When it comes to cryptocurrency, its potential uses are almost limitless: transferring house titles, self-executing smart insurance policies, tracking raw materials, and even open-source social media.
It has the potential to reshape every industry we’ve ever known and, in a way, give the internet “back to the people.” This is because cryptocurrencies allow people to trade directly online, without the need for a trusted third party, like a bank.
In this episode of The Rebound, Australian futurist, author, and entrepreneur Steve Sammartino; Creative Director Tommy McCubbin; award-winning television presenter Rad Yeo; and APAC Marketing Lead at Shopify Bertie Ocampo unpack what cryptocurrency is and how it can impact your ecommerce business.
Take the time to deep dive into crypto
Any business owner looking to deal with cryptocurrency needs a very good understanding of it. Working with a trusted adviser who has the knowledge to help a business deal with crypto is key, says Bertie.
“Cryptocurrency is pretty volatile right now, so whether it’s adopted for investments or transactions depends on how risk-averse you and your business are,” she says.
“Nobody knows what bitcoin’s value will be tomorrow, and that’s important to keep in mind. There are also operational considerations, such as administration—tracking trades, payments, and receipts—and then custody, which is how to store the currency securely.”
Bertie says while there is much to consider while the space is still in its infancy, in the not too distant future, cryptocurrencies could open incredible new opportunities for merchants.
- Fast transactions
- Low processing fees
- No chargebacks
- Local and international transactions
- Payment conversion to any flat currencies
“All in all, it’s great that you’re looking at what macroeconomic factors might affect your business,” Bertie says.
Cryptocurrency transactions and conversions
When it comes to transacting with cryptocurrency in your own business, make it as easy as possible for your customers to pay. This is essential for increasing conversions and drawing the growing tribe of crypto users.
The ultimate goal with the payment methods you offer is to turn more of your online store browsers into buyers, so you should ensure that you're providing all the relevant payment methods your customers prefer, Bertie says.
“A good start is to accept all the common bank cards and offer frictionless checkout experiences like Shop Pay and PayPal,” she explains.
You could also look at adding options for your customers to buy now, pay later—a major trend.
“If your customers want to pay with crypto, adding crypto payment methods is actually easier than you might think. And, after you’ve enabled a payment method that supports cryptocurrencies, you can accept bitcoin and more than 300 other digital currencies.”
Learn more: Reduce Abandoned Carts with Buy Now Pay Later
The future of transactions
Similar to ecommerce, crypto is becoming increasingly mainstream, especially since the pandemic began in 2020, when there was a lot of uncertainty.
People want to latch onto something more secure. A lot of people are trading crypto now and people are using it in their ecommerce payments,” Bertie says.
Shopify partners with cryptocurrency platforms such as Coinbase and Bitpay. Bertie says when more people start using crypto, their customers can rely on Shopify to provide the right support systems and resources.
“If consumers are ready to add cryptocurrency payments to their platform we’ll be ready,” she says.
One of the biggest impacts of crypto on merchants is that they will be able to expand globally faster than before.
Bertie says: “As an example, if I want to send money back home to the Philippines to my parents, I have to transfer the money through many avenues until it finally goes to them. With crypto, I can send the money to my parents directly, and I don't have to go through any third-party provider that I don't necessarily trust."
- Work with a trusted adviser who has the knowledge to help your business deal with crypto.
- Deep dive and get a solid understanding of crypto and how it affects your business.
- When embedding cryptocurrency in your business, make it as easy for customers as possible to transact.
- Enabling cryptocurrency in your business is simpler than you think.
- Cryptocurrency removes the need for a third-party bank, making transactions easier.
About The Rebound Season 2
- Episode 8 of The Rebound Season 2 aired in Australia on Saturday, August 21, at 12:30 p.m., on Channel Nine. New episodes are released every week.
- Each new episode of The Rebound will cover a different theme to address the most pressing opportunities and challenges facing entrepreneurs today.
- The themes, in chronological order, are: Skills, Design, Storytelling, Pricing, Culture, Growth, Future of Work, and Crypto.
- For more information about The Rebound, visit the website.