Crypto payments are coming, whether your business is ready or not, says Bethany Turner.
The age of the Internet has proven one thing: if businesses cannot adapt to modern technology, they will collapse.
Businesses that were once thought of as untouchable institutions, like Woolworths and Blockbusters, disappeared within a matter of years. This is because they could not adapt to market change. And with crypto technology set to define the next era of the Internet, there is a chance that history will repeat itself once again.
Welcome to Web3
For a detailed guide on the ages 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 era of the internet, with social media, tech conglomerates, and the mobile internet are the most defining factors.
The next era of the Internet, Web3, will be defined by its use of cryptocurrency and blockchain technology. As a result, this internet will also be decentralized, meaning that megacorporations will no longer hold the same power over online spaces as they do now.
The possibilities for businesses in the Web3 era are vast. From the security and anonymity of crypto transfers to the immersion of the metaverse, there are many ways that businesses can adapt.
However, much of this technology is still developing, and for businesses outside of finance and technology, the prospect of adding this technology to their business can be intimidating.
Crypto Payments: How Do I Make it Happen?
One of the simplest ways to incorporate Web3 technology into any business, big or small, is by adding a crypto payment processor to accept crypto payments.
They are easy to understand for customers, serving a similar function to regular payment processors like Paypal. They also indicate to crypto users and enthusiasts that the business is one ready to adapt alongside evolving crypto tech.
However, while this is all well and good, it does leave one major question. Just what benefits can crypto payments actually bring to businesses? Here are just three of the many benefits found with crypto payments. But there are many others!
Crypto Payments: Security Through Blockchain Technology
One of the main reasons that Web3 is set to thrive is because of the security and anonymity afforded by blockchain technology.
Blockchains record transactions and digital asset ownership, which is validated by a host of machines when transactions take place. Once validated, the transaction or ownership details will be added to a block of data alongside other recent validations, before it is added to the chain of other data blocks in the system.
This creates a permanent digital ledger, otherwise known as a blockchain.
There are multiple blockchains on the market, all with different technology behind them that make them unique. However, what is universal is that all use this validation technology which provides immense security. This lets customers feel assured that their information cannot be altered, and that their finances are safe and secure.
Crypto payment processors typically host cryptocurrencies built on multiple different blockchains, giving customers even more flexibility in how they make their payments. Remuno, for example, allows for payments to be made using all big-name cryptocurrencies, like Bitcoin (BTC), Ethereum (ETH), and Binance (BNB).
This provides more opportunities for businesses to draw in more customers, making this flexibility beneficial for all involved.
Customers Buy More, Businesses Pay Less
Another benefit of crypto payments is that they can be significantly cheaper than other payment methods.
Some blockchains, like Solana (SOL), can offer transactions that cost only a fraction of a penny. This is incredibly appealing for customers, especially for those living internationally, where purchases using a 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 charge sign-up or monthly fees to use their crypto payment processor. Instead, they will only take a fraction of the transaction cost as a fee, in the same way that processors like PayPal do.
This means, that even for businesses uncertain about crypto payments, processors like Remuno provide practically no downside to installing their service.
On top of crypto payments being cheaper for businesses, crypto payments also incentivize higher spending for customers.
Consider this: when on holiday, how often do people spend more than usual? When their money is in a foreign currency, there can be a disconnect between product and value. Similarly, some may choose to spend excess currency as a way to avoid the process of transferring it.
The same logic can apply to cryptocurrency purchases.
One report found that, on average, customers using crypto spend $450 more per transaction than other customers. For smaller businesses, this statistic could be lifechanging, 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 mortgages or children. They are also the demographic from which businesses can nurture lifelong customers, by providing an enjoyable user experience they will want to return to.
This generation of young people – Millennials and Gen-Z – are also generations raised in the age of the internet. 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 business wants to draw in young people, they need to keep up with what young people want. And if these statistics are anything to go by, what young people want is cryptocurrency.
Crypto Payments: Businesses Need to Accept Them
Innovation and evolution are crucial to any business looking to make its mark on the marketplace, whether it is a billion-dollar corporation or a humble independent business. Crypto payment options are a simple yet hugely beneficial way to innovate a business, all while taking a small step into the world of Web3.
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 every aspect of the industry, from upcoming project deep-dives to celebrity NFT drama and everything in-between.
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