Gift Focus inc Attire Accessories - January/February 2023

117 BUSINESS ADVICE Understanding crypto Daniele Servadei, CEO of Sellix offers her top tips for retailers adopting crypto payments Cash may no longer be king, but crypto sure is. Mainstream, that is –– and will only continue to be in the coming years. Research from consulting firm Deloitte, compiled in a survey of merchant adoption of digital currency payments in collaboration with PayPal, shows that more and more retailers believe they have a “significant interest in using digital currencies for payments,” with the vast majority of them predicting this will only increase over the next year. What’s more, nearly 75 per cent of merchants report plans for stablecoin and cryptocurrency payments adoption within the next two years. Accepting crypto payments will be both exciting and daunting for retailers, especially given recent uncertainty in the crypto industry. As the trend rises, the technology behind crypto will continue to evolve and mature, with Deloitte expecting “continued education to underpin further regulatory clarity to allow for wider mainstream adoption,” but regulations aren’t the only key drivers. Traditional payment processors will lead the way and act as business enablers, but in order to do so successfully, they’ll need the help of native crypto enthusiasts and industry experts who are more well-versed in the topic than their traditional counterparts. I’m the CEO and co-founder of an e-commerce platform built for the digital age, and I’m on a mission to pioneer a future where any entrepreneur can sell digital goods and accept payments online without any hassle, which is why I’m passionate about getting the most out of crypto. Here’s what I’ve learned about bridging the gap between traditional services and crypto payment offerings, so that you, too, can join the businesses of the future as they take shape before our eyes. 1) Use cryptocurrencies with low transaction fees and fast confirmations There’s a lot to understand about crypto, and the first thing is the difference in types of currencies with their respective pros and cons. Understanding transaction fees can help minimize overall costs, and decide on a cryptocurrency with both low fees and fast validation time, two things which should always be your main priority. Otherwise, it’s just not a good customer experience 2) Use more than one crypto Another reason why the crypto space can be overwhelming is that there’s an abundance of coins, and each person might have their particular favourite or one that they simply refuse to approach.