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Cryptocurrency is quickly becoming mainstream and amid market situations. To keep up with consumer in demand, many dealerships are now accepting cryptocurrency as a payment for products purchases to help customers finance their products with crypto-secured loans. Accepting cryptocurrency provides you an important competitive benefit over dealerships that don’t.
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How it works?
Technically, the mechanics of crypto payment gateway are easier than most business owners realize. Once a customer plans to make a purchase and cover the cost in crypto, the dedicated payment processor would get the virtual currency in a quick and convert it into USD.
Should you accept cryptocurrency payments?
Here are some of the advantages of accepting crypto payments for crypto marketing:
Attract more customers
Today, business owners have to cater to the presence and needs of younger customers. And by accepting crypto payments, you are bound to attract a big range of customers and better your reputation in the market. As more people trade, invest, and spend through crypto, little businesses have a best chance to get ahead of their rivals by accepting crypto payments.
Universal acceptance of payments
With crypto payments, businesses can get a multitude of payments from any user across the globe. If you run an online business, accepting crypto payments would permit you to get payments from any customers who are interested in your product. This also means you can accept foreign payments without stressing about complex charges and currency conversions.
Reduced risk of fraud
The hallmarked aspect of crypto payments is that it significantly reduces the danger of potential fraud along with chargeback risk. And that is because crypto transactions are processing are fully irreversible and leave no room for fraudsters and hackers to manipulate the transactional process.
When crypto comes into play, there is a pretty to no chance of potential fraud and cyber-attack. If your business does not have latest cryberscurity protocols in place, you can depend on accepting crypto to cut back on the potential danger of fraud.
Lower risk of trading
Cryptocurrencies tie combine with blockchain technology that provides secure and safe trading. Actually, accepting a crypto payments means there would be little no danger while trading. For example, if you operate as a little business in the America and accept a crypto payment, the exchange value would not have an impact when the market suffers big loses.
Low transaction fees
One of the advantages of the crypto payment method is that it needs significantly lower transaction fees than traditional techniques. In some cases, crypto does not charge any fees for processing the transaction. This, in turn, permits owners to maintain top profit margins. Not to mentions, cryptocurrency connection and payment processing is quicker than conventional payment options.
Examples of Crypto marketing campaigns
Let’s look at some of different big organizations that have been using these techniques not only to provide a new way of payment but to actually attract more customers to their businesses.
KFC
In 2018, KFC started an amazing social media crypto marketing campaign named the Bitcoin Bucket, referring to their meal bucket deal but paid with Bitcoin. This was performed by the KFC chain in Canada, and, to no one’s surprise, it has had remarkable success.
The campaign was about the customers using crypto payment as something unique that would bring value to their purchasing experience.
Subway
Even subway, which is another big fast-food chain with different stores, has started to accept Bitcoin as well as Litecoin in different parts of the globe. This once again has brought many new customers just from adding what we as marketers would consider a little piece of value.
There was even a video on YouTube captured in late 2017 by a customer who had used Bitcoin to pay for his sandwich. In 2 months time, this video reached over ten million views on YouTube. That truly brought some positive focus to the business.
CheapAir
CheapAir is an American-based travel agency that has accepted using digital currency as a means of payment via their new system named BTCPay server. This permits for a trusted and safe payment utilizing Bitcoin.
As mentioned before, it is about the special factor of permitting the customers to pay via this different means that includes a little value that is perceived as quite a big value by those customers who use cryptocurrency on regular or daily basis.
By doing so, businesses can also contribute to increasing the awareness of cryptocurrencies in order to make more people trust in this type of digital currency and the advantages that the age of digitalization has to bring.
What about limitations
Before making this decision, business owners should well-known with the volatility of the current crypto marketplace, and how it may impact them. The volatility of the crypto market mitigates the capability of businesses to change crypto payments into American dollars after getting the payment. The reality is that the crypto market goes via a lot of changes.
On the other hand, rigid regulations make it hard to accelerate the adoption of crypto. The use cases and applications of cryptocurrency are difficult to overlook but federal governments are generally reluctant to make important changes or cave into cryptocurrencies and misconceptions.
In some cases, the difficulty around crypto payments befuddles business owners and industry leaders. Although this makes all the more reasons to make digital currency more mainstream, it highlights the fact that the mechanics of crypto are not completely understood by businesses. But as long as businesses want to serve their customers right, they would make an effort and know the special dynamics of crypto.
End words
Despite continue roadblocks, the crypto payment method serves as a remarkable idea for little and medium-sized businesses. And contrary to misguided perception, big cryptocurrencies have not lost their value. Business owners can look at the crypto payment technique via the lens of adapting a new tech solution that would give included flexibility to customers. The fact of the matter is that crypto has come a long way. In retrospect, there are powerful reasons for businesses to accept crypto payments.
