Businesses must accept them, or be abandoned
Crypto payments are coming, whether your business is ready or not, says Bethany Turner.
The Internet age has proven one thing: if businesses cannot adapt to modern technology, they will collapse.
Companies that were once seen as untouchable institutions, such as Woolworths and Blockbusters, disappeared within a few years. This is because they could not adapt to market changes. And with crypto technology set to define the next era of the Internet, there is a chance that history will repeat itself again.
Welcome to Web3
For a detailed guide on the age of the internet, check out this article. But in summary, Web1 can be defined as the internet age of the 1990s and early 2000s, where HTML and hyperlinks ruled the web. Web2 is the current age of the internet, with social media, technology conglomerates and mobile internet being the most decisive factors.
The next era of the Internet, Web3, will be defined by the use of cryptocurrency and blockchain technology. As a result, this internet will also become decentralized, meaning that mega-corporations will no longer have the same power over online areas that they have now.
The opportunities for companies in the Web3 era are enormous. From the security and anonymity of crypto transfers to the deepening of the metaverse, there are many ways businesses can adapt.
However, much of this technology is still under development, and for businesses outside of finance and technology, the prospect of adding this technology to their business can be daunting.
Crypto Payments: How do I make it happen?
One of the easiest ways to incorporate Web3 technology into any business, large or small, is to add a crypto payment processor to accept crypto payments.
They are easy for customers to understand and have a similar function to common payment processors such as Paypal. They also indicate to crypto users and enthusiasts that the business is ready to adapt along with evolving crypto technology.
But while this is all well and good, it leaves one big question. Just what benefits can crypto payments actually bring to businesses? Here are just three of the many benefits that exist with crypto payments. But there are many others!
Crypto payments: Security through blockchain technology
One of the main reasons why Web3 is set to thrive is because of the security and anonymity offered by blockchain technology.
Blockchains record transactions and ownership of digital assets, which are validated by a series of machines when transactions take place. Once validated, the transaction or ownership details will be added to a data block along with other recent validations, before being added to the chain of other data blocks in the system.
This creates a permanent digital ledger, otherwise known as a blockchain.
There are several blockchains on the market, all with different technologies behind them that make them unique. But what is universal is that everyone uses this validation technology that provides immense security. This allows customers to feel confident that their information cannot be changed and that their finances are safe and secure.
Crypto payment processors typically host cryptocurrencies built on several different blockchains, giving customers even more flexibility in how they make their payments. Remuno, for example, allows payments to be made using all the big name cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH) and Binance (BNB).
This gives companies more opportunities to attract more customers, making this flexibility beneficial for all involved.
Customers buy more, companies pay less
Another advantage of crypto payments is that they can be significantly cheaper than other payment methods.
Some blockchains, such as Solana (SOL), can offer transactions that cost only a fraction of a penny. This is incredibly attractive to customers, especially those who live internationally, where buying with foreign currency can be expensive and time-consuming.
Furthermore, when businesses add crypto payment options to their business, these payment processors can be very cheap to use.
Crypto processor Remuno, for example, does not require registration or monthly fees to use their crypto payment processor. Instead, they will only take a fraction of the transaction cost as a fee, similar to what processors like PayPal do.
This means that even for businesses that are unsure about crypto payments, processors like Remuno offer virtually no downside to installing their service.
In addition to crypto payments being cheaper for businesses, crypto payments also stimulate higher spending for customers.
Consider this: when you’re on vacation, how often do people spend more than usual? When their money is in a foreign currency, there can be a link between product and value. Likewise, some may choose to use excess currency as a way to avoid the process of transferring it.
The same logic can apply to buying cryptocurrency.
One report found that customers who use crypto spend an average of $450 more per transaction than other customers. For smaller businesses, these statistics can be life-changing, making the choice to integrate crypto payments an obvious one.
Young people love crypto
Finally, it is a well-known fact that young people are the most lucrative demographic for businesses to pursue.
They are trendsetters and the demographic with the most disposable income, due to being less likely to have a mortgage or children. They are also the demographic from which businesses can nurture lifelong customers by offering a pleasant user experience they want to return to.
This generation of young people – Millennials and Gen-Z – are also generations raised in the internet age. As such, technology like crypto is something they understand far more easily than older generations. They are one of crypto’s largest user demographics.
If a company wants to attract young people, they have to keep up with what young people want. And if these statistics are anything to go by, young people want cryptocurrency.
Crypto payments: Businesses must accept them
Innovation and evolution are essential for any business that wants to make its mark on the market, whether it is a multibillion-dollar company or a humble independent business. Crypto payment options are a simple yet highly beneficial way to innovate a business while taking a small step into the Web3 world.
Now is the time to integrate crypto payments into businesses. There are many to choose from, from big names like Coinbase to newcomers like Remuno. Be sure to do your own research to find a good match.
About the author
Bethany Turner is a crypto journalist with a passion for finding stories in all aspects of the industry, from upcoming deep dives into projects to celebrity NFT drama and everything in between.
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