As a merchant, if you are open to accepting any form of payment, you’ll have a greater chance of ensuring that a payment goes through.
With cryptocurrencies taking over the mainstream narrative, more businesses are becoming open to accepting crypto as a form of payment to capitalize on a growing market of crypto spenders. However, some still struggle to understand the benefits that come with crypto payments and how easy it actually is to implement into their checkout process.
CoinPayments CEO Jason Butcher recently appeared on the Payments Show podcast to discuss growing crypto adoption as well as how accepting new forms of payment can help enhance your business.
Here’s a recap of Jason’s discussion with Payments Show podcast host Satwant Phull:
Sanwant: It would be great to understand what CoinPayments is in a nutshell, and how you help in the area of faster payments and better payments for businesses and end users?
Jason: CoinPayments is a digital currency payment platform that allows and supports merchant acceptance of cryptocurrency as a form of payment. We enable the merchant to accept crypto through online shopping cart plugins, APIs, and at point-of-sale (POS) terminals. We integrate directly with Shopify, WooCommerce, and other types of shopping cart plug-in systems to make it easy for the merchant. CoinPayments also has a wallet infrastructure that supports the merchant with receiving assets and holding cryptocurrencies. In our wallet infrastructure, we support over 2,000 cryptocurrencies. Our focus is really trying to support any merchant, even if they don’t use our platform. It’s about how we support them with education and providing more opportunity to grow the industry as a whole.
Satwant: Most people are probably not aware that there’s that many coins. That’s a pretty massive infrastructure you have to support all of those coins. I was quite surprised to learn that your company is bigger than Bitpay, which is one of the leading providers out there for processing crypto payments.
Jason: Yes. Over the last few years, we’ve seen real adoption happening where we, ourselves, are seeing more merchants signing up, and more merchants accepting crypto. Even more so, the merchants that are accepting crypto have increased their business significantly with clients that are using crypto as a form of payment. So, I think as a whole, the adoption period is happening.
Sanwant: Does crypto make the transaction process easier for businesses? I personally love making crypto payments. It’s so simple and easy compared to entering credit card numbers.
Jason: It does. I’ve always professed, suggested, or guided merchants to accept any form of payment. Today. I think there are probably almost 500 different forms of payment out there, things like the digital wallet platform, telephone payments, e-transfers, wires or cash. I think if a merchant limits the form of payment they accept, they’ll limit the options for the consumer to make a purchase. As a merchant, if you are open to accepting any form of payment, you’ll have a larger opportunity to ensure that the payment goes through. If you’re accepting credit cards only, and the person on the other end doesn’t have a credit card to purchase with, or perhaps they don’t have available credit on their card to make a purchase, but they’re holding digital assets, then it gives the option and the opportunity to increase your sales and complete that transaction. I’m sure you remember many years back, when you’d go to a restaurant and Visa was the only sign on the door, right? MasterCard hadn’t really gotten to that position of acceptance yet. Now, you see Visa and MasterCard pretty much everywhere. American Express is still behind. It’s just not accepted everywhere. I love paying with my Amex card, if a business accepts it. But even more so, if they accepted Amex, Visa, MasterCard, and crypto, it would give me the option to make that payment with what I prefer to pay with, or what I have access to, at the time. So, I think from a merchant standpoint, they should be accepting any form of payment that the consumer wishes to make a payment with.
Satwant: What do you think about the rise of payment apps?
Jason: I think, last year, Square announced that about 25% of their revenue came from crypto sales. So, it’s definitely in everybody’s eyesight. They’re looking down the path and they’re seeing it. I know a lot of it comes from the fact that there’s much clearer regulation that says, “this is how we do it” and “this is why we’re doing it.” Why they’re doing it is because there’s huge adoption. People are moving more towards digital payments, which may just be an instant transfer within your digital wallet, or it might be moving your stored value into crypto. It’s about the consumer and the merchant making an agreement together to exchange value. That’s why I support every form of payment. Whether it is a barter or a dollar, you are transferring value to value. You’re doing the exact same thing in crypto. You’re transferring value for value.
Satwant: Now, in terms of implementing your solution, setting it up and getting it going, obviously Shopify would be fairly easy I’d imagine. But typically, how long would it take from start to end, in terms of a business getting up and running with this?
Jason: If you’re using a shopping cart plugin such as WooCommerce or the Shopify type of integrations, or WordPress, it’s extremely simple and straightforward. If you are using a custom API, your technical team should be able to integrate that within a day or less, depending on how complicated your system is and how much you want to do. Setting up a business account at coinpayments.net will probably take 5 minutes, if not less. After that, you’re plugging in your shopping cart plug-in systems, which is really quite simple. So, it might take you half an hour. Usually, it is a very easy and seamless process.
Listen in on the full discussion here.
If you’d like to start accepting crypto payments in your business, we’re here to help!
Open your free CoinPayments business account and stay ahead of the game. With an easy setup process that has no setup fees or monthly fees, you can enhance your checkout with crypto payments in minutes. In addition, accepting crypto payments with CoinPayments lets you experience low processing fees of just 0.5%, faster settlement times, and less fraud risk with no chargebacks. Take advantage of the evolving payment opportunity by offering cryptocurrency as a form of payment for your business today.