One of the keys to accepting crypto payments is finding the right partner to fit your business’s specific needs. Crypto payments can offer ease of use for a global customer base. Accepting crypto can also allow users to sidestep costly wire transfers and other fees.
Thinking about accepting crypto as a form of payment? Three business leaders weigh in on the pros and cons.
Accepting Crypto Payments
Representatives of businesses at different points in the journey to accepting crypto payments joined Jim Lester, COO of Bitpay (a bitcoin payment service), on the stage at the D2 Summit Conference. The three panelists—Shirley Gao (CIO of PACSUN), Matt Melbourne (head of token offerings for fintech company Republic), and Erick Rabin (general counsel for BILT, a rewards program for real estate owners) – shared their experiences with the audience.
Shirley Gao, PACSUN
“The journey [to accepting crypto payments] has been challenging and fun. For PacSun…as a brand especially as a brand of Gen Z we hear our customers are looking for us; they are seeking this,” says Gao. She notes that this is not about revenue, it’s about an attitude. Accepting crypto payments was a first step into the metaverse for PacSun, and the process was smooth. PacSun also launched their own branded NFTs, as well as gaming experiences through Roblox. The immersive gamification is being used to provide loyal customers with early access to some offers.
Matt Melbourne, Republic
Republic allows its investors to use Bitpay. Melbourne says that online payments can be an intricate web of regulations and that one of its earliest challenges was making sure the experience was top-notch for its customers. In addition, he says, “Republic is a really global company…so for a lot of global customers crypto is the easiest,” says Melbourne. One benefit of accepting crypto payments is that it makes reconciling payments easier. One challenge was fitting crypto payments into the fintech infrastructure from a legal and compliance perspective, but Melbourne says Bitpay has been open to customization.
Erick Rabin, Bilt
Rabin notes that Bilt Rewards is still at the exploratory stages of accepting crypto payments for tenant leases. He says some of the business rationales for getting into the space include to onboard new customers and allowing their customers to sidestep wire transfers and other fees. The company feels these benefits will appeal to tenants. He notes that by accepting crypto payments, the company is also making a statement that they are a forward-thinking business. In the real estate industry, Rabin says, “We don’t consider it to be actually that risky to add the possibility of paying with crypto.”
To learn more about the use cases and road maps of the businesses represented, watch the presentation here.