Why coaches and consultants should embrace payments in Cryptocurrencies
If you are a coach, consultant or other professional service provider it is time to accept payments in cryptocurrencies.
Why is that?
Firstly, accepting cryptocurrency payments will help you attract new customers of a younger generation who will, as their purchasing power grows, habitually pay for goods and services using crypto. Secondly, it'll help hedge against fiat currencies, inflation and fraud. Thirdly, it will give you an opportunity to stand out from your competition.
Let's look at each of these points separately.
Attract new customers
It is estimated that today more than 100 million people around the world are using crypto and in the US alone, 21 million own one crypto or another.
A recent study concluded that 20% of Americans are likely to make a purchase using crypto while another study found that about 50 million of Americans are planning to buy crypto in the next twelve months.
The majority of crypto enthusiasts are currently in their 20s and 30s meaning that, as their purchasing power grows in the next two decades, cryptocurrency transactions will become more common.
Also, these crypto fans are usually tech savvy and are part of a larger community of similar minded people. This means that if they like your services they are likely to spread the word quicker and to a larger audience than your typical customer.
Accepting crypto will also expand your customer base geographically, if that is something you are looking for.
According to the World Bank, 1.7 billion people worldwide (including 14 million in the U.S.) do not have a bank account, yet a lot of them will have a mobile phone which is all you need to pay in crypto.
By offering a payment method accepting cryptocurrencies, Heroic users now attract a younger, tech savvy, international crowd willing to pay for coaching or consulting sessions in crypto.
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Hedge against fiat currencies
By accepting a cryptocurrency, our users will be able to hedge themselves against their main fiat currency.
Until now, a business had to open a bank account in a different currency in order to collect and store a different currency to, say, US dollar. This came at a cost and great hassle.
The digital nomads out there know very well how to maximise the benefits of collecting revenues in different currencies.
If your revenues are solely generated in USD, it'll mean you need to keep a close eye on costs while in Europe or the UK for example. Collecting revenues in Euros while travelling through the Eurozone is a great way to keep exchange rate costs and foreign transactions fees to a minimum.
With crypto currencies, digital nomads don't think in terms of borders, exchange rates and travellers' cheques. There are other considerations like volatility issues but if you have a steady stream of customers paying for your services in crypto, these will be minimal.
Collecting a crypto payment couldn't be any easier and there is minimal paperwork to keep any crypto collecting in a wallet.
This makes hedging your currency exposure very easy to implement.
Protect your business against inflation and fraud
As a business owner, inflation is always something to keep in mind. Whether it is a short term spike or it is here to stay, crypto has been considered a safe haven against inflation.
Collecting part of your revenues in crypto can easily help you counter any spike in inflation.
Crypto transactions are intrinsically safe. If you have found yourself in the middle of a fraudulent payment scam like someone using a stolen card, you know that resolving such a dispute is a real nightmare. As a service provider you will loose money and time.
Crypto payments are, by essence, irreversible and secure.
As a seller of services, you will be sure that you will get paid instantly and you will not have to deal with any chargebacks or fraudulent payment disputes.
A great opportunity to make some noise.
Add crypto to your checkout and reconnect to your community and customers that may have forgotten about you.
It'll show people you are ahead of the game, embrace technology and stand out from the competition.
Heroic has decided to team up with CoinGate to offer our customers the ability to charge in cryptocurrencies like Bitcoin or Ether.
Heroic is a website builder for professional service providers like coaches or consultants. If you want to add a crypto checkout to your sales page, you need to try Heroic.
Here is a quick video on how it works. It is very simple and, as always, we are here to help.