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Enabling crypto payments is beneficial for businesses, but is there really an increase in crypto spending? In short, yes! As crypto transactions continue to happen there are more people looking for smooth crypto payment options. The ability to spend directly from crypto wallets only excites the demand further.
Crypto Spending:
As a strong tool for acquiring customers, accepting crypto is one of the easiest ways to diversify audiences. Based on interviews with a number of crypto consumers, the simple fact of accepting cryptocurrency is the primary motivating factor to bring crypto-spenders to businesses.
It’s not new that businesses diversify their payment options due to demand. Crypto payments aren’t to be approached any differently. People continuously trade crypto for both low and high-value items for everyday goods and services. Despite this, crypto spenders are still a generally untapped client base – but the crypto spending audience doesn’t cease to grow and it’s considered wise to tap in. Although goods and services paid for with crypto are on a rise, facilitating those transactions is a key part of the expanding demand.
The Innovation of Crypto Payments:
Making crypto transactions for goods and services isn’t new. In fact, many individuals and businesses accept crypto, but it’s not always the optimal option. It’s important now that there are facilitated crypto payment solutions surfacing. Without a crypto payment gateway, making transactions is undoubtedly unstable in many aspects.
A typical crypto transaction without a crypto payment gateway:
Let’s say, for example, you have a business and some customers come in asking if you accept crypto. After a handful of times, you decide it’s better to accept crypto than lose clients. So you bite the bullet and create a wallet for those clients to deposit crypto in exchange for your product or service.
In this scenario, you’ve only solved the problem of accepting crypto, but there are a lot of loose ends. Your crypto customer will then have to come into your store and likely pay a fee to move funds from an exchange to their wallet if they aren’t already there. From there they will spend time making the transaction: checking the current exchange rate, calculating the amount owed, preparing the transaction, inputting your wallet address, sending the funds which take time and could have extra fees, and waiting around until the payment is confirmed.
And in all of those steps, the value of crypto can fluctuate. This means you may not receive the exact amount you are owed with the added hiccup of receiving those funds in crypto. Once you receive those funds you will have to move them to an exchange, convert those funds to cash, move them out of an exchange and deposit the cash in your bank account, where each step has a fee attached to it. At the end of the day, it just doesn’t seem worth it.
A crypto transaction with a crypto payment gateway:
Now, there are a handful of crypto payment gateways out there, but for the most complete and advanced example, we will undoubtedly use ForumPay as an example.
Using the same scenario example as before, ForumPay’s crypto payment gateway gets rid of all of those steps. Crypto-paying customers simply show up with their digital wallet and scan a ForumPay generated QR code to make the transaction. With instant price determination, those funds are instantly converted to the exact fiat amount at the best rate available. Those funds are accumulated and settled in cash in your bank account every day. No extra steps or fees. This is revolutionary and free of volatility, allowing businesses to open their doors to the crypto spending market easier and faster than ever.
Accepting Crypto Payments:
Considering the steps a crypto transaction can take, it’s no surprise that some businesses aren’t keen on accepting crypto. But now, there is no need to deny sales or drive away crypto spending customers. It’s free, safe, and easy! Learn more at ForumPay and start accepting crypto in your business today! And don’t forget to follow us on Instagram and Twitter for more!
