Accepting Crypto Payments In The UK Appears To Be Vital

Elly Team
April 14, 2022

If you're a merchant looking to make the most of the booming cryptocurrency community, you can do so with a payment gateway that accepts crypto payments. UK's leading merchants and corporations are now getting to grips with the fact that cryptocurrencies will be the future.

However, despite the numerous benefits that come with accepting crypto payments in the UK, some businesses don't truly understand the process or are scared to adapt to this innovative form of payment.

In this article, we'll explain why accepting crypto payments in the UK can be highly beneficial to you as a merchant and how you can get started with it today. 

The Payment Industry in the UK

To understand the importance of accepting crypto payments in the UK, we must first understand the current situation of the payment industry in this country.

The UK is one of the most developed markets when it comes to payments. The country has excellent infrastructure and is mainly cashless. Mobile payments are becoming more popular in the UK, and mobile payment technology is constantly being upgraded. The fast development of eCommerce and mCommerce has caused a complete shift in consumer behaviour. 

Previously, customers used to pay only in cash or with credit cards. Nowadays, they can choose between numerous payment methods, including mobile wallets, contactless cards, mobile payments, etc. As a result, customers are becoming more demanding as they now have more options and expect companies to accept all types of payments.

This is why accepting crypto payments or integrating blockchain into existing payment systems is an opportunity for UK businesses to differentiate themselves from their competitors. 

Why Are More and More Companies Switching to Crypto Payments? 

Cryptocurrencies are fast becoming the preferred payment method for a large number of consumers. This is mainly why more and more companies are switching to crypto payments. From small-scale retailers to large corporations, there is an increasing trend toward accepting crypto payments in the UK.

There are several reasons why this trend is catching up with many businesses. Some of the reasons why companies should consider switching to crypto payments include: 

More Clients 

Cryptocurrencies are fast gaining popularity among consumers worldwide. This has also been facilitated by their easy accessibility and convenience when it comes to carrying out transactions. As a business, if you don’t accept crypto payments, your clients might decide to move to another company that does.

Offering your customers, the option to pay in digital currency helps you attract the growing number of customers who prefer spending their crypto coins instead of fiat currency (like USD or GBP).

More Payment Options 

As a company, you need to be aware that your clients have different needs when it comes to payments. Some people prefer using credit cards, while others would rather pay through PayPal or with debit cards. If your company only accepts one form of payment, you’re losing out on potential clients who prefer using other forms of payment. 

However, once you start accepting crypto payments, you will be able to cater to all your clients' needs, no matter their preferred payment method.

Faster Transactions 

Most traditional payment methods take days or even weeks to transfer the funds completely. Cryptocurrency provides you with an instant way to send or receive payments.

If you’re selling products online, this means that you’ll be able to deliver goods immediately after payment is completed, making sure your customers get their products as soon as possible.

Higher Liquidity of Funds 

When it comes to cryptocurrency transactions, the funds are immediately available for withdrawal from your wallet - no waiting for clearance periods, unlike traditional banking transfers. This makes it easier for businesses to manage their finances and keep track of the company’s expenses without having to wait for days until they can access their funds.

What’s more, you don’t have to deal with banks and credit card companies that impose exorbitant transaction fees on merchants and chargebacks on consumers.

Protection from Fraud 

More and more merchants are turning to crypto payments to protect their businesses from fraud and reduce transaction fees. When customers pay with cryptocurrencies like Bitcoin or Ether, they don’t have to share their sensitive financial details with the merchant. That means there’s no risk of credit card fraud — one of the main problems online retailers face today.

What Do You Need to Start Accepting Crypto Payments?

If you want to start accepting crypto payments, you need two things. First, you need a digital wallet. Second, you need a payment gateway. 

A digital wallet is where you will store your customers' cryptocurrency. Plus, you can use it to make purchases and send money to other people's digital wallets. You can either use a hardware wallet (a physical device such as a USB) or a software wallet installed on your computer or mobile phone.

A payment gateway, or a point-of-sale (POS) machine, allows you to accept crypto payments from customers in the first place. Of course, the payment gateway will charge you a fee for each transaction process. Still, this fee usually is much lower than what traditional credit card processors charge merchants for accepting card payments.

Elly Helps You Stay Ahead of Your Competition with a Unique Crypto Solution 

Are you wondering how you can start accepting crypto payments in the UK as a merchant? Elly POS has a quick and easy solution for you to start receiving all types of payments and stay ahead of your competition. 

Elly POS helps merchants accept payments through a secure, simple, and affordable point-of-sale device. The device is easy to use and allows customers to pay using any payment method - credit, debit, crypto, or even digital wallets like Google Pay. 

What’s more, Elly POS comes with a free manager dashboard, including analytics and real-time insights for on-the-go management. With 2 minutes setup and an easy connection process, merchants can start accepting different types of payments - including cryptocurrencies - in less than an hour. 

Want to know more about Elly POS and how it can help you adapt your business to the latest technology trends? Click here to get more details about the product!

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