From the Thirsty pigeon to the Old Nuns Head, all your favourite local bars in London are now warmly embracing cryptocurrency and EPOS systems into the folds of their business- often mutually exclusive. Paying for a pint has been revolutionised using state-of-the-art and user-friendly EPOS systems to facilitate trendy crypto coin transaction.
According to the trade body, UK Finance, evolving habits, and new technology are giving customers even more reason to ditch cold hard cash. Card payments alone rose to 13.2 billion at the end of 2017, overtaking cash for the first time – indicating a noticeable shift towards greater convenience Operators will need to jump to cryptocurrency, therefore, if they’re serious about opening up their businesses to all windows of opportunities.
As a retail business owner, you probably still haven’t encountered a patron who insisted on paying their bill in Bitcoin(s). Cryptocurrency, however, is on the rise. In June 2017, the user base for Bitcoin grew by at least one million, according to Coinbase. It comes as no surprise, therefore, that around 46,000 merchants currently accept Bitcoin.
According to a recent report, globally, the number of businesses accepting Bitcoin hovers somewhere between 13 million and 28.5 million.
From giants like Tesla to your favourite bar down the street, they all have accepted cryptocurrency as a legitimate payment method. With a lower barrier to entry, this gives any business in any industry the opportunity and ability to get on board.
Luckily, getting into cryptocurrency isn’t as complicated as it sounds. To accept this all-new currency, you’ll need to sign up for a merchant crypto wallet account. Many of these merchant wallets integrate with most major Electronic Point of Sale systems.
A few benefits of adopting cryptocurrency into the folds of your business include:
Given the steady rise of Bitcoin, there is no concrete indication that it will cease being in circulation. And where Bitcoin goes, other altcoins are sure to follow. In the future, accepting cryptocurrency as payment might be standard procedure and getting a foot in earlier on would prove to be beneficial in the long run.
By investing in new trendy payment options, you cast a wider net and cater to a trendy technologically-affluent demographic by catering to the crypto-coin industry – thus increasing your client base, which drives up sales.
With cryptocurrency being all the rage and in the front page of all media platforms, you inadvertently allow yourself to take center stage and gain traction and traffic. With your establishment appearing in many blogs and other content pieces, this would boost your business’s influence and presence.
Crypto coins have come a long way since being introduced in 2008, with plenty of companies, and enthusiasts making it easier to include cryptocurrency in everyday transactions.
For marketing-savvy businesses, it’s definitely a differentiator to be able to accept crypto coins. If you are trying to attract an audience that deals with this kind of currency, you may be perceived as a tech-savvy restaurant or establishment.
There are legitimate benefits, therefore, to merging cryptocurrency and EPOS systems at your establishment. It’s a given benefit to accept this if you’re a supporter of cryptocurrency and want to see its usage grow. It can also attract like-minded clientele. Furthermore, it gives your customers more choices of payment.
However, it still has a way to go before it’s convenient and stable enough to be commonplace on the main street. While it may be a while before you start seeing a widespread integration of cryptocurrency and EPOS systems, in the near future, you could very well expect customers who pay for their beer and Fish and Chips with cryptocurrency.
For more information on cryptocurrency and EPOS system and any other updates on the ever-changing lucrative landscape of EPOS, visit eposEX.