without being overseen by banks or government. Thus, we support EOS as the digital currency with the highest utility value. We are excited about the growth of the EOS community and we would like you to share in that. Therefore every [x%] of your purchase with us goes into an EOS fund which will pay out [quarterly] distributions in EOS to you as one of our loyal customers. Here is how to get your EOS wallet…

Whether customers pre-pay or pay as normal doesn’t really matter. It could build massive momentum and get you in the news. :crossed_fingers::blush:

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Good!