Not If, But When: Cryptocurrency is Real

• How many people own cryptocurrency in the U.S.? 

In the last year, the number of Americans who own a cryptocurrency has jumped from 7.95% in 2018 and 14.4% in 2019 to 23.16% in 2021, an increase of 61% in two years,

• Do these people commonly use cryptocurrency for transactions? 

Many of them want to, but finding local businesses to purchase from is not easy.

• Why should I accept cryptocurrency when it’s not as popular as credit cards? 

To keep your business on the cutting edge, it's worth it to accept all safe forms of currency, including cryptocurrency, especially if the payment processor gives a guarantee to pay you in US Dollars with no fluctuation in value.

In the U.S. people are afraid of change. They’ll resist new things until there is no other option. But is it really easier to take no action at all? Do you want to wait until you’re left behind? 

For every person doubting crypto’s potential, there’s another person who’s getting won over. This isn’t a sprint, it’s a once-in-a-lifetime shift. But if you want numbers to prove crypto’s trajectory, try these.

What Do Experts Have to Say? 

The financial industry has spoken and they’re not mincing words. According to a recent survey by Deloitt and Touche, nearly 80% of financial professionals think that digital assets will replace fiat in the next 5 – 10 years. To those in the loop, this isn’t surprising. But if you know someone who’s still resisting progress, it’s time to break the news to them. So, here are some of the major takeaways from the survey:

73% thought their business should adopt blockchain and digital assets, and would lose a competitive advantage if they did not adopt the technology.

43% of those surveyed said that their business may eventually adopt cryptocurrencies as a payment option, and 45% would tokenize their assets.

18% of business owners already own crypto currency 

Soon enough, people will be asking themselves a different question. Instead of focusing on the why, they’ll be realizing the more important question…..why not? 

What’s the reason to resist cryptocurrency acceptance in your business? 

Recently, I read an article that detailed some of the objections that small business owners have about cryptocurrency. Seems like education is the main barrier. But the primary arguments against accepting crypto were: 

• Lack of knowledge about the payment method
• Not sure if they could figure out how to accept it
• Doubting it would increase their sales
• Worried about too much risk 

So, it sounds like most of these people don’t realize that there are companies who focus on processing crypto payments. It doesn’t need to be a guessing game! 

And those same companies guarantee your business get paid $100 if their customer spent $100… no fluctuation in value between purchase and deposit.

To start off, it’s pointless to try to figure out the ins and outs of cryptocurrency before you accept it as a payment method. You could google for weeks, and barely scratch the surface. 

But the nice part about accepting crypto is that you don’t even need to know anything to get started. It’s not like merchants are cryptocurrency experts. They just have a desire to meet their customers where they’re at.  A simple ipad or android tablet can open up that path to more sales to cryptocurrency customers.

Will all of your customers know how to pay with crypto? Absolutely not. But enough will, over time, to make it worth the effort.

At the end of the day, cryptocurrency users will know how to complete a transaction. And people who don’t use crypto might actually get the urge to find out more. This is the cycle that allows new technology to flourish.

Think about it like this.
Ecommerce was strange  and new for many people just 2 years ago. Covid changed that.

With the chip on a credit card, people were wary. Would it really be safer to use? Yes!

When contactless or tap to pay option first came out, some people were suspicious. Now every phone and card are able to be a contactless payment.

Remember when PIN numbers were the ultimate in security. Nowadays, most people probably don’t even remember their credit card PIN. 

And that’s the way things go. It’s just new and novel until it’s not. 

One day you’re Blockbuster, flying high. And the next, you’re just an ounce of nostalgia for some 90s kids. Either get on board or be prepared to be left in the dust. Your competitors might not think twice about accepting cryptocurrency.

This question really has a simple answer. More people are using crypto every day. The numbers are obviously growing. If you accept credit cards, why wouldn’t you want to accept cryptocurrency. 

Doesn’t it make sense to accept as many payment methods as possible? 

Nothing to Lose!

As for the other objections, they not be founded in reality. The truth is it’s really easy to get started with accepting crypto. If you’re doubting it will increase your sales, forget about that concern. Nearly 80% of businesses accepting crypto are happy with the results! If your sales don’t go up, you’re still at square one. It’s not like accepting crypto is going to harm your business or even cost much to get started.

Positive results don’t come from nowhere. They come from a growth mindset. And cryptocurrency is not even a ‘risk.’ You should use a payment processor you know and trust in the community.  If you’re not ready to add personal investment crypto to your portfolio yet, you don’t have to!   Your business can get paid in US Dollars direct to your bank account, just like credit cards do.

Mass adoption is inevitable. If you’re the person asking why cryptocurrency matters, you’re asking the wrong question. The question is ‘when’ do you need to begin… why not now.

Therefore you should speak to people outside of your social circle. Take a break from the echo-chamber that is social media. Embrace change and you might be rewarded. 

By Clayton Moore, CEO of Netcents , and Ken Givens, Sales Director of US Merchant Payments.  Ken Givens helps business owners accept all types of payments, including cryptocurrency safely and securely. Contact KenGivens@USmsTexas.com or 888-995-3995.  www.CardProcessingInfo.com