If you’ve been paying attention to the state of affairs, you’ll see that cryptocurrency is much more popular and in demand than ever before. Once an underdog asset that many businesses did not want to touch, there has been an uptick in the use of these digital assets.
As a business owner, you might want to get in on the action and reap the many benefits of cryptocurrency, including multiplied profit, greater privacy, and so on. But how do you go about doing this? Here are a few ways to integrate crypto into your customer experiences without hassle.
Accept Tokens For Goods And Services
For centuries, fiat currency was the only option for businesses looking to sell their products and services. But now my cryptocurrency offers an alternative, and business owners might want to take advantage of this. The simplest way to integrate cryptocurrency into your custom experience is to allow people to pay for their goods and services using these assets.
First, it is worth looking for existing examples within your industry. If you run an online casino for example, this will not be difficult as cryptocurrency is being more widely accepted. It’s not unusual to see platforms accepting cryptocurrency alongside and even instead of fiat currency. As gambling expert Andjelija Blagojevic explains, Canadian Bitcoin casinos are more popular than ever. Once you find examples within your industry, you’ll know what tokens are popularly accepted, the going rate for products and services, and so on.
Then you want to sign up with a platform like BitPay that will integrate crypto wallets into your backend and allow you to accept these tokens. Following this, customers on your website will be given the option to pay with cryptocurrency, and you can even set up physical payment points in your land-based location to accept the same. As you do both, make sure that the payment process is as seamless and straightforward as possible. Customers want to be able to spend cryptocurrency as easily as they do with fiat currency, and you’ll have to ensure this.
Make Payments With Cryptocurrency
As much as accepting cryptocurrency puts you on the path to integrating it seamlessly, you should also strive to be a crypto spender yourself. As we said, a myriad of businesses now accept cryptocurrency for products and services, and this means that you can buy whatever supplies you need. Whether it’s stocking up your warehouse, paying for services, and so on, you should look to make cryptocurrency payments yourself.
This means that as you accept crypto from customers, you can immediately spend it on your own business expenses without having to first convert it to fiat currency. This will save you quite a bit of time on effort and reduce the learning curve required to make the leap towards cryptocurrency. Write a list of the things your business commonly spends money on and see if there’s an option to pay with cryptocurrency. This even includes things like salaries, as some workers have been known to take payments in the form of cryptocurrency for various reasons.
Integrate Into Loyalty Programs
For centuries, businesses have offered loyalty programs as a way to, well, secure loyalty from customers. In exchange for their consistent patronage, customers are given a myriad of benefits from free products to discounts. Another way that cryptocurrency could be potentially integrated into your business systems is through your loyalty program. You could have customers rack up loyalty points for paying in cryptocurrency, which will encourage them.
You could also have existing customers redeem their rewards in the form of various cryptocurrencies. Either way, try to make sure that cryptocurrency is a part of the loyalty process, as this will further integrate into your systems and encourage customers to be consistent with you.
Publicize This Change
One of the barriers to cryptocurrency users spending their tokens at various websites is that they do not know that these businesses accept cryptocurrency. It’s a given that virtually every business you engage with will take fiat currency, but the same cannot be said of crypto. To make sure that your new crypto initiative actually sees engagement, you need to publicize it as much as possible.
Announce on your social media that you now take cryptocurrency and state which tokens are accepted. Put a banner on your website announcing that you take crypto as well as fiat currency. Customers should not have to get to their checkout page before they realize that crypto is an option. You could even offer a discount for payments with crypto in the first week or so to get the word out there. Finally, look into various directories for crypto-friendly businesses and make sure you are listed. By doing this, you attract a passionate crypto crowd with much more ease.
Take Care Of The Back End
As much as you want to focus on getting customers to spend cryptocurrency with you and making it part of your processes, you also want to make sure you take care of all your requirements in the back end. For example, make sure you speak with your accountant before initiating this change, as you will have to pay tax on the cryptocurrency when it is disposed of and/or if it appreciates in value.
Cryptocurrency-related tax is always changing depending on where you live, and the last thing you want to do is run afoul of the law. You also want to make sure you have secure custody solutions in place to avoid crypto loss or theft. By putting all of these in place, you avoid any of the possible pitfalls of using cryptocurrency.
Conclusion
Cryptocurrency is becoming an inevitable part of our world, and so, more businesses will look to implement it. While implementing cryptocurrency into your business processes can have a lot of benefits, there are several things you need to take care of. As we’ve noted in this article, you’ll need to take care of your backend, create avenues for customers to spend cryptocurrency, potentially become a crypto spender yourself, and so on. If all these processes are correctly applied, your business will reap the benefits of cryptocurrency now and in the future..