CoinPayments’ Sara Dube and Sean Mackay recently hosted the first-ever CoinPayments Webinar, the debut in a series aimed at demystifying the often complex world of crypto payments for businesses and consumers alike. This first installment asks ‘Is Your Business Ready?’ to take advantage of the rise in crypto spending.
Let’s look at some of the key takeaways.
Crypto transactions increased by 400% and are here to stay
With daily news headlines announcing a growing number of major corporations now accepting cryptocurrency payments – including everyday brands like Starbucks, Home Depot, and Expedia – it’s increasingly clear that crypto is now a viable, mainstream payment choice for consumers. And with over 100 million people now using crypto worldwide, businesses need to make sure that they don’t miss out on customers, who are ready to open their digital wallets.
In the past two years, CoinPayments has seen overall transaction volumes increase by 400%, and a 165% increase in the number of active business accounts accepting crypto payments.
“The volume is going up and the number of people accepting crypto is going up,” says Dube. “It’s happening right now, and at lightspeed. We believe that crypto will be as common as Visa in 1-5 years, and we are here to make it easier for businesses to accept it.”
Now is the time to consider an alternative to credit cards
It’s not just big businesses that can take advantage of the opportunity to accept crypto payments, though. The process of readiness is exactly the same for big corporations as it is for small, owner-operated companies such as cafes, local stores, and other small-scale operations. In fact, the blockchain technology that supports crypto is, by design, available to all.
Business owners of all sizes can benefit by attracting new customers, who are proven to spend more when paying with crypto, and remain relevant by staying ahead of the technology curve; increasing the lifetime value of customers. There are immediate tangible benefits to adopting crypto payments versus credit cards too:
Fees – Credit card transactions incur fees of 2-4% or higher, in addition to setup, monthly, and other fees. Crypto fees, on the other hand, are much lower, even across geographical borders, and fully transparent. CoinPayments charges a 0.5% fee to process incoming crypto transactions, with no setup or monthly fees.
Speed – The credit card settlement process involves multiple steps and many different vendors, taking 24-48 hours, with no deposits on Sundays or public holidays. Crypto transactions are settled within minutes, every day.
Security and global reach – Credit card payments are extremely susceptible to fraud, and cross-border payments incur high fees. With crypto, the blockchain system stores zero sensitive information and is naturally borderless, eliminating these two concerns entirely.
How to get started with accepting crypto
CoinPayments’ mission has always been to make crypto payments easy, and we can take you step-by-step through the process. We also understand the most common concerns business owners have about getting started.
One such concern about crypto is exchange rate volatility, with many merchants questioning if the payment they receive today will be worth the same in real terms tomorrow. CoinPayments can offer solutions to ensure that businesses can avoid missing out on crypto while maintaining stability for their operations. For example, we offer the option to automatically convert crypto received as payments to a stablecoin (pegged to USD, for example). This enables merchants to stay within the realm of crypto but removes volatility concerns. Going one step further, businesses also have the option to convert incoming crypto payments into USD or other fiat currencies.
CoinPayments will help businesses navigate their journey towards accepting crypto payments, so they can say ‘yes’ to the first customer that asks to pay with digital currencies.
“Crypto is a huge opportunity for businesses,” explains Dube. “Merchants have never had an opportunity outside the credit card industry before, and have been at the mercy of a broken system and old technology. Crypto fundamentally changes the payment rail for the better and we believe that, sooner than you know, crypto will become a normal payment method.”
Have questions after watching the webinar? Connect directly with Sara Dube here.
To learn more about how crypto payments can benefit your business, check out this free guide.