• For Buyers
    • Retail News
    • Products & Suppliers
    • Ecommerce
    • Marketing & Management
    • Trade Show News
  • For Suppliers
    • Supplier News
    • Marketing & Management
    • Importing
    • Manufacturers
    • Warehousing
    • Finance
    • Show Exhibiting
  • Wholesale 101
  • Trade Show Calendar
  • Wholesale Products
  • New Suppliers
Facebook Twitter Instagram
Friday, March 31
  • Subscribe
  • Submit Content
  • About Us
    • Contact Us
  • Advertise
    • Display Advertising
    • Email Marketing Campaigns
    • Newsletter Advertising
    • Sponsored Content
    • Lead Generation Services
  • Top Product Sources
Facebook Twitter Instagram
WholesaleCentral.com Blog
  • For Buyers
    • Retail News
    • Products & Suppliers
    • Ecommerce
    • Marketing & Management
    • Trade Show News
  • For Suppliers
    • Supplier News
    • Marketing & Management
    • Importing
    • Manufacturers
    • Warehousing
    • Finance
    • Show Exhibiting
  • Wholesale 101
  • Trade Show Calendar
  • Wholesale Products
  • New Suppliers
WholesaleCentral.com Blog
Home»For Buyers»Retail News»CryptoCurrency Paving the Way to Retail Success
Retail News

CryptoCurrency Paving the Way to Retail Success

Krystina MorganBy Krystina MorganDecember 14, 20213 Mins Read
Facebook Twitter Email
Share
Facebook Twitter Email
cryptocurrency

An increasing number of businesses worldwide are adopting cryptocurrency as a way for consumers to pay for goods and services. Over the summer, Bitcoin Depot installed more than 700 of its Bitcoin ATM machines at Circle K convenience stores in 30 states, and they are continuing to expand in the U.S. and Canada. If this trend continues, crypto could become a regular form of payment for shoppers.

Crypto Payments Help Deliver a Competitive Advantage

Crypto payments help businesses attract a new customer segment while also lowering payment costs and eliminating fraud chargebacks. These benefits are the buzz that are attracting more businesses to adopt and the more companies that adopt crypto, the quicker crypto goes mainstream. There are four main findings based on interviews with four merchants that accept bitcoin and other cryptos. First, up to 40 percent of customers that pay with crypto are new to the merchant. Second, purchase amounts are twice that of credit card purchases. Third, crypto is less expensive than credit cards, and lastly, there are no fraud-related chargebacks.

“If you think about credit cards, most of the traditional methods that are being used on ecommerce websites were never designed for the web. Many of them have high fees, high chargeback rates, and are susceptible to scam,” Bill Zielke, Chief Marketing Officer at BitPay, said. “Crypto provides a better way for a payment to occur for both the customer and the merchant. It is like handing them cash — the payments are processed in a decentralized approach and not run by just one individual, so they are way more secure and not sucesbilte to being hacked.”

Why Use Crypto for Your Business?

Deloitte offers some of the rationales behind why companies are currently using crypto:

  • Crypto may provide access to new demographic groups. Users often represent a more cutting-edge clientele that values transparency in their transactions.
  • More companies are finding that important clients and vendors want to engage by using crypto. Consequently, your business may need to be positioned to receive and disburse crypto to assure smooth exchanges with key stakeholders.
  • Crypto may serve as an effective alternative or balancing asset to cash, which may depreciate over time due to inflation. Crypto is an investable asset, and some, such as bitcoin, have performed exceedingly well over the past five years.

CryptoCurrency Can Work Both Online & In-Store

Accepting crypto in-store is just as easy as accepting it through your website, according to Zielke. At least with BitPay, these payments can be accepted through verifone terminals in store, as well as online platforms such as Wix, Shopify, and BigCommerce. If your business is utilizing one of those online platforms, cryptocurrency can be integrated onto your website in just a few weeks. The company also has an equal distribution of sizes of merchants across the board that are utilizing cryptocurrency, so this is definitely a viable option for independent retailers.

“We have seen substantial growth for crypto payments in 2021, and this will only accelerate into next year just based on numbers and the types of merchants that are moving into this phase,” Zielke said. 2022 is a great time to get started implementing cryptocurrency in your store and grow your customer base.

December 2021 Issue finance pos system
Share. Facebook Twitter Email
Previous ArticleTrade Show Trends & Roundups for 2022
Next Article Mastercard Rewards Consumers for Shopping Local

Related Posts

5 Essential Tax Season Preparation Tips

January 24, 2023

Technology to Prepare Your Store for the Future

January 19, 2023

2023 Retail Success Guide

January 5, 2023
Sign Up for Buyer Updates
WholesaleCentral.com

Join the Buyer's Network

Get news & updates only for retailers.

Latest Posts

Amazon Return Pallets For Sale: How to Profit

March 20, 2023

2023 Wholesale Apparel Trends

March 14, 2023

Top Wholesale Easter Products

February 27, 2023

The Future of Sustainable Manufacturing is a Hybrid Approach

February 23, 2023

Make Money with Foreign-Trade Zones

February 22, 2023

Overstock Liquidations

January 25, 2023
how-to
Wholesale 101 for Buyers

Amazon Return Pallets For Sale: How to Profit

March 20, 202311 Mins Read

A big trend among some online sellers is buying Amazon return pallets and overstock and…

Product News

Overstock Liquidations

January 25, 20236 Mins Read

Overstock inventory refers to the excess goods or merchandise that a retailer has on hand…

Retail News

5 Essential Tax Season Preparation Tips

January 24, 202310 Mins Read

Are you ready for tax season? April 18 is approaching quickly, and many day-to-day decisions…

Wholesale 101 for Buyers

How to Create a Google Business Profile

January 18, 20236 Mins Read

Looking for new ways to get your brand noticed? Creating a Google Business Profile can…

  • About Us
  • Subscribe
  • Contact Us
  • Advertise
  • Find Wholesale Sources
WholesaleCentral.com

Join the Buyer's Network

Get news & updates only for retailers.

Follow Us:

Copyright © 2023. Sumner Communications, Inc..

Type above and press Enter to search. Press Esc to cancel.