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How Zaprite Made History with Trump's First Bitcoin Transaction - Will Cole
Episode 12825th October 2024 • Business Bitcoinization • Josh Friedeman
00:00:00 00:38:17

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This free, 27-page resource includes:

  • Six ways ANY business can benefit from Bitcoin
  • Some of the best Bitcoin-only businesses to partner with
  • Key Bitcoin concepts for people getting started

Will Cole is the Head of Product at Zaprite, a leading platform simplifying Bitcoin payments for businesses. With a background at Unchained and Stack Overflow, Will focuses on creating seamless invoicing and point-of-sale solutions that enable companies to accept Bitcoin and fiat. His work at Zaprite empowers businesses to streamline their payment processes while maintaining financial control.

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TAKEAWAYS:

  • Zaprite is designed to facilitate Bitcoin transactions for businesses, making payments easier and more accessible.
  • The point of sale system developed by Zaprite acts as a companion app, not a full replacement.
  • Understanding Bitcoin's limited supply and its credible enforcement is crucial for new users.
  • Will Cole emphasizes the significance of Bitcoin as a cost-effective payment method for businesses.
  • The integration of Bitcoin and fiat payments allows businesses to cater to diverse customer preferences.
  • Zaprite's API enables businesses to create custom checkouts for seamless payment processing.

SHOW PARTNERS

Mentioned in this episode:

Strong Wealth: Wealth Management for Bitcoiners, by Bitcoiners

Velas Commerce: Biz Tech Meets Bitcoin

DOWNLOAD YOUR COPY OF THE BITCOIN-FOR-BUSINESS QUICK START GUIDE

Transcripts

Will Cole:

The first highlight on the point of sale has to be that it's Donald Trump's preferred way to spend his bitcoin.

Will Cole:

You know, at Zapright in general, we're just trying to help facilitate bitcoin transactions for businesses.

Will Cole:

Now, our key strategy is not necessarily to build a point of sale like we don't want to be building hardware like we did with E Commerce.

Will Cole:

We had a product called Payment Links.

Will Cole:

You know, that's not a substitute for WooCommerce store, but it could get someone started.

Will Cole:

Right, Our point of sale.

Will Cole:

Think of it that way.

Will Cole:

It's not necessarily a substitute for having a full square point of sale system at your business or something like that, but think of it as like a companion app.

Josh Friedemann:

Welcome to the Business Bitcoinization show.

Josh Friedemann:

The show dedicated to helping you enrich your life and grow your business with bitcoin, the hardest money on planet Earth.

Josh Friedemann:

I'm your host, Josh Friedemann and our guest today is Will Cole, who is the head of product as Zapright, which was recently used for the first ever public bitcoin transaction by a U.S.

Josh Friedemann:

president.

Josh Friedemann:

Today on the interview, we're going to be discussing some ways that Zapright can help business owners and some new features they've recently released.

Josh Friedemann:

We're going to get to our interview with Will right after this.

Josh Friedemann:

Will, welcome to the podcast.

Will Cole:

Thanks, Josh.

Will Cole:

Thanks for having me.

Josh Friedemann:

I like to start off every single interview with a few questions that help us to get to know you a little bit better and give us some insight for our own lives.

Josh Friedemann:

Are you ready for these?

Will Cole:

Sure.

Josh Friedemann:

Question number one is this.

Josh Friedemann:

When and how did you first learn about bitcoin?

Will Cole:

Yeah.

Will Cole:

So it was early:

Will Cole:

ence I have of it is April of:

Will Cole:

We were in soho in a bombed out building.

Will Cole:

That's where his call center was.

Will Cole:

I think they were working for Gary Johnson at the time, but it was one of the people that help shoot promos for commercial spots and stuff like that.

Will Cole:

Had mentioned bitcoin.

Will Cole:

up from there later, half of:

Will Cole:

But it was around that time and if you remember, this is QE still going on.

Will Cole:

Financial crisis I'd gone through.

Will Cole:

I'd been a gold bug for six months or something like that.

Will Cole:

the US dollar right there in:

Will Cole:

It was a fun time.

Josh Friedemann:

I'VE talked to a number of people who come from the libertarian angle who learned about bitcoin but didn't catch the vision for it.

Josh Friedemann:

As early on, you mentioned that you had been a gold bug for a little bit of time.

Josh Friedemann:

It sounds like pretty much from that point on you at least had a good grasp of the value or potential value of bitcoin.

Josh Friedemann:

Is that right?

Will Cole:

Sort of.

Will Cole:

In:

Will Cole:

I think the things that opened my mind to it one is I was going through the process of becoming a gold bug, right?

Will Cole:

It'd been like six months.

Will Cole:

I just started reading Austrian stuff, Murray Rothbard and Hayek and stuff like that.

Will Cole:

But I'm not an intellectual and I wasn't really deep.

Will Cole:

The types of things I was excited about with bitcoin were kind of embarrassing.

Will Cole:

Looking back, it solved the Byzantine generals problem I got really into.

Will Cole:

I remember what I used to brag about to people say, oh, it solves the double spin problem.

Will Cole:

I didn't really get it.

Will Cole:

say it wasn't until later in:

Will Cole:

But I would say that you're right that the libertarian leanings, the process of going through understanding gold as money, and I had a technical background, were ingredients that made me more open to it.

Will Cole:

Where I didn't dismiss it, I didn't necessarily recognize the key value propositions very early on, but I liked it for the wrong reasons.

Josh Friedemann:

So question number two is this.

Josh Friedemann:

What's an insight or fact about bitcoin that you wish everyone understood?

Will Cole:

that I did not understand in:

Will Cole:

And how that limited supply is enforced, I think that anyone coming into bitcoin, if you can get that very early on and not just, you know, fall for the marketing of there will only ever be 21 million, but understand how it's enforced and why that is credible over a very long period of time, I feel like everything else sort of comes naturally from there.

Will Cole:

And I would say that, like I knew that in the early days, but I think correctly, I didn't necessarily view it as credible yet.

Will Cole:

Right.

Will Cole:

And every year that that supply limit was enforced.

Will Cole:

Right.

Will Cole:

And with different types of attack vectors and different types of developer groups in and out of it and industry people developing around there, the fact that it's been credibly enforced for this long means that I think that that's the first thing people should latch onto and that a lot of the narrative around bitcoin will sometimes obfuscate that or just think that everyone understands that's true.

Will Cole:

But it's so incredibly weird.

Will Cole:

It's such a weird property of bitcoin that it is limited in supply and it cannot be inflated.

Will Cole:

I really feel like that that's the key insight or fact about bitcoin.

Will Cole:

That if everyone understood that that bitcoin would have a very different adoption curve to date.

Josh Friedemann:

Interesting question number three.

Josh Friedemann:

What's the bitcoin resource you most recommend to other people?

Will Cole:

This is the one I'm going to cheat on because there's so many I like.

Will Cole:

But what I've always I used to have, I have a little recipe I like to give to people when they're first getting into it.

Will Cole:

I like to give people Nick Zabo's shelling out.

Will Cole:

So it doesn't even mention bitcoin.

Will Cole:

It was written.

Will Cole:

Bitcoin was created.

Will Cole:

It's hosted up on the Satoshi Nakamoto Institute website run by Michael Goldstein and Pierre Richard.

Will Cole:

That itself is a great resource.

Will Cole:

But this article in particular, it's kind of like it's just a really.

Will Cole:

It's a blog post version of the bitcoin standard without mentioning bitcoin, just explaining the history of money.

Will Cole:

And until I read that I, you know, even my gold bug sort of education, it all just sort of snapped into place.

Will Cole:

It's very short, very easy to read.

Will Cole:

It doesn't even mention bitcoin.

Will Cole:

And from there I would read the bitcoin standard.

Will Cole:

Safe Edin's masterpiece again.

Will Cole:

It expands on what's shelling out history of money type concepts.

Will Cole:

Then of course ends with a lot about bitcoin.

Will Cole:

And then lastly is Parker Lewis is gradually and suddenly which is much newer.

Will Cole:

And it's unbelievable.

Will Cole:

I can't believe that I know the guy who wrote this.

Will Cole:

It's so good.

Will Cole:

And Parker's an exceptional first principles thinker and I think it can get people in the mindset of instead of being casually dismissive of the fiat world around us and just sort of be hand wavy about like oh well, that's just the way things are.

Will Cole:

Or is realizing that there are very intentional policies and people implementing those policies and that they really don't know what they're doing.

Will Cole:

It's not a casual hand wave thing.

Will Cole:

It's very, very specific.

Will Cole:

And then getting into some macro concepts that I'm just not.

Will Cole:

I Don't think that way.

Will Cole:

And how that relates to Bitcoin.

Will Cole:

It's masterful.

Will Cole:

Got to read those three things.

Josh Friedemann:

I don't know that I've ever read that Szabo article you were just talking about.

Josh Friedemann:

Also, I haven't read the completed, fully gathered, edited, gradually, then suddenly.

Josh Friedemann:

But for obviously I've read the articles in the past and for a while we were actually doing this series at our local bitcoin meetup where we were looking at one at a time and discussing them.

Josh Friedemann:

And it's really like there are a lot of things that a lot of people have never thought of, including myself, but especially if you're pretty new to Bitcoin, it's a whirlwind of information, but extremely helpful for sure.

Josh Friedemann:

So question number four gets us beyond Bitcoin.

Josh Friedemann:

What is a resource, tool or idea outside of Bitcoin that's been helpful to you or your work recently?

Will Cole:

Sure, I mean, I work in software development and so in my world of product management, engineering design work, building software, if you're working on a bitcoin product, great.

Will Cole:

But the principles that make you good at building stuff have nothing to do with Bitcoin necessarily.

Will Cole:

There are advantages of building on Bitcoin versus other protocols and things like that.

Will Cole:

But just knowing how to build stuff on the web in app form, that sort of thing is something that I've been working on before I knew about Bitcoin.

Will Cole:

And so now that I'm building Zaprite and building software for other people, the domain is Bitcoin.

Will Cole:

But the principles that I build off of the same, and I personally started writing about that recently, a little plug the Tools of Ignorance XYZ is a blog series on the invariance of software development.

Will Cole:

Excuse me, but no.

Will Cole:

What I focus on more than anything is not the nature the domain of Bitcoin, but of how to build good software.

Will Cole:

And yeah, I would say I'll show my own thing for a tool for building good products.

Josh Friedemann:

So now we have our final, what we call our arbitrary but insightful question.

Josh Friedemann:

And is this as a general life principle, Is it better to ask why or why not?

Will Cole:

This is the easiest one.

Will Cole:

This is such a layup.

Will Cole:

I don't know how other people have answered this, but it's obviously, why not?

Will Cole:

There's.

Will Cole:

There's not a better answer to it.

Will Cole:

No, I mean as a general life principle, like, yeah, why not?

Will Cole:

Right?

Will Cole:

It has to be not paying attention to whatever barriers or licensure or whatever it is in your way of doing something and realizing that the World is made up of people that just do stuff and usually they do it without permission and they figure the rest out later.

Will Cole:

But why not is way more important in my own life.

Will Cole:

And I'm also attracted to people that, that are more in that mindset.

Will Cole:

It's very hard to be an entrepreneur on their fifth, sixth business like I am.

Will Cole:

If you're always asking why.

Josh Friedemann:

Well, we're here today to talk about Zapright and some recent announcements from the company.

Josh Friedemann:

Listeners will be familiar with Zaprite unless they've just recently joined the show.

Josh Friedemann:

There are a lot of business owners who currently use Zapright in their own businesses.

Josh Friedemann:

We've had other people here that have given you guys a shout out as well.

Josh Friedemann:

You're doing great work.

Josh Friedemann:

But one thing that really caused me to reach out to John again recently.

Josh Friedemann:

John has shared on the show, I think twice before, but I wanted to learn more about the point of sale that you guys have developed.

Josh Friedemann:

It sounds like there's some other things we could talk about as well.

Josh Friedemann:

But maybe for those who just happen to be running across this for the first time, if you could provide a quick rundown of what Zapright is and then also just talk about the point of sale and what it makes possible for business owners when they may not have as easily had such a great tool in front of them.

Will Cole:

Sure, Josh.

Will Cole:

You know, the first highlight on the point of sale has to be that it's Donald Trump's preferred way to spend his bitcoin.

Will Cole:

Right?

Josh Friedemann:

Yeah, that's.

Josh Friedemann:

I actually forgot about that.

Josh Friedemann:

But that's huge.

Will Cole:

Yeah, yeah, yeah.

Will Cole:

No, but the point of sale is very simple.

Will Cole:

You know, it's apprite in general.

Will Cole:

You know, your audience is vaguely or somewhat familiar with what we do.

Will Cole:

You know, we're just trying to help facilitate Bitcoin transactions for businesses.

Will Cole:

Now our key strategy is not necessarily to build a point of sale.

Will Cole:

We don't want to be building hardware and stuff like that, but ultimately we want to integrate with all of the systems out there.

Will Cole:

But like we did with E Commerce, we had a product called Payment Links, which is a very simple single SKU type thing where you can set up a simple E Commerce checkout for a product.

Will Cole:

You know, that's not a substitute for WooCommerce store, but it could get someone started.

Will Cole:

Right.

Will Cole:

Our point of sale.

Will Cole:

Think of it that way.

Will Cole:

It's not necessarily a substitute for having a full square point of sale system at your business or something like that, but think of it as like a companion app and this really supposed to Be just dead simple, right?

Will Cole:

Dead simple, which is you can ring up a total amount and turn around an iPad or phone to your customer and they can pay with credit card, they can pay with lightning, they can pay on chain.

Will Cole:

Really any of the ways that you could conceivably accept money and typically the way we've seen people use it is either they use it as a primary interface if they're only accepting Bitcoin and then they use it as a companion app if they also have say like a square point of sale or Clover or something like that.

Will Cole:

But those platforms don't allow bitcoin transactions.

Will Cole:

But they'll use it as a companion app to that to say like oh, okay, well we rung you up here.

Will Cole:

Here's the total amount if you want to pay in bitcoin, pay with lightning or pay on chain.

Will Cole:

It's supposed to be very simple and it is, it's a simple keypad entry and then yeah, just the typical checkout experience that you get on Zapright.

Will Cole:

I think that what it will help people do, you know anything from like, you know, farmers market type things to, to more robust places like Pub Key in New York that's doing hundreds of transactions every single day as a companion side, it's just a really dead simple way to accept Bitcoin.

Josh Friedemann:

I guess one thing that people might be wondering, especially people that have physical locations, they already have their point of sale.

Josh Friedemann:

I know it's a major headache to change systems and you said this is really more additive than currently a replacement.

Josh Friedemann:

But I'm guessing it does require an additional piece of heart hardware in order like maybe some sort of phone or something like that do you need to use as opposed to integrating into their system that they already have, Is that correct?

Will Cole:

Correct.

Will Cole:

As of now, you know, we do anticipate integrating in with the larger point of sale systems over time, but that's going to take time.

Will Cole:

You know, they're not necessarily, you know, eager to bring a first class citizen of bitcoin payments into their fiat ring.

Will Cole:

Although that will change over time.

Will Cole:

Yeah, it's really.

Will Cole:

Yeah.

Will Cole:

Companion app is a way to think about it.

Will Cole:

You don't have to download an app, but you do need to onboard the same way you have to be able to accept bitcoin.

Will Cole:

So the way Zapright works is that we're non custodial, we do not have a wallet.

Will Cole:

You bring your own wallet to the table.

Will Cole:

So if you already have a place you're comfortable custodying bitcoin, where it ends up, you can typically Add in that wallet into Zapright and that funds will just flow there.

Will Cole:

So you go through the normal setup and then you would have an iPhone or an iPhone iPad as a companion to your Clover Toast, you know, square system.

Will Cole:

And on the point of sale side, again, it's so simple.

Will Cole:

Like it's not doing itemized SKUs or anything like that.

Will Cole:

You probably rung them up, they saw your pay with Bitcoin side say, hey, I would like pay with bitcoin.

Will Cole:

You grab the keypad, you type that, it's $72.50 and you hit enter, you turn it around to them and it's QR based.

Will Cole:

Right.

Will Cole:

So they're going to pay with a qr, you know, from their phone.

Will Cole:

Phone, almost certainly.

Will Cole:

And they can use whatever they want, whatever wallet they want to pay with.

Will Cole:

And then the funds go directly to whatever custody option you're backing up your Zapright account with.

Will Cole:

You can include lightning and on chain you can include only lightning if you're doing mostly small transactions or something like that.

Will Cole:

So, yeah, it's not supposed to be at this time super robust.

Will Cole:

We're going to replace your square system.

Will Cole:

It's in addition to now there are some use cases if you're at a farmer's market or doing something smaller.

Will Cole:

A lot of times everything you're doing is on an iPad or something like that and you can just switch tabs or something like that.

Josh Friedemann:

And for people who aren't as familiar with Zaprite, sort of the original iteration was a way to send invoices and accept Bitcoin, but you have a bunch of integrations.

Josh Friedemann:

What are the most popular integrations aside?

Josh Friedemann:

Well, maybe even including on chain and lightning possibilities, but just for people who may not need the farmers market or the physical location use case if they're just going to be sending invoices.

Josh Friedemann:

What have you found based off of your customers right now?

Josh Friedemann:

What are the most popular connections that people are using for invoices as far as payment options for customers?

Will Cole:

Sure, yeah, that's a great question.

Will Cole:

2 Most popular by far are self custody on chain.

Will Cole:

So that if you have like a hardware wallet, like a Trezor ledger or cold card, you plug in your X pub and we retrieve addresses based off of that X pub for your customers to pay you.

Will Cole:

Right.

Will Cole:

So that would be the most popular.

Will Cole:

The second most popular would be custodial would be Strike.

Will Cole:

Strike's a very popular bitcoin exchange app, but they have fabulous APIs.

Will Cole:

They've been a great partner to us.

Will Cole:

And so a Lot of people who don't want to do self custody, at least not right away.

Will Cole:

Sometimes it's just an ease of onboarding.

Will Cole:

We'll set up a business account with Strike.

Will Cole:

It also has the benefit of allowing on chain and lightning right away.

Will Cole:

And then also, you know, on the lightning side we also have, you know, direct L and D connections as well on the non custodial side.

Will Cole:

But in terms of most popular, I would say bitcoin on chain with an X pub and lightning custodially with Strike are probably the two most popular.

Josh Friedemann:

And what are the USD payment options?

Josh Friedemann:

Because every once in a while, even if you want to incentivize your customers to pay in bitcoin or just let them see that there's that possibility, sometimes a customer is going to opt to pay in dollars.

Josh Friedemann:

I know you have a stripe integration.

Josh Friedemann:

Are there others that are popular for people who are currently using Zapright?

Will Cole:

Yeah, certainly.

Will Cole:

And it's worth backing up a little bit.

Will Cole:

We're realist at Zapright.

Will Cole:

We realize that just because you accept Bitcoin doesn't mean that all of a sudden 100% of your transactions are going to be in bitcoin, right?

Will Cole:

You have a business to run.

Will Cole:

You have obligations in USD.

Will Cole:

You probably want some USD on your balance sheet in addition to Bitcoin.

Will Cole:

Sometimes that's a:

Will Cole:

So we help you build these checkouts, right?

Will Cole:

You bring that wallet in, but you can also bring a fiat option in.

Will Cole:

And we'll create a unified checkout where a customer can choose between bitcoin and credit card and ach and you can have a gnarly checkout with a lot of options most people have on chain Lightning credit card, right?

Will Cole:

And of those fiat options, stripe as you mentioned, is very popular.

Will Cole:

We also have Square and PayPal slash Venmo.

Will Cole:

So the square one allows for cash app payments as well.

Will Cole:

And then all three of them will allow will connect to your Apple Pay Google Pay options.

Will Cole:

So again you can have a checkout that says Lightning on chain credit card, Apple Pay or Google Pay.

Will Cole:

Or if it's an invoicing, it could be ach via plaid on square or something like that.

Will Cole:

So those fiat options are pretty open in terms of what they allow.

Will Cole:

So just like you bring over your bitcoin wallet, say your Strike account or something like that, you can also bring over your Square account and then whatever square offers like we allow to be displayed in the checkout.

Will Cole:

So Credit card, cash app, Apple, Google, Squarepay, Ach, you know, the list is long and so whatever's right for your business you can add in there.

Will Cole:

And from what we can see, you know, our clients trend more towards the bitcoin side of things.

Will Cole:

But I think it's over 80% of them also accept fiat on their checkouts.

Will Cole:

And to be perfectly honest, I expect that to actually grow over time that It'll be like 90 something percent in that the majority of the payments will be in fiat.

Will Cole:

For a business.

Will Cole:

If you're just whether it's point of sale or you're doing invoicing or something like that, look again, we're realists is that most of those transactions are not going to be in bitcoin today.

Will Cole:

If you're getting 20%, great for you.

Will Cole:

You can stack that on your balance sheet.

Will Cole:

That's fantastic.

Will Cole:

But you still have to operate business somewhat normally.

Will Cole:

And so having the fiat and the bitcoin side by side I think is a competitive advantage for our customers.

Josh Friedemann:

Well, I also love the fact we mentioned the farmers markets already, but if that's your situation, some sort of local market, you don't need to have XYZ plus Zap, right?

Josh Friedemann:

You can just have Zap.

Josh Friedemann:

Right.

Josh Friedemann:

And therefore you don't have to say hey, would you like to pay in dollars or bitcoin and potentially have them laugh at you.

Josh Friedemann:

Who cares if they laugh?

Josh Friedemann:

But still it's that extra step where you can just open up Zapright and they can just see there, oh, this person's accepting bitcoin, huh?

Josh Friedemann:

And then they'll probably select credit card or whatever else.

Josh Friedemann:

But that little nudge has been put in their mind.

Josh Friedemann:

I think that's a really neat aspect of Zap, right?

Will Cole:

Yeah.

Will Cole:

And just to add on to that a little bit, there are two things.

Will Cole:

One is, you know, I'd mentioned our point of sale is a companion app and our payment links are kind of like that as well.

Will Cole:

They're like a dumbed down version of like WooCommerce.

Will Cole:

We're not recreating Woocommerce or Shopify or something like that.

Will Cole:

Although we do have like a Woocommerce plugin like where you can do E commerce on Woocommerce with our checkout with bitcoin payments.

Will Cole:

And there will be more platforms that we launch that integration on as well.

Will Cole:

So like yeah, there's that point where the differentiation is our invoicing in particular is actually quite robust.

Will Cole:

It's featureful.

Will Cole:

If you're used to something like quickbooks or something like that, where you've been doing your invoicing, you're going to come over to Zapright and realize like, oh, I don't even need an integration with QuickBooks.

Will Cole:

This already does everything I need, both on the Fiat and on the Bitcoin side, reporting wise and functionality wise, we have recurring invoices, we have, you know, again, everything you could possibly really need.

Will Cole:

On the invoice side, feature parity with like the big invoicing options.

Will Cole:

While something like a point of sale is more of a companion app.

Will Cole:

Yeah, that was one thing and I forgot the second thing, so.

Josh Friedemann:

Well, so as you were talking, something else came to mind for me which is if someone were to be listening to this and they're like, hey, I want to get started in business in the near future, could they theoretically have Zapright as their point of sale or and if not, what are some of the ways that it falls short as far as not being as robust or feature rich as a more well known point of sale?

Will Cole:

Yeah, I think on the point of sale side, the key parts of this are going to be like, we don't have a card reader on our checkouts.

Will Cole:

Right.

Will Cole:

So if you're going to pay in fiat, like the apps Venmo or Cash app, that's really simple.

Will Cole:

You can do the QR interaction, but because it's QR based, if someone's trying to pay with a physical card, we don't do that.

Will Cole:

Right.

Will Cole:

So that's what I mean by companion app.

Will Cole:

There.

Will Cole:

There's some other small features that will probably bridge the gap a little bit and keep on releasing some features on the pos.

Will Cole:

But again, our actual goal is not to get you to leave Square.

Will Cole:

Our goal is to integrate with Square so that they have fabulous hardware, they have a great experience and a robust, robust fiat network there is just to get the bitcoin aspect added to a square or a clover.

Will Cole:

So yeah, there's some places where it could fall short there.

Will Cole:

I would also say that if your customers are mostly paying with these apps, the Cash apps, Venmos of the world, things like that, in a farmer's market, that's pretty typical actually, then you're not really missing out on much.

Will Cole:

I would compare that Also I remembered the second thing, which is, you know, there's always this question, you know, when you put Fiat and Bitcoin side by side, are you trying to incentivize, do you want more Bitcoin products?

Will Cole:

So we are Bitcoin sales is that we allow you to do Things like discounts and premiums based off of payment method.

Will Cole:

Not really method, but currency.

Will Cole:

Right.

Will Cole:

So if you're paying in Bitcoin, you can offer a discount or if you're paying in fiat, you could charge a premium.

Will Cole:

Right.

Will Cole:

Regardless of what, what the payment method is.

Will Cole:

Credit card ach, app based or whatever.

Josh Friedemann:

That's really cool.

Josh Friedemann:

So one other thing you mentioned before we started recording was your API.

Josh Friedemann:

So I'd love for you to talk a little bit about that as well and maybe some of the possibilities that opens up for business owners.

Will Cole:

Yeah, the API is new, like the point of sale system.

Will Cole:

It's really great.

Will Cole:

We've had some people use it in point of sale use cases, but mostly what it's used for is E commerce.

Will Cole:

So if you have created your own E commerce store, you're not using a platform like WooCommerce or Shopify or BigCommerce or something like that.

Will Cole:

If you have sort of a customized web app or application of any kind, you can use our API.

Will Cole:

It's very simple to create those checkout pages for people to pay.

Will Cole:

You would set up the same way as if you were using our ui.

Will Cole:

You'd connect your wallet, your fiat options, things like that, and then you send us the necessary order details and we create a fabulous checkout experience for your customers.

Will Cole:

So this is, you know, I would, I would compare it to an integration with a WooCommerce or an integration with a Shopify, but just for those custom based apps.

Will Cole:

We've had some creative uses of it as well for some companies doing some point of sale stuff, but they're highly technical, you know, teams.

Will Cole:

We had a company that actually sells locker space at events like Secure Lockers.

Will Cole:

So if you bring in stuff your backpack with your, with your computer or something like that, you can lock things up.

Will Cole:

And they did it in Nashville, but that was like a in person checkout experience.

Will Cole:

Like you would have to, you know, get your locker, get your number, pay there and everything.

Will Cole:

So it can work also on the point of sale side, if that's sort of customized in your business workflow and you have the technical expertise.

Will Cole:

But on the expertise side it's also just, it's a really, again, I like building dead simple things.

Will Cole:

There's nothing complicated about the API.

Will Cole:

It's a standard rest API.

Will Cole:

Any development team that's, you know, head above ground for the past 10 years will have no problem integrating it.

Will Cole:

Most of the stories we hear are a few hours and they're up and running with a new checkout experience.

Will Cole:

So yeah, For E.

Will Cole:

Commerce point of sale, check out the Zapright API for sure.

Josh Friedemann:

Very cool.

Josh Friedemann:

Well, so the last thing I'd like to talk with you about is I think it was probably, and you can correct me here, but you know, in the last 18 months or so is when you and Parker Lewis joined Zapright made, I would say, quite the splash, at least in certain circles.

Josh Friedemann:

I'd love to hear your reflections on the last however long it's been, as well as maybe why you see Zapright and payment opportunities like this as so important, especially since you've had a lot of success and experience in other domains.

Will Cole:

Yeah.

Will Cole:

So it's been around 18 months.

Will Cole:

That's about right.

Will Cole:

And you know, when, when Parker and I left Unchained, we really granted ourselves a while before we just started something up.

Will Cole:

And that was our initial plan, was just to start something, me and him.

Will Cole:

And we were looking at everything from different type of mining operations to payments to other financial services and lending.

Will Cole:

And we were really just sort of looking around on trying to find market gaps and where we had we thought the expertise to create value.

Will Cole:

And on the payment side, I have to admit, like, Parker was really on it before me because he was gearing up to sell his book and I was a little bit less interested.

Will Cole:

But it was getting into the use case around.

Will Cole:

I already have a wallet, whether it's.

Will Cole:

I have a place I'd like to store my bitcoin at rest, right.

Will Cole:

It could be on a single Sig car, it could be it unchained on multisig, it could be on strike.

Will Cole:

You know, like whatever it is, I'm comfortable with it.

Will Cole:

Right.

Will Cole:

Why can't the money just go there, right.

Will Cole:

When I, when I sell something.

Will Cole:

Right.

Will Cole:

Whatever it is.

Will Cole:

And that was like sort of the key insight.

Will Cole:

And we just couldn't find anything.

Will Cole:

There was nothing that was suitable.

Will Cole:

And that was really.

Will Cole:

That was what got me interested was like, how is this possible?

Will Cole:

We have this huge network of wallets, but no one's aggregating it in and just allowing you, you know, imagine if, I mean, you see this in the Fiat world a lot, right.

Will Cole:

If you're a stripe customer and you make a sale, it doesn't just go to your bank account.

Will Cole:

They take custody over the funds and then you get paid out and sometimes you don't.

Will Cole:

Right.

Will Cole:

If you're at a gun show or something like that, there's a lot of reasons people don't get paid out.

Will Cole:

Well, that stinks.

Will Cole:

And bitcoin seems to have a better payment rail to get you to final settlement faster than the fiat world.

Will Cole:

Why aren't we taking advantage of that in sort of the commerce space of bitcoin, as small as it is now?

Will Cole:

So we were really prepared just to start that company.

Will Cole:

And then we remember John.

Will Cole:

And John, while he wasn't focused on e commerce or some of the use cases we were thinking about, he had built this exact thing for invoicing.

Will Cole:

And I remember looking at the connections page on Zapright, so if you go there and you see all the different wallets, you can connect the various on chain lightning, custodial, non custodial options.

Will Cole:

And I was like, oh, well, this is it, right?

Will Cole:

It's like, yeah, it's an invoicing right now.

Will Cole:

But if John has the same vision that we do, that this can really be applied to any type of commerce use case, whether that be point of sale or e commerce or invoicing that he had already done, then maybe we don't have to build this from scratch.

Will Cole:

Maybe we can team up with John.

Will Cole:

And John's just such a.

Will Cole:

He's an awesome guy in a lot of ways, but he's a fabulous designer.

Will Cole:

And it just like it was a really good, solid product that already existed out there.

Will Cole:

And we talked to John for about a month, really just making sure that we aligned on vision and all of that.

Will Cole:

And, you know, we were more than aligned.

Will Cole:

We just had sort of the same idea of where this could go.

Will Cole:

So it just made a lot of sense to team up.

Will Cole:

Instead of, you know, having this invoice product over here and this like, e commerce product over there, that we would build this together.

Will Cole:

And yeah, so I think it was the combination of sort of giving ourselves the time to really reflect on where there were holes in the market or, you know, personal itches we wanted to scratch that.

Will Cole:

We just couldn't.

Will Cole:

And then finding John and realizing that, like, we.

Will Cole:

We kind of shared a brain in terms of where we thought this was going.

Will Cole:

So in on the payment side, it was really important.

Will Cole:

John had already made a really, really important discovery on the invoicing side, which is that he had bitcoin and fiat living side by side when you paid invoices.

Will Cole:

And for me, that was the kicker, which was just that realistic view of this is that our goal is not to get people to accept 100% Bitcoin day one, or have to implement multiple different systems.

Will Cole:

We can be that aggregating layer, bring those two things together, and then that it's okay if you start out as a dentist and 2% of your sales are in Bitcoin and then seven months later, 5% of your sales.

Will Cole:

That's how most of these businesses are going to go.

Will Cole:

John really nailed that from day one, which attracted us to come work with him.

Josh Friedemann:

Will, I appreciate you sharing today.

Josh Friedemann:

Do you have any final thoughts you'd like to leave the listeners with or something that we just didn't get a chance to talk about today?

Josh Friedemann:

Do you think is helpful for business owners to now?

Will Cole:

Oh, geez.

Will Cole:

For business owners, I think it's being realistic about why you want bitcoin.

Will Cole:

That if you want, if you've made the decision to have Bitcoin on your personal balance sheet, you're buying it, you're holding it, you're saving with it, and that you come to the conclusion that your business should be doing this as well, that accepting Bitcoin as payments is probably the best option for you, not just as a Treasury management tool, but because it'll bring you closer to your customers that are paying you with Bitcoin.

Will Cole:

It is the most cost effective way of obtaining Bitcoin.

Will Cole:

There's no transaction fee or exchange fee.

Will Cole:

I would say when you convert your dollars into Bitcoin back and forth and do all that treasury management stuff, you might still need to do some of that.

Will Cole:

But at the end of the day, we all know about credit card fees and all those types of things.

Will Cole:

It's like you can save substantial amount just accepting Bitcoin on the primary basis, both in terms of how much money you settle with and the cost of obtaining that bitcoin ultimately.

Will Cole:

So if you've made that decision personally, you want to do it with your business, that this is not a chicken or an egg problem.

Will Cole:

It's a merchant led thing.

Will Cole:

There will be no Bitcoin economy until merchants demand to be paid in Bitcoin.

Josh Friedemann:

Well, will, thank you so much for your time today.

Josh Friedemann:

It's been a pleasure.

Will Cole:

Thanks, Josh.

Josh Friedemann:

Well friends, it's a wrap.

Josh Friedemann:

Thanks so much for listening to this episode of the Business Bitcoinization Show.

Josh Friedemann:

If you'd like to reach out to either me or Will, you can find those links down in the show notes.

Josh Friedemann:

And if you or someone you know is interested in accepting Bitcoin as a business, check out Zapright.

Josh Friedemann:

As always, keep building, keep growing and until next time, keep living and leading.

Josh Friedemann:

Well, I'd like to give a shout out to Sean B.

Josh Friedemann:

Who sent a 500 SAT boost on fountain and included a comment about last week's episode with Anya Schuetz.

Josh Friedemann:

He said as a bitcoiner and software engineer and test who's looking for a job in the industry.

Josh Friedemann:

This came at a great time.

Josh Friedemann:

Wish me luck.

Josh Friedemann:

Good luck Sean, and I hope Bitvocation will help you get there.

Josh Friedemann:

If you're listening to this and would like to support the show as well, consider listening on Fountain and either stream sats as you listen or send a boost like Sean did.

Josh Friedemann:

And if you leave a comment with that boost, I'll be sure to read it on the show.

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