Blog Speed

How Can Speed Empower Businesses with One QR?

Payment QRs are becoming increasingly common these days. The COVID-19 pandemic changed how people shop, both online and offline. A few years ago, cash and card payments were the only means of payment. 

Nowadays, contactless payments have become the new normal. According to a recent FMI study, the QR code payment market is likely to exceed $11.67 billion in 2023, and it is expected to grow 4.8X and exceed $55.60 billion by 2033. That’s a CAGR of 16.9% from 2023 to 2033.

If you are a retailer seeking to collect Bitcoin payments at your offline store, Speed’s One QR can help. It’s one of the most reliable means to accept Bitcoins at your brick-and-mortar stores. In this blog, we will learn more about Speed’s One QR, how it works, and how you can start using it across your offline stores. If that sounds exciting, let’s get going.

What is One QR by Speed?

A QR code, or a Quick Response Code, is a scannable optical label that machines can interpret. They can trigger machines to perform a variety of tasks, such as completing a payment, navigating to a website link, or accessing data in the form of an image or PDF.

Speed’s One QR is a static payment QR that users can scan to complete their payment through their preferred Bitcoin wallet. You can print the QR and add it across your offline outlets or share it via social media or email to collect payments.

How to set up One QR?

You can start accepting payments with One QR as soon as you sign up with Speed. To set up your first One QR, login to your Speed dashboard, go to Receive Payments > One QR, and click on ‘Create a One QR.’

One QR by Speed

On the next screen, you can select whether you want to collect payments via the Lightning Network or On-chain. You can also assign a name to your QR and add a relevant description.

One QR configuration

You will be able to preview your QR in the right section. Speed also allows you to change the look and feel of your QR. You can add your icon and logo and change color and fonts to match your branding guidelines.
Branding One QR by Speed

Speed also allows you to set a custom success message and display an external URL upon a successful transaction. Final Step One QR Configuration

Once configured, you can download your QR code and print it for offline use or share it with your customers via email or social media apps.One QR PreviewYou will be able to view all the payments on the One QR tab and in your Speed dashboard. You can create as many QRs as you need for your business. You can also deactivate a QR code if you don’t need it anymore.
One QR Deactivation
One QR by Speed is the easiest way to enable Bitcoin payments across your offline outlets. Let’s understand how it works.

How does One QR work?

Collecting payments through Speed’s One QR is simple, easy, and convenient. Here’s how it works:

Print One QR: You can print the One QR from Speed’s web application in just a few clicks. Once printed, you can add the QR to your offline store or share it via sms or email.

Display QR: Show the QR code to your customers for collecting payments. They can scan One QR to pay through their preferred Bitcoin wallet.

Verify Payments: All the payments will reflect in your account in real-time. You can verify them through the Speed web application, which can be accessed via compatible web and mobile browsers.

How can Speed empower businesses with One QR?

• Enable cashless payments

Gone are the days when users preferred cash or credit card payments. According to a study by PYMNTS, 66.5% of consumers prefer QR codes for completing their payments. That’s primarily because QR payments are more convenient, fast, and hassle-free than credit/debit card transactions.

With One QR, you can enable cashless payments across your offline outlets. Customers can pay via their preferred Bitcoin wallet by scanning the payment QR. You can collect payments either through Lightning or On-chain network based on your preferences.

• Zero setup cost

Speed is a cloud-hosted payment processing platform. You can access all Speed features through a browser compatible with our web app. This means you don’t have to invest in any additional hardware or software to use One QR.

Signing up with Speed is completely free, and there are absolutely no additional charges or recurring fees for using the platform. You only pay a 1% transaction fee for every payment you collect once your total transaction volume exceeds 0.5 BTC. That’s three times less than the processing cost credit card companies charge.

• Branded or white-labeled payment QRs

Speed allows you to customize your One QR and change its look and feel to ensure it resonates with your brand. You can add your logo, swap colors and fonts based on your brand guidelines. With One QR, you can create as many white-labeled payment QRs as you like.

• Seamless payment experience

QR payments are secure, seamless, and hassle-free. Customers no longer have to worry about their credit card information being misused or entering a PIN in front of a cashier. This makes QR payments safer than credit/debit card transactions. What’s more, merchants and customers are notified after every transaction.

• Eliminate long queues

You can convert your employees into checkout counters by equipping them with One QR payment codes. Your employees can proactively reach your customers and collect payments, thereby eliminating long checkout queues. This will not only improve your customers’ shopping experience but also streamline your checkout process.

Use cases of One QR by Speed

Payment QRs can be used across diverse industries by businesses of every size and scale. Here are a few popular use cases of One QR by Speed:

• Retail outlets

You can station Speed’s One QR at your retail outlets to enable seamless checkout. Customers can scan the code from their preferred Bitcoin wallets to complete payments. This way, you can enable seamless Bitcoin transactions across your offline outlets.

• Business correspondents

If you are a freelancer or professional offering services at users’ locations, you can carry One QR for collecting payments. Customers can pay with just a few clicks from the comfort of their homes.

• Vendors, Small Merchants, SMEs

Vendors, small merchants, and SMEs can use One QR to collect instant payments. It’s time to bid adieu to those expensive payment processors that charge hefty payment processing fees. With Speed, you only pay 1% of the transaction cost.

• Utility Bill Providers

Utility service providers offer a wide range of services, from cooking gas to electricity and everything in between. If you are offering such services, you can use One QR to collect customer payments on the go.

• Pay & Park Businesses

If you run a parking business and allow users to park for a nominal fee, One QR can be very handy. Simply station the QR code at the entrance and allow your customers to pay in Bitcoins with just a few taps.

• Cannabis stores

Due to inconsistencies in the state and Federal laws, even legal cannabis businesses cannot access banks or use credit card networks for processing payments. They can embed One QR at their offline outlets for collecting offline Bitcoin payments.

• NGOs & Educational institutions

Non-governmental organizations and educational institutions can use One QRs to collect donations and fees in real time. They can either share the QR via SMS or email or simply embed it at their collection points.

Final words

One QR is Speed’s one-of-its-kind feature enabling merchants and businesses to collect Bitcoin payments across their offline channels. Apart from this, Speed offers several useful features for making Bitcoin payments a new normal for businesses of every size and scale. Sign up today with Speed to experience the full suite of payment features built to empower your business.

Speed Team