The rise to prominence of cryptocurrencies since the introduction of Bitcoin, not even two decades ago, has been nothing short of remarkable, particularly because of the industry it works within. It takes a lot for people to trust something with their money, let alone adopt a new form of money. New, more customer-friendly payment methods have been seen to pick up slowly in the past, as was the case with the steady rise of eWallets.
Now, cryptocurrency is hitting that mark where the technology offers enough benefits and has been embraced by enough people that there’s a significant demand to use it as a payment method online. For businesses, there are many benefits to be gained. Transaction fees are lower, chargebacks are nonexistent, security is high, and there are now easy-to-integrate gateways that enable any and all firms to make the most of crypto payments.
In theory, integrating a crypto payment method and accepting different kinds of crypto would be an easy choice to make. However, the state of play is that relatively few e-commerce retailers have opened themselves up to this new way to pay. Customer demand is on the rise and expected to grow, though, so retailers would be wise to integrate the increasingly popular coins or get left behind.
Leading the way with crypto payment integrations
Businesses that accept crypto for payments have been around for over a decade. PizzaForCoins, for example, launched specifically as a way to order pizza from your local major pizza parlours but with Bitcoin through their service. The 2013- launched platform was suitably niche, but as the years went on, more established retail and e-commerce brands got in on the action.
The most recent lists of major companies that accept Bitcoin for payments and, often, other crypto coins, includes Christian Dior, Bloomingdale’s Columbia Sportswear, Best Buy, Nike, Gamestop, Ray-Ban, Pottery Barn, Sharper Image, and Walmart. More merchants should start to seek out this specialist technology to meet demand.
As it stands, less than one per cent of global eCommerce transactions are done in crypto, but research reveals that over 40 per cent of customers expect crypto to be mainstream in the coming years. Following a run of integral laws being brought into power, increasingly reliable stablecoins have become much more appealing to the public and businesses, but they also need crypto payment integration.
Earning the trust of the crypto crowd
Despite how prevalent e-commerce has become, many still distrust online payment methods. People don’t want to directly input sensitive information like their card or bank numbers. Some stats point to only one-fifth of online spending in 2030 being via card payments. Further, intermediaries like eWallets, which do help to mitigate privacy concerns, can end up charging hefty and unwanted fees.
To earn the trust of customers, particularly those who fancy spending their crypto, retail businesses need to turn to trustworthy payment integrations that are seamless and secure. This helps to normalise the process, empowering crypto owners to enjoy the same experience as anyone else. So, turning to a reliable and trustworthy crypto payment gateway that ticks these boxes, is fully licensed to operate, and is regularly audited, is key.
As more people use the gateway, they’ll find payments to be speedy and settle fast, and all while conversion rates hold stable. All of this takes away the uncertainty that can come with trying such a new form of payment. As an extra boost, while accepting crypto is known to benefit businesses by not allowing chargebacks, the crypto payment gateway does cater to easy, no-fuss refunds, further helping to build trust in the community.
Major retail brands are already accepting Bitcoin and its kin as a form of payment. As the traditional ways to pay begin to fade and crypto continues to become more mainstream, more businesses should follow suit. Not only does integrating a specialist gateway bring benefits to the store, but it’ll also open up a potentially huge new customer base.
