Toshiba VisualTouch, together with BitPay, has today announced Bitcoin functionality on their VisualTouch POS systems. Toshiba VisualTouch POS systems provide “advanced POS functionality for business management” and the ability to accept Bitcoin is just the newest feature. BitPay has been working tirelessly to spread Bitcoin adoption around the world. They have offices in several cities and have over 30,000 merchants (mostly online) that accept Bitcoin through them. BitPay’s clients include TigerDirect, WordPress, Virgin Galactic, and Gyft. Merchants that use Bitcoin payment processors, such as BitPay, are able to pass off the volatility risk in the Bitcoin exchange rate so that all they are left with is lowered fees. Unfortunately, this partnership only allows VisualTouch’s many clients the option to accept Bitcoin payments. It is yet uncertain how many businesses that use the Toshiba VisualTouch POS system will turn on this functionality. With no risk involved, there is no reason not to. BitPay recently closed a $30 million round of funding from many sources, notably Richard Branson and China’s Li Ka-Shing.
[dropcap size=small]T[/dropcap]oshiba made waves in the POS industry in 2012 when it bought IBM’s POS business for $850 million. At the time, Toshiba Tec’s stock in Japan rose nearly 7% on the announcement of the deal. The pool of Toshiba’s POS customers is large enough to include clients from around the world. Currently, there are over 6,000 unique companies that use VisualTouch POS. Some of these companies have over 1,600 locations featuring the VisualTouch POS. The VisualTouch POS system can be used at restaurants, nightclubs, retail stores, grocery stores, and even hotels and motels. VisualTouch has partnered with the National Restaurant Association to exhibit their newest ST-A20 VisualTouch POS system. The National Restaurant Association is hosting their 2014 convention in Chicago this weekend (5/17/14 – 5/20-14). At this event, tens of thousands of different companies will have a chance to see Toshiba’s POS system accept Bitcoin. Brick and mortar businesses now have another option for a Bitcoin-accepting POS system. Toshiba is undoubtedly hoping that their new partnership with BitPay will encourage new businesses to try our their POS system. On the other side of the coin, BitPay is hoping that Toshiba’s existing customers will give Bitcoin acceptance a try. From the sidelines, Bitcoiners are applauding this newest development while wishing success to both companies.
The gentlemen behind this momentous deal had this to say:
“This partnership greatly expands the number of businesses that will now be able to accept bitcoin. BitPay is extremely excited about the relationship and the opportunity to expand the Toshiba VisualTouch solution to include bitcoin,” – Tony Gallippi, Executive Chairman of BitPay.
“We are truly excited to announce our partnership with BitPay in order to bring enhanced capabilities to our current customers and entice new business through our combined leadership in this field,” – Marius Kimel, President of Visual Information Products, the developers of Toshiba VisualTouch.
Please comment below if you know any businesses that use Toshiba VisualTouch POS systems. Keep an eye on them to see if they start accepting Bitcoin. Multi-purpose POS systems, such as those made by VisualTouch, are great for larger brick and mortar businesses that would like to use the same hardware to accept cards, cash, and Bitcoin. However, many brick and mortar businesses that refuse to deal with CCs and high-cost hardware would rather accept only cash and Bitcoin, in which case the only POS system needed is the owner’s phone, tablet, computer, etc.