Retailers Finally Warming to Cryptocurrency Payments

April 17, 2018 by Adrian Thorpe

Retailers Accepting Bitcoin PaymentsThere has been something of a reluctance for many retailers to start accepting cryptocurrency payments either in their brick and mortar premises or online.

Possibly one of the main reasons why they have ben put off accepting Bitcoin, Ethereum and any other cryptocurrency is due to the volatility of each of them.

However, thanks to the growing number of payment companies, it is now a completely seamless process for any online or for that matter brick and mortar retailer to bolt onto their current payment interface one that accepts multiple different cryptocurrencies.

What many of those payment processers offer is a service whereby a customer can pay instantly for their goods and check out and pay using a cryptocurrency, but those cryptocurrencies will then be converted into a fiat currency which is then sent to the retailer.

By converting the payment received into a fiat currency all retailers are able to charge the same for their goods irrespective of whether a customer pays for them in Bitcoin for example or when using their debit or credit card.

As such that takes all of the risk of billing their customers in Bitcoin of example and then the value of Bitcoin nosediving, and that is one of the main reasons we are starting to see more and more retailers now accepting all of the major cryptocurrencies online.

It is also possible for them to accept cryptocurrencies in their brick and mortar shops a similar type of system is offered by many payment processors to the online interfaces, so a customer can pay in Bitcoin or Ethereum, but the retailers gets the fixed price of those goods paid out to them in their chosen fiat currencies.

Fees Charges by Payment Processors

The one defining factor the will often force the hand of any retailer regarding accepting cryptocurrencies is the cost of accepting such payments.

There are of course always going to be fees and charges associated with using any third party to process payments and when it comes to cryptocurrencies, sadly those fees and charges can quickly mount up.

Having said that though, recently there have been a sharp number of companies starting up, using via an initial coin offering or token generation event that are aiming to launch some form of payment processing concept that will offer low cost payment related services.

As such moving forward I am more than confident more and more retailers are going to start accepting cryptocurrency related payments sooner rather than later, once it becomes cost effective thing for them to do.

Keep in mind that many retailers that do currently allow you to pay for goods and services in their shop premises will allow you to pay using a mobile app, and as such fi you have been hunting around for a digital wallet to use, do make sure the one you select has its own standalone mobile app, as that way you will always have access to your digital assets stored in them.

But always do make a point of comparing the fees and charges you will be hit with when using any type of cryptocurrency, and much more so when you choose to use the services of a digital currency exchange, as some of their fees and charges can be excessive!

Retail Outlets with Cryptocurrency ATM’s

There is another way that retailers can allow their customers to pay for goods and services with Bitcoin and other cryptocurrencies but that will not see them having to accept them over the counter.

That is by them getting installed into their shops and retail outlets a cryptocurrency ATM. There are thousands of them now dotted around towns and cities in many different countries of the world and by getting one installed they can then allow their cryptocurrency customers to exchange their Bitcoin, Litecoin or Ethereum into fiat currency and then pay for their goods using those fiat currencies.

It is not just retail outlets that are getting such cash dispensing machines installed for over in Vegas there are now dozens of such ATM’s, and gamblers can either get fiat currencies out of those machines to play their favourite gambling games, or even exchange their winnings and turn them into their chosen cryptocurrency too.

There are however fees and charges associated with using a cryptocurrency dispensing ATM, but as they do offer a service and a very valuable one, many people are prepared to pay those fees and charges to be able to instant access the cryptocurrencies that they have stored in their digital wallets.