2020 holiday sales are different this year. For a start, consumer habits have changed considerably with only 55% spending the same or more and most flocking to online purchases.
We can safely assume that most of these adjustments are due to the pandemic. COVID-19 has managed to affect most people’s financial stability, putting a downward pressure on spending budgets and, naturally, many would prefer to enjoy the season’s festivities from the safety of their own home.
Merchants shouldn’t worry though. People are still going to be shopping. This year will be about trying to reach as many shoppers as possible who are willing and able to spend their money.
To do this, most may be looking at their marketing and considering extending sales. Whilst this is a great marketing tool (of which many companies are already using), there are other ways to maximize your sales.
A useful marketing tool that is often overlooked is the utilization of alternative payment options. For companies, both online and brick-and-mortar, there are an array of payment options available that help reduce friction for consumers and aid in the completion of a sale.
An uncommon but potentially profitable method of payment lies in cryptocurrencies.
Cryptocurrencies as an alternative payment option
When accepting cryptocurrency payments, there are quite a few benefits to be reaped by all parties.
Let’s begin with merchants.
Following the outbreak of the pandemic, crypto usage spiked considerably. So, by accepting crypto payments, you may be opening your company up to a new pool of customers who will be looking for ways to spend their newly acquired assets. Further, when using cryptocurrencies and its underlying blockchain technology, businesses can expect to see their payment process become a lot faster, cheaper and efficient.
Crypto payments are not unheard of in high-risk industries as they provide merchants with a way to avoid middlemen-related issues like chargebacks. Aside from these markets, a great deal of big companies have also started to accept crypto. Prime examples can be seen in the likes of Overstock, Amazon and more.
With regards to customers, crypto can be beneficial because they have greater control over their assets and can spend without worrying about a middleman intervening or overseeing their expenditures.
How do you start accepting crypto payments?
If you decide to expand your payment options to include crypto, it may be a good idea to choose a payment gateway that offers 0% commission on payment processing, is completely FREE and allows for seamless integration.
Luckily, PumaPay does exactly that.
PumaPay is a comprehensive crypto payment solution. As a payment gateway, it allows for merchants to accept and customers to pay in crypto. The solution is available for free integration and offers as much support as possible to merchants.
As its blockchain-based, PumaPay can guarantee no chargebacks. The company also has no cancellation fee and provides ways for merchants to settle from crypto to fiat.
If you’re interested, you will find a guideline on how to accept crypto payments complete with links to onboarding videos, here.
The holiday season is upon us – and people are already shopping. So, regardless of what you decide to do to stand out, you’re going to want to act fast.
Are you ready to expand your customer pool with crypto?
Book a consultation today!