By now, most of us have heard of cryptocurrency (crypto), particularly Bitcoin, the world’s first, most popular and highly valued cryptocurrency. In fact, the 2021 Independent Reserve Cryptocurrency Index (IRCI) survey reveals that 28.8% of Australians now own crypto or have owned it in the past. Even more revealing was that 41.5% of respondents believed that crypto would eventually be transacted as widely as government-issued currency.
Other key findings from the survey include:
- 92% of Australians have heard of at least one cryptocurrency
- 89.1% of respondents have heard of Bitcoin
- 36.7% of respondents have heard of Ethereum
- 59.6% of people reported making money from their crypto investments
These findings demonstrate that Australian consumers are embracing cryptocurrencies, and it is quickly moving into the mainstream.
What does that mean for your business? Now is the time to start accepting cryptocurrency in your ecommerce store if you want to improve the customer journey and expand your customer base.
What is Cryptocurrency: A Brief Explanation
In simple terms, cryptocurrency is a digital form of money. Each ‘coin’ is a unique piece of code that cannot be replicated and there is no regulation by a central authority, bank or government. There are only a limited amount of cryptocurrencies in existence which is how they hold their value.
Want to know more? This cryptocurrency explainer from the RBA will help you understand more about crypto.
Benefits of Accepting Cryptocurrency Payments in Your Ecommerce Store
Crypto has moved from the fringe to an everyday investment opportunity for Australians of all ages. Therefore, it is critical that business owners start considering the benefits of cryptocurrency payments to their customers and their businesses.
“The customer experience is no longer about traditional elements such as contact points and product delivery timeframes, it is also about the capacity and speed of an organisation to adopt emerging technologies that facilitate an improved path to purchase and crypto falls into this category.”
The key benefits of adopting cryptocurrency payment in ecommerce stores include:
- More Customers – Accepting cryptocurrency payments gives you access to a global customer base of tech-savvy consumers who are looking for alternative payment options.
- Immediate Funds – Unlike traditional credit card facilities, cryptocurrency trading platforms process payments immediately, giving you quick access to funds.
- No Chargebacks – Cryptocurrency payments are unchangeable, so once payments are made, they cannot be reversed.
- Low Fees – Most credit card providers charge a transaction fee of between 1% and 2%, whereas the fees associated with cryptocurrency payments are generally much less.
- Global Liquidity – Crypto payments can easily be converted into traditional currencies such as USD.
Companies that Accept Bitcoin & Other Cryptocurrencies
The rise and continued adoption of cryptocurrencies in Australia and across the globe has put pressure on big businesses to accept cryptocurrency payments. As more consumers invest in crypto each year, this pressure will only mount. Some of the major companies that currently accept cryptocurrency as payment include:
- Pavilion Hotels & Resorts
- AXA Insurance
- Etsy (individual sellers)
Keep reading to discover how Webics can help you accept cryptocurrency payments through your website.
Webics and Cryptocurrency Payments
If you would like to accept cryptocurrency payments on your ecommerce website, Webics can help. We can get you started with a self-managed system that integrates seamlessly with both Shopify and WooCommerce. You can choose the cryptocurrencies you would like to accept and start receiving payments within minutes.
Get in touch with Webics to find out how to make cryptocurrency payments work for your business. We can talk you through the various features and provide a free quote.