Recently, we caught up with Jon Moore, CEO of Litecoin Tech Support, about the mission he’s been on to get businesses to accept Litecoin. With deep roots in the credit card processing business, Jon has a unique perspective on the challenges merchants face when it comes to traditional payment options.
This expertise has made him a great bridge for businesses looking to free themselves from the constraints of the payments status quo and tap into the transformative power of cryptocurrency. As you’ll see, his knowledge of the industry is only rivaled by his passion for LTC and relentless commitment.
How did you first get involved in Litecoin?
I first got involved with Litecoin after working in the credit card processing business for many years. When I initially discovered Litecoin I saw right a way that it was an exciting payment alternative and I wanted to learn everything I could about it. After digging in some more, I quickly realized that Litecoin was a great option for my customers as a way to avoid one of the most hated things in payments: chargebacks.
Chargebacks occur when a customer disputes a transaction with a merchant. If the customer is right in his or her dispute, the card company takes the money from the merchant’s bank and puts in back in the customer’s account and a fee is incurred. However, with Litecoin, transactions are more like cash sales. Customers decide exactly how much to transfer to a merchant, and because the blockchain is virtually immune to hacking risks, merchants don’t have to worry about payment fraud. This also gets rid of the despised chargeback lag — the 120 days a customer has after a transaction to file a chargeback. This lag wreaks havoc on a merchant’s balance sheet and bottom line, and affects their ability to do business.
How many businesses have you talked to about accepting Litecoin?
I have probably talked to well over 1,000 businesses about accepting Litecoin, and over 100 of them have implemented Litecoin as a means of payment.
Based on those conversations, what are the main concerns you hear, and what do say to alleviate those concerns?
The main concern businesses have comes from the fact that many people don’t realize that Litecoin or Bitcoin can actually be used as a payment type. Much of the buzz about crypto has been as an investment, which in reality, is only a small part of the technology’s value. They also have concerns about accepting crypto for payment because of price volatility, and most people don’t understand that they can convert Litecoin into US dollars.
My answer to them is simple, when you accept Litecoin for payment you have the freedom to do what you want with it. So you can convert it immediately into US dollars, you can hold it, or you can use Litecoin as real money to buy goods and services. I often show them the Abra App which has a big BANK TRANSFER button — this helps them visualize that with the touch of a button the LTC can be transferred into their bank account. There are also services like Aliant Payment which allow the business to Accept Litecoin and receive an automatic deposit of US dollars.
Once they see the bridges that exist between the traditional financial world and crypto they generally start to feel more comfortable and warm up to the idea.
Can you tell us about a notable example of a merchants that you have helped accept LTC?
I stopped by Tracks Smoke Shop in Elmwood Park to make a purchase of #CBD and #PayWithLitecoin!! I bumped into Mannie #Litecoin hanging out while I was there chilling in a LTC shirt and a #RAW hat! pic.twitter.com/LHmkHmQAbT
— Jon Moore (@jonnylitecoin) September 10, 2019
One recent example was setting up Tracks Smoke Shop in New Jersey to accept Litecoin as a form payment. The business didn’t know much about Litecoin, or cryptocurrency in general, but after explaining the advantages they were willing to try accepting LTC. Once they were set up, we shot a quick video that we posted on Twitter.
The next day, several people that saw the video online ended up coming to the shop and paying in Litecoin. A few of their existing customers also switched to using cryptos. Since then, tracks has embraced Litecoin and the crypto community so much that they’ve decided to put a Bitcoin/Litecoin ATM in the shop.
In 2-3 sentences, make the most compelling case you can for why every merchant should accept LTC.
Merchants should accept Litecoin because it gives them an option to accept an easy payment form that eliminates chargebacks. They also save money in fees with LTC compared to those incurred from processing credit cards and other methods like PayPal. On top of that, when you accept Litecoin you often gain new and loyal customers by tapping into the fiercely loyal Litecoin community.
What are you most excited about for the future as it pertains to LTC?
I am very excited for the future because this is just the beginning. More and more products are becoming available that make it easier for people to obtain and use Litecoin. Apps like Spedn are letting people #PayWithLitecoin at businesses across the globe, and in doing so more and more merchants will realize the advantages of Litecoin and cryptocurrency payments.