Accepting cryptocurrency payments can be a great marketing strategy for your business, as well as a way to cut costs and enhance earnings. Learn how to take crypto payments as easy as bank cards and what the benefits and drawbacks of this kind of payment are.
How do crypto payments work?
Let us start by reminding you how bitcoin payments work. Only the recipient’s crypto wallet address is required for payment. The payer must copy this address and paste it into the corresponding field in his or her own wallet, then enter the amount and confirm the transaction. (Using a QR code makes the process extremely simpler.) The transaction is confirmed multiple times before the funds are sent to the recipient’s wallet.
In most cases, users must also pay a tiny network charge, which varies depending on the blockchain and, in some cases, urgency. The consumer does not have to pay transaction fees with some cryptocurrencies, such as nano or IOTA.
Should your restaurant accept cryptocurrency payments?
The overall number of crypto users on the planet is steadily increasing. As a result, between 2015 and 2021, the number of people using blockchain wallets climbed from 3 million to 68 million. In a few years, paying for things with Bitcoin will be as ubiquitous as using a credit card or PayPal.
Accepting crypto payments, on the other hand, is far easier than it appears. Crypto processing can be included in only a few steps, with minimal work and cost. The merchant only needs to select the cryptocurrency in which he or she want to accept funds, and the service will take care of the rest.
How to process crypto payments in a restaurant
PoS terminals are recognizable to most consumers, as you are unlikely to find a place today where you cannot pay with a credit or debit card. You’ll need a cryptocurrency virtual PoS terminal, which you can set up to take bitcoin payments just like VISA/Mastercard payments. To begin accepting cryptocurrency payments in your restaurant, follow these steps.
Advantages of accepting crypto in a restaurant
The golden rule of a successful business owner is to consider the client’s requirements and desires. Especially in such a competitive industry as the restaurant industry. As a result, boosting the payment options offered is a significant step toward growing your consumer base.
Investing less in the installation of costly equipment
The costs provided by payment systems for the installation of actual PoS terminals have caused many company owners to break out in a cold sweat. You can breathe a sigh of relief with a virtual PoS terminal because it can be run on a laptop, tablet, or even a mobile phone. As a result, the merchant does not have to spend a lot of money on equipment installation or renting.
a component that is interactive
Cryptocurrency has infiltrated many aspects of our lives, and many businesses now accept cryptocurrency as payment. Nonetheless, for the typical user, the ability to pay using bitcoin is still novel and intriguing. Many businesses implement this marketing strategy by posting signs that say “Bitcoin is accepted here” on their storefronts. You can rest guaranteed that many customers appreciate the fact that their favorite restaurant accepts their preferred method of payment. Furthermore, in such circumstances, word of mouth will almost certainly work, bringing a slew of new clients your way, so sharpen your blades, it’ll be hot!.
Disadvantages of accepting cryptopayments in a restaurant
When considering the drawbacks and hazards of crypto, the following considerations should be made:
Because cryptocurrencies are so unpredictable, most sellers want to sell digital assets for fiat money right away. In some circumstances, though, the volatility of cryptocurrency only benefits entrepreneurs.
Issues with speed
When using a physical terminal to pay with a bank card, monies are credited to your account practically instantly. It could take a few minutes in the case of bitcoin. There are, however, cryptocurrencies that allow for lightning-fast transfers.
Legislation While most nations are moving toward making digital currencies legal payment instruments, there are still a considerable number of countries that restrict crypto payments.
According to Deutsche Bank, bitcoin payments will be able to replace cash in industrialized countries by 2030. As a result, businesses who accept crypto payments now will have a significant competitive edge. And the sooner you integrate cryptocurrency payments into your website, store, or restaurant, the more you will benefit from the imminent crypto change of the industry.