The e-commerce sector is one of the largest business ecosystems in the world, and business is good. To reinforce this rather bold statement, current studies suggest that the global value of the online retail industry could exceed $47 trillion dollars by 2030. This is why enterprises of all sizes need to adapt to the latest changes, and one of these involves the growing prevalence of cryptocurrency payments. Let's examine why these transactions are becoming popular, and how enterprises can begin to reap the potential rewards.
Adding Another String to the Bow
In the not-so-distant past, retail customers were provided with a handful of options when making payments:
- Cash
- E-wallets
- Credit/debit cards
- Bank transfers
Thankfully, our horizons have been broadened thanks to the introduction of cryptocurrency digital payment gateways. These now come in the form of prepaid crypro cards (or smartphone apps) powered by Web3 technology. Whether referring to booking hotel reservations, purchasing a product online, or converting cryptocurrencies into fiat funds, these transactions have taken on a life of their own.
One example of just how far this industry has come can be seen in the options offered by payment provider and exchange Mountain Wolf. Some proprietary features of this software include:
- Sending and receiving crypto funds.
- A single wallet for cryptocurrencies and fiat.
- A platform to trade cryptocurrencies.
- Compatibility with standard ATMs.
- Global availability.
While excellent for customers, businesses can take advantage of the very same possibilities.
All About Customer Safety
Security plays another pivotal role when discussing business operations. While methods such as two-factor authentication and online fraud detection with the help of AI learning models are indeed solutions, cryptocurrency protocols provide yet another powerful firewall. Decentralised blockchain technology helps to ensure the anonymity of digital transfers; a concern that shoppers are now taking seriously.
Cost-Cutting Advantages
Many online transfers are attached to various types of commissions and fees. Unfortunately, these charges can quickly mount. Here are some common examples:
- Standard service charges.
- Merchant fees.
- Chargebacks.
- Monthly service.
- Authorisation charges.
- "Maintenance" fees.
Not only can such variables reduce profit margins, but they are frequently passed on to shoppers in the form of higher prices. Cryptocurrencies ablate many of these concerns; benefiting companies and customers alike. Let's also remember that fewer charges ultimately offer a greater degree of transparency; improving overall brand recognition.
Expanding Into Digitally Savvy Demographics
Lead generation is yet another motivating factor that has already caused many businesses to accept cryptocurrency payments. As more customers are beginning to appreciate the utility of crypto transfers, it only stands to reason that this represents a lucrative marketing opportunity. In fact, more than 85 per cent of merchants now believe that cryptocurrency transfers are excellent ways to resonate with a larger customer base, and to generate additional leads.
These are some of the reasons why there has never been a better time to adopt crypto-friendly POS systems than the present. Cryptocurrencies are indeed here to stay.
