There is a famous story told by Aesop about the industrious ant. It worked to build its store of rations, for when the bitter winter months came, there was little forage left to gather. The jolly grasshopper, content to live in the now, lacked the foresight to prepare for what the future might bring.
Whether in life or business, we are taught to be inspired by the ant, to plan and prepare for the future. The analogy isn’t perfect, but it does highlight the value of looking ahead. In creating the roadmap for your business, it is wise to make decisions based on what you expect to happen. For online enterprises and payments, we can clearly see the growing trend of cryptocurrency on the horizon.
At COINQVEST, we think that merchants can no longer ignore cryptocurrencies as a payment option. More and more businesses and payment service providers (PSPs) have integrated our solution directly into their checkout processes or started strategic projects to evaluate the benefits. We have already begun to see an increase in inquiries from household brand names, as they rush to jump on the train and gain an early advantage.
This shift is also supported by research showing that more than 300 million people worldwide hold crypto. Regarding crypto payments, 40% of Gen Z globally plan to make purchases using crypto in 2022.
Therefore, now is a great time to evaluate what it takes to implement crypto checkout options into a company’s payment infrastructure and learn how blockchain-based payments can help businesses thrive in the Web3 economy. Run a trial project, work on implementation, and be at the forefront of crypto adoption.
Here are more reasons:
1. Strong interest among Millennials and Gen Z (1995-2009) who have grown up with digital money, wallets, NFTs on their smartphones, and are Internet natives and gamers. For them, exploring crypto is a natural extension of their realities, an opportunity, and no digital knowledge barrier hinders them to do so.
2. The adoption of crypto and stablecoins is becoming mainstream. Mainly as an investment opportunity, however, there are more and more use cases where crypto gets on-ramped through crypto exchanges, salaries paid in crypto or stablecoins, collections of NFTs, staking or reward programmes, values which are ultimately available to spend on products and services.
3. Geographies that experience high inflation rates drive use cases and adoption, which results in more funds being on-ramped, converted, and available for making purchases.
Each day, it becomes more evident how cryptocurrency is beneficial to businesses. If you’re a company outside of the crypto space, you can demonstrate your willingness to understand the needs and norms of the demographics encompassed within. Develop trust and brand loyalty by showing you ‘get’ these young and tech-savvy consumers. Research also shows consumers who pay with crypto tend to have higher shopping cart volumes and lower abandonment rates.
Apart from attracting new clientele, cryptocurrency payments have the benefit of being faster in settlement with no chargebacks, more secure and transparent with blockchain technology, and easy on fees and exchange rates, when compared with credit card payments and other existing payment methods.
COINQVEST helps merchants to get paid and stays updated on the most recent regulatory requirements. And despite what you may hear in the news, crypto volatility with regards to payment isn’t an issue when properly handled. We work hard to ensure our crypto payment service is reliable and compliant.
COINQVEST provides various levels of integration for merchants and PSPs to add cryptocurrency payments to their checkout processes, in addition to existing payment methods like credit cards or direct debit:
COINQVEST’s hosted checkouts are the easiest and quickest form of implementation, providing the full functionality of our platform out-of-the-box and can be added by SDKs, shopping cart plugins, or API.
Brand Connect customises COINQVEST's hosted checkouts to your own brand, web domain, custom logo, images, and fully skinned UI. It can run on coinqvest.com or on your own web domain with a simple docker container deployment.
The white-label API allows for deep-level integration and customisation of your payment processes. Highly useful for payment service providers to extend their existing payment infrastructure with self-hosted and self-branded cryptocurrency checkouts.
COINQVEST sees the change that is coming. Like Aesop’s pragmatic ant, you can prepare your company for what is upon us. We are here to help your business be ready now with the tools you’ll need to navigate the tricky, but inevitable world of cryptocurrency payments.
This article was first published in Payment Methods Report 2022, the most updated overview of trends and developments in the payment methods space and the innovative technologies that these methods work upon, emerging consumers habits, and strategies on how to win at conversion and retention.
Stefan is co-founder of COINQVEST and has more than 20 years of experience in building and managing digital business models in the financial services and B2B sector. He strongly believes in the future and benefits of DeFi, financial inclusion, and programmable money.
About COINQVEST
COINQVEST’s mission is to enable merchants to thrive in the Web3 economy and help them grow their business with cryptocurrency payment processing. COINQVEST is a reliable partner for enterprises and enables them to embrace DeFi payment solutions through various levels of integrations, from all-inclusive hosted checkouts to customisable white-label API.
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