The way we shop is changing, and as digital currencies continue to gain momentum, we’re seeing a shift away from more traditional payment methods as the retail space continues to make leaps and bounds in technological advancements.
Whilst these advancements were previously mostly evident in the eCommerce landscape, we’re beginning to see crypto making its way into brick-and-mortar stores as a viable payment option.
This rise can be attributed largely to the rise of the crypto card reader, which more traditional stores are now investing in to streamline their in-store shopping experience.
But why are we seeing a shift towards cryptocurrency in brick-and-mortar stores, and what does it mean for the future of in-store shopping?
How crypto card readers are changing the game
Crypto card readers are essentially the number one device that has made it so easy for in-store retailers to accept crypto as a form of payment. These devices are designed to accept crypto payments as easily as debit or credit card payments are accepted.
Crypto card readers enable customers to pay with their digital wallets, NFC devices or physical cards linked to crypto. Whether you’ve seen crypto readers in-store or not, one thing is for certain: they’re becoming more and more popular within in-store retailers.
What are some of the benefits of allowing crypto payments in-store?
When it comes to allowing crypto payments in-store, there is a range of benefits for both shoppers and retailers. These are some of the reasons businesses are incorporating crypto into their arsenal of potential payment options.
- Low fees: Crypto transactions can really reduce the processing fees your business might be getting charged by banks and credit card networks.
- It allows for global accessibility: When paying with crypto, tourists from overseas can make purchases without worrying about exchange rates or switching cash to the local currency. This saves money and time for the customer, and encourages tourists to shop with your business, making you more money in the process!
- Quicker settlements: While some credit cards might have a settlement period of a few days, crypto payments are processed in seconds (depending on the blockchain used).
- Additional security: Crypto card readers allow for an additional layer of security against fraud, making them a popular option for those who are more security-conscious.
- Improved customer experience: As crypto becomes more and more commonplace, so too is the tech-savvy shopper who wants to utilise paying with crypto. Rather than cutting out potential business by not investing in the latest technologies, having crypto card readers in-store allows you to provide customers with a more modern and streamlined experience.
So what’s the downside?
As with anything, some potential challenges may arise with the introduction of in-store crypto payments. A few of these challenges include:
- Price volatility
- Regulation changes
- Learning curves for both staff and customers
- Potential tax limitations
Whilst a lot of these challenges are out of your control as a retailer, you can give your staff and customers the best chance at quickly adopting this new form of payment by investing in the right equipment.
When you’re shopping for crypto card readers, it’s crucial that you choose a machine that is reliable, secure and most importantly, user-friendly. But it’s definitely not all doom and gloom, whilst there are some teething issues to resolve, as technology progresses, these hurdles will become easier and easier to overcome.
It’s time to keep up, or get left behind
When it comes to the future of in-store shopping, we may begin to see in-store crypto payments become as commonplace as tapping your card or your smartphone to an EFTPOS reader. Whether you’re a retail store, a boutique, a pop-up, a restaurant or anything in between, one thing is for sure – it’s time to keep up with the times, or risk getting left behind.
Whilst it can feel incredibly daunting to embrace a new technology, it’s important to remember that crypto payments are so much more than just a gimmick. If you’re wanting to stay ahead of the competition and appeal to all kinds of customers, from all kinds of backgrounds, it’s time to invest in crypto card readers for your space.
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