Even though many companies have expressed curiosity about integrating crypto payments, you may still find challenges when it comes to comprehending the space, stated Jess Houlgrave, the mind of crypto strategy at Checkout.com.
Talking with Cointelegraph, Houlgrave spoken concerning the benefits and challenges of accepting crypto for retailers and shared her ideas on which can spark and additional the mainstream adoption of crypto payments.
Houlgrave stated the integration of crypto payments leads to a rise in security, efficiency and speed. It might replace traditional payment systems which are plagued with middlemen, high charges, payment delays and fraud risks, she mentioned.
Combined with the benefits, Houlgrave highlighted there are also challenges for companies when it comes to learning how to take into account accepting crypto, finding out how to secure child custody of crypto profits, managing cost volatility and trying to get tax. Due to these, the manager described that firms choose to delegate their crypto payment operations. She stated:
“Increasingly, retailers are accepting crypto payments via a 3rd party who’ll become, and get ready, fiat so the merchant doesn’t bear cost volatility risk versus their expenses.”
Aside from these, the payment executive noted that one of the financial officials that they’ve spoken within certainly one of their firm’s research studies, the main reason because of not accepting crypto inside their companies is regulatory uncertainty all around the space.
In connection with this, Houlgrave pointed out that in addition, there’s lots of misinformation within the space which educating large players is going to be crucial to allow them to adopt crypto like a payment method. She stated:
“By educating these bigger players concerning the advantages and employ installments of crypto we are able to shift the needle, specifically for individuals who are able to incorporate crypto to their companies inside a significant way.”
She further believes that for crypto to contend with other payment methods, there is a have to create a more seamless consumer experience for consumers and retailers.
Related: Crypto.com to unveil Google Pay integration as Big Tech is constantly on the embrace crypto
In June, Checkout.com launched a stablecoin settlement system using USD Gold coin (USDC) to assist retailers process crypto payments and instantly convert digital asset payments into fiat. Houlgrave described the system enables companies to possess elevated use of their funds flow and mitigate volatility risks.
