Implementing a cryptocurrency payment option to your business can provide it with numerous benefits. From being able to accept payments from anywhere in the world to opening up your target demographic to tech-savvy crypto enthusiasts, there are numerous reasons why implementing this solution can improve your business.
As a means of getting this point across even further, we will be going over some of the most successful businesses that have seen success from crypto. Let’s dive in.
- There are numerous businesses that have benefited from implementing cryptocurrencies as a payment option.
- We will be going over the five best examples of how this has been implemented, but keep in mind that there are thousands of such stories.
- You can easily begin integrating crypto payments within your store within just a few minutes.
- NOWPayments is a crypto payment gateway that will enable you to accept over 150 cryptocurrency payment options.
Why are stores accepting cryptocurrencies?
If you are curious about what is benefits of cryptocurrency, there are numerous reasons why many stores have begun accepting cryptocurrencies as payment options.
Decentralization is by far one of the most attractive aspects surrounding crypto, as there are no third-party banking authorities that might hold up the transfer of the funds or charge massive transaction fees. This means that customers can enjoy reduced costs while businesses get the most out of their transactions. This is one of the benefits of cryptocurrency.
Furthermore, cryptocurrencies provide businesses with access to a larger market, as it opens their store up to a new crowd. Transactions are also more secure than any other payment method due to the fact that the data gets stored in a merchant’s crypto wallet instead of the online servers being third-party institutions.
Additionally, most payment solutions options out there will enable businesses to accept hundreds of cryptocurrencies or offer instant conversions, which means that customers can pay with just about any cryptocurrency they want to. This is just another crypto advantage, alongside crypto payment tax benefits.
Top 5 Stores That Benefited From Crypto?
Here, we will be going over the best five stores which have seen tremendous levels of growth due to the introduction of cryptocurrencies as a payment option.
Ravestag has partnered with NOWPayments as a means of introducing cryptocurrency payments. If users want to easily, quickly, and safely exchange cryptocurrencies for FIAT money or the other way around, Ravestag specializes in this. With the partnership, Ravestag aims to develop a completely new financial market and gradually open it up to more and more people by providing them with tools that are built on their own basis, where clients can receive modern and secure ways to exchange crypto to FIAT. Ultimately, Ravestag has benefited from crypto adoption and the implementation of this service in their business.
- CryptoBeans Coffee
CryptoBeans Coffee is another company that has implemented NOWPayments into their business. This is a crypto-themed, premium, small-batch coffee company that can accept over 100 cryptocurrencies using the Shopify plugin on offer by NOWPayments. CryptoBeans Coffee provides premium fresh roasted coffee themed towards a crypto community. By adding more cryptocurrency payment options to their lineup, they were able to reach a tech-savvy, crypto-oriented crowd, which was the main target demographic for the coffee to begin with.
Travala.com is one of the world’s largest platforms when it comes to hotel accommodation, booking, and so on, which covers over 500,000 properties globally. However, the main reason why this platform specifically took the world by storm and saw a massive level of appeal is due to the fact that it grew from a small start-up to the largest blockchain-based travel booking platform and implemented cryptocurrencies as a payment option. Travala.com supports numerous cryptocurrencies, and as a result, those who aim to travel or book hotels using their crypto balance find it one of the most convenient platforms to use, leading to its success.
- Whole Foods
Whole Foods began accepting cryptocurrencies, and, through partnerships, the company managed to enable and incorporate cryptocurrency payment options thanks to digital wallets. It uses technology that can instantly convert Bitcoin (BTC) into dollars (USD) for seamless purchases. What this essentially means is that this is one of the largest food retailers that enables cryptocurrency payment options, where users can use crypto to buy natural and organic foods at Whole Foods.
Sotheby’s is one of the largest auction houses when it comes to the private sales of art, collectibles, jewelry, and real estate. The company made an announcement in 2021 that they would begin accepting cryptocurrency payments and began accepting Bitcoin (BTC) as well as Ethereum (ETH), which saw them gain a higher level of popularity and success as a result.
How can I accept crypto payments, too?
If you want to begin accepting cryptocurrency payments and gain all of the benefits the aforementioned companies did, you can utilize NOWPayments to do so quickly and efficiently.
This is a step-by-step guide on what you need to do:
- Go over to the official NOWPayments website and create your account to begin the process.
- Provide your cryptocurrency wallet address to the NOWPayments service where you would like to receive your cryptocurrency payments.
- All you need to do now is to generate an API key.
- Once you complete all of the steps above, you will be able to pick a tool that will enable you to accept cryptocurrency payments. You can review all of the available options here. Some of the most notable options include integrations to major CMS solutions like WooCommerce, Magento 2, Zen Cart, OpenCart, and WHMCS.
We have gone over the five best stores that have benefited from cryptocurrency payment options within their businesses. If you are a small business owner that aims to boost your business in some way, implementing cryptocurrency payment options can provide numerous benefits.
You can begin your integration today by leveraging the power of the NOWPayments payment gateway solution that will enable you to accept over 150 cryptocurrencies, and through which you can leverage the benefits of crypto payments.