A big part of running a successful business is keeping up with trends and changes. One of the most important in our world today is improvements in payment processing options, like cryptocurrency. As technology evolves, business owners must pay close attention to what customers’ expectations and preferences are.
According to a recent survey conducted by auditing and consultancy firm Deloitte, 93% of U.S. retailers that had crypto payments in place reported growth in their customer base. And more and more business owners are choosing to jump on board. The data also revealed that 73% of merchants have plans to internally integrate crypto payment over the next three years. In fact, 50% of large retailers are now spending at least $1 million to build and integrate crypto payment infrastructures.
What is Cryptocurrency?
Cryptocurrency is a digital payment system that uses cryptography to secure transactions via a decentralized system. It’s a peer-to-peer system that enables anyone anywhere to send and receive payments. Rather than carrying physical money around and exchanging it in the real world, cryptocurrency provides an alternative that exists purely as digital entries to an online database stored in digital wallets.
How Does Cryptocurrency Work?
Cryptocurrencies run on blockchain technology. Essentially, blockchain is a decentralized ledger of all transactions across a peer-to-peer network, collecting information together in groups. One common way cryptocurrency units are created is through a process called “mining”. An energy-intensive process, mining involves computers solving complicated mathematical problems which then generates coins. The easiest way to get cryptocurrency is to buy it (which is what most people choose to do) either through an exchange or another user.
Crypto Paymemt Adoption Predicted to Increase
According to the Deloitte survey, crypto payments adoption is going to hike very soon. 85% of retailers expect that crypto payments “will be ubiquitous” in their industries within the next five years. In fact, over 60% of merchants intend to invest $500,000 to build crypto payment infrastructures. The main driving force behind merchant’s increased acceptance of crypto payments is customers’ enthusiasm and demand for it.
If you’re considering adding this payment option to your list, just make sure that you find a payment processor that understands your business type, industry and the challenges and opportunities cryptocurrency payments involves.
Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.
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