Why Car Dealerships should accept Crypto Payments
- Rebecca C
The current environment surrounding payments processing in 2021 has high expectations from the world.
People want speed, security, flexibility and so much more!
The waiting period for processing can be prolonged by traditional methods and systems.
Customers are looking for a simple and easy experience when shopping.
The world of online payments is ever-changing. The pandemic has caused a sharp increase in online spending through means of internet banking, PayPal and more.
But, an interesting revolution that is changing the market is crypto!
An increasing number of businesses worldwide are now accepting cryptocurrency payments.
Regardless of a global pandemic, Bitcoin and other cryptocurrencies are continuing to rise!
Wouldn't it be wonderful if dealerships could also share this experience when selling?
There are currently several ways dealerships can accept payments. For example, a direct transfer from the bank, paying cash or setting up monthly instalments to set up a finance agreement.
However, we are going to explore another method of accepting payment that has been working very well for independent car businesses - cryptocurrency.
Accepting Cryptocurrency is the new norm
It is important not to ignore what is emerging in the currency world. There has been a huge rise in the number of cryptocurrency users.
According to Techjury, there are more than 100 million crypto users worldwide.
Moreover, the News logical states that Bitcoin accounts for $7 billion of daily online transactions.
Given the numbers, they have only a few places where the users can spend their money. This is where the opportunity for marketing your business begins.
There is a link between the typical cryptocurrency holder and the target audience of people interested in buying a new or pre-owned vehicle.
Therefore, it is evident that there is a gap in the market, and it would be in the best interest of dealerships to start accepting cryptocurrency as a means of payment.
We have multiple reviews from partnered dealerships such as Redline Specialist Cars, Essex Prestige, and F12 Performance.
Reasons to add Cryptocurrency to your payment plans:
You might be wondering whether or not accepting bitcoin and other cryptocurrencies are the right fit for your Car Dealership.
The answer depends on your business, but cryptocurrencies are beneficial for various reasons.
Since cryptocurrencies are decentralized, they do not require banks or any other intermediary services to verify the transactions. This is unlike the fees associated with credit and debit cards which can be excessive.
Major cryptocurrencies, including bitcoin, will save your business from incurring this fee on each transaction.
However, there are flat fees of merchant wallets that you need to take into account before making the final decision of accepting bitcoin and the like as well as embracing change in your services.
Another advantage associated with accepting bitcoin and other cryptocurrencies is the speed of the transaction.
Buying and selling through crypto is a legitimate payment method, one that AutoCoinCars completes with due diligence, no fees, and payment of the invoice in GBP.
Here the processing time is virtually instant. Transferring funds from the buyer’s cryptocurrency wallet to the dealership's account will take just a few seconds.
Higher Acceptability of Bitcoin and other Leading Cryptos
Cryptocurrencies are not confined to borders, meaning this mode of money can be used to trade wherever you reside in the world.
This is quite unlike the traditional methods where the amount of money incurred when doing business globally can be very high.
Cryptocurrencies are affordable mediums offering the buyers and sellers to make safer transactions in lesser time.
Aside from the hundreds of car dealerships we have signed up with us, there are so many more large companies deciding to accept crypto payments.
Elon Musk announced that Tesla is now accepting Bitcoin payments. Microsoft, Amazon, Virgin and more are also looking into accepting crypto payments.
For such prestigious brands to be adopting cryptocurrency will only continue to grow its credibility, safety, and value.
We recently answered one of our most frequently asked questions "Is it safe to accept Bitcoin?" in a blog post.
There's a high number of customers who prefer to buy through cryptocurrency
Current crypto owners will be profiting largely from the peak taking place at the end of 2020. Even as we go through the first half of the year, the value has continued to rise.
Therefore, creating a method of accepting payment for the customers where they can exchange their digital assets for a physical product would be a profitable opportunity for all car dealerships.
Eventually, every bitcoin and other cryptocurrency users will want to cash out after peaks in the market.
In the present day, AutoCoinCars is an example of the few businesses that offer an exchange for a physical product within the UK.
Adding this fast, easy, and secure payment process to your accepted transaction methods will ensure more sales to potential customers that would have otherwise looked elsewhere to dispose of their funds.
No charge-backs when you accept Bitcoin and other Crypto Payments
As a dealer, you would find charge-backs quite frustrating.
In the case of a huge expense like that of cars, customers can often buy it, sometimes use the vehicle, and then cancel the payment.
When you accept bitcoin or other cryptos, this is not possible, unlike fiat currency.
This is because all transactions are final when you use cryptocurrencies including bitcoin.
Once the purchase is made, the transactions are added to the blockchain via mining.
If the customer wants to get the money back after you accept it, they have to communicate directly with the vendor.
This gives dealerships better control of the returns.
Overall this will protect your sales and give you more control over returns processing.
Cryptocurrency including Bitcoin will become normal for online and other transactions
Cryptocurrencies are seeing steady growth, with the blockchain and Bitcoin both having wider acceptance in the past.
They are anticipated to continue in the future as people are becoming more familiar with digital currency and other online trends.
While it may seem overwhelming for your dealership to accept this form of payment, you should try to embrace this new trend and make sure you jump on it before you get left behind.
It will make a lot of sense for your business to become early adopters of this mode of currency so you can become acquainted with it sooner than later.
Take your time and set yourself apart from your competitors by welcoming digital currency to your business. Establish yourself in this great new marketplace before it becomes standard, get ahead of the curve!
Summarising for you...
So, it is safe to state that dealerships can benefit if they accept bitcoin and other crypto payments from the customers.
Dealerships can still maintain the more traditional forms of payment, online or otherwise.
However, you should begin accepting bitcoin and other cryptocurrencies to give that option to the widely untapped market of crypto holders who are looking to spend.
If you want to keep your business competitive and acquire new customers it's high time to step into the digital currency arena and make realistic plans to accept the changes.
If you want to sign-up and bring your business into the future, click here and start accepting crypto payments today!