Should C-stores Consider Accepting Cryptos As Payments

C-stores or convenience stores are small retail stores with a good variety of products offered to clients. They are usually the one-stop point for locals seeking to resupply their houses. They offer the convenience of easy access from people’s homes. On the other end of the spectrum are cryptocurrencies. Billed to be the next evolution of payment forms, the blockchain-based digital currencies have been thoroughly shaking up the financial sector. 

Not only have they made funds transfer faster but also cheaper and convenient. Bearing in mind their advantages, the question is should the two consider embracing each other? Then, again, Should c-stores actively pursue the acceptance of cryptos as payments? Read on to find out.

Why C-Stores Should Adopt Cryptos

There are various arguments supporting crypto adoption by c-stores. They include;

Increased Market Access

Perhaps the best reason why c-stores should even consider crypto adoption is that they’ll get to enjoy an increase in market access. The current norm when purchasing from the stores is usually via hard currency or debit and credit cards. Such forms of payment require people who know of the store’s existence to go to it physically.

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Online shoppers prefer crypto transactions as they’re digital. By accepting cryptocurrencies as a form of payment, the shops will attract online shoppers on top of their usual walk-in customers. It will directly result in a broader market reach for them.

Cheaper Transaction Costs

When customers pay for goods purchased from C-stores using visa cards, the merchant must pay for the transaction.  The payment is termed as the swipe fees, and it eats into the outlet’s profit margins. Customers also get to pay for the costs indirectly by buying goods at higher prices since the stores pass down these costs to buyers. 

However, if the stores opt for the crypto way, they stand to gain a lot cost-wise. Transferring cryptos from one wallet to another is completely free. Moreover, the feels transactions are possible thanks to the peer-to-peer nature of blockchain transactions. 

Decrease the Exposure to Losses Through Robbery

The hard currency remains the most common method of transacting in most c-stores worldwide. It, however, comes with huge risk exposure. The in-store cash registers attract robbers aiming to make a quick buck through stealing. Break-in robberies account for 6% of all robberies in the USA and are a significant source of shop losses and closures.

By increasing their adoption and acceptance of cryptos, c-stores stand to benefit from reduced exposure to robberies. The intangible nature of crypto prevents snatching. This serves as a deterrent to robbers who target cash registers. In addition, the cash tills will have less and less cash in them as more crypto transactions are conducted.

Increased Customer Convenience

The current model of transaction inconveniences many c-store’s customers. To begin with, they have to carry cash around, which exposes them to the risk of theft or loss through misplacement. 

The alternative is carrying debit or credit cards. However, these are not a better option since robbers could force holders to withdraw funds from ATMs at gunpoint. Loading currency to the cards also requires visiting a bank to deposit, which could be time-consuming. Such inconveniences contribute to many switching to online shopping.

Crypto wallets, on the other hand, are more discrete. Hot wallets, for instance, could be a web page or mobile app. A robber would find it very difficult to know if one has a wallet or not. They save customers the inconvenience of carrying physical cash. Additionally, it’s easy to refill your wallet online, saving you long bank waiting times.

Could Help Drive Better Adaptability by C-Stores

The world is an ever-changing place, with new trends and ways of replacing the old ones. In the retail world, online shopping has been taking the world by storm and replacing traditional shopping. Unfortunately, C-stores stand to lose the most from such a shift.  

Sizeable online shopping firms have seen so much growth in recent years. Amazon, for instance, has grown to have the third-highest revenues of any company in 2021, up from not featuring in the top ten three years ago.

When c-stores switch to cryptos, they can adapt better to the changing retail space. C-stores have always sought better payment methods, which has prevented them from venturing into the online retail space. As a result, they have to enter into costly payment arrangements with banks. Crypto transactions would solve this issue quickly and cheaply.

From there, switching to online shopping will be as simple as placing orders via WhatsApp, paying to the outlet’s wallet, and delivering the goods on a bicycle within the neighborhood. The permanent nature of crypto transactions would also eliminate the risk of some ill-intentioned people reversing transactions after delivery.

Conclusion

C-stores stand to benefit a lot from adopting cryptocurrencies as a means of payment. The benefits range from enjoying cheaper transaction costs and broader market access to reduced susceptibility to losses through theft. In addition, they can adapt better to the switch to online retail hence competing with giants like Amazon.

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In addition, their clients would enjoy the convenience of not having to carry cash around. Neither do they have long waiting times to recharge their cards in banks. In addition, they would also enjoy better shopping experiences once the stores use cryptos to incorporate online. Thus, store owners stand to gain tremendously with cryptos.