The Crypto Customer Process - Part 1

The Crypto Customer Process - Part 1

In my previous post, I shared my views on two points that are important for businesses to consider when handling Crypto transactions. Today, I'll be providing some insight as to the process when handling these transactions with your customers and some of the things you may not have considered, but should be prepared for.

If you haven't read my previous post, please click here and do so now!

Over the years, we've grown accustomed to completing Credit Card payments online. This is a quick payment process but it has its challenges. From online fraud risk to declined transactions as your payment provider may consider purchases to be suspicious. We've now evolved to a more secure, guaranteed method of payment using Cryptocurrency and its underlying Blockchain technology.

We can now complete a transaction without the concern of your payment information being stolen and used by malicious individuals as Cryptocurrency transactions only require the recipient to issue a wallet address to receive payment. This wallet address is public, but unlike providing your card information, the receiver of your wallet address can only send you payments, the wallet address cannot be used to gain access to your funds.

Helping your customers with the process!

Some of your customers will be experienced in obtaining and sending Crypto payments and others won't. Your team needs to be equipped with the knowledge to get your customer into the Crypto ecosystem and complete the payments as necessary. Let's look at the process.

There are various ways for your customers to get Crypto; today, we'll touch on Exchanges and BTM's:

• Exchanges - There are various exchanges to choose from with each having its limits, time frames, KYC procedures, location availability, ease of use, and support. Your customer may need guidance with setting up an exchange account and making their purchase but once the initial setup is complete, the process to buy and sell the Crypto is generally a smooth one once you're aware of the steps.
• BTM's - Bitcoin Teller Machines are a convenient way to buy and sell Cryptocurrencies. They are becoming more and more popular and can be found at bars, service stations, restaurants, and other locations. The fees at the machines tend to be higher than using exchanges due to convenience. However, a user can have Crypto in minutes using this option. There are tools that will allow your customer to locate BTM's in their area along with any necessary information such as limits, KYC procedures, and of course if the machine is online.

As time progresses, Cryptocurrency payments are being normalized and your customers will expect the option to be available. You need to ensure that your company is aligned with these developments so that you do not suffer the same faith as many companies that did not evolve with technology.

If you’re currently accepting Cryptocurrencies for your business or looking to start, and want some advice and to discuss how our team can support you, book a 15-minute call with me by clicking below:

We also welcome you to join our Crypto & Blockchain Trends LinkedIn group where we are connecting like-minded individuals for possible collaboration opportunities:

https://www.dhirubhai.net/groups/12587662