It’s 2019, and Marty McFly’s technology of the future is now the technology of the past. The digital world is expanding rapidly, with innovation at an all-time high. So, what does that mean for your small business? It means you need a responsive, mobile-friendly website. You need a consistent social media presence. You need to accommodate your customers who prefer to communicate digitally. But most importantly, you need to make it convenient for your customers to pay the way they want to pay.
The Rise of Crypto
You’ve probably heard the term “cryptocurrency” being used in today’s world. Or, maybe you’ve noticed that one of your favorite large retailers now accepts cryptocurrency. Not sure what that means? Allow us to explain.
Simply put, cryptocurrency is a form of online payment that can be exchanged for goods or services. Cryptocurrency tokens or coins must first be purchased online with a credit or debit card, and then can be used to make a purchase from a participating business. The value of a cryptocurrency at any given time depends on supply and demand. Usually there is a set amount of currency available at one time. That means the more people want to use it, the higher the price, and vice versa.
Historically, crypto has been used almost exclusively for large transactions such as luxury automobile, fine jewelry, and high-priced mansion purchases. Today, many large retailers are beginning to accept crypto as payment for goods and services. Lowes, Gamestop, Whole Foods, Petco, Barnes & Noble, Regal Cinemas, Baskin Robbins, Crate and Barrel, Nordstrom, Express, and Ulta Beauty all accept Bitcoin, Ethereum, or other forms of cryptocurrency (check with your local store for details).
Benefits of Cryptocurrency Processing
The acceptance of crypto has yet to become the norm due to a lack of knowledge and volatility in the market. Merchants have been hesitant to adopt cryptocurrency as a form of payment because of assumed risks associated with a decrease in crypto value. However, numerous high-end car dealerships and large retailers accept crypto as a form of payment, so a crypto revolution may be closer than we think.
Supporters argue that widespread adoption will make transactions less expensive, more private, and fraud-resistant. We agree. That’s why Electronic Merchant Systems now offers cryptocurrency processing, a payment method that allows you to move beyond traditional credit card processing options.
By trusting EMS to handle your crypto processing, you can accept currencies such as Bitcoin and Ethereum without fear of the unknown. The customer pays you in crypto, but we fund you in cash directly to your bank account. Thanks to our quick turnaround times, you’ll never have to worry about losing money if crypto value decreases due to lack of demand. After all, it’s your money and you earned it! Additional benefits of crypto processing with EMS include:
- Crypto transactions are virtually fraud-proof and eliminate chargeback risks for merchants. Purchases made with cryptocurrency are exact and final (unless the merchant voluntarily chooses to process a refund). Plus, there is no dispute process and no way for a customer to file a complaint with a third party, which puts merchants in complete control of the cash they receive.
- Merchants gain a competitive advantage by being one of the first to offer this alternative payment method to customers.
- Payments move more quickly, which helps merchants avoid the traditional wait time associated with global transactions.
- The ability to eliminate foreign transaction fees and currency conversions, simplifying international payments.
Be a Competition-Buster!
Remember Blockbuster video? The store was in its absolute prime in the early 2000s, offering movie and video game rentals to customers across the nation. But then, Netflix began offering on-demand movies and quickly rose to power. Blockbuster waited too long to join Netflix in streaming services and declared bankruptcy in 2010. This is a great example of a company that simply could not keep up with the competition. Don’t be a Blockbuster, be a competition-buster!