Do Franchises in 2021 Need To Be Prepared To Accept Crypto?

Cryptocurrency

Cryptocurrency is one of the most exciting financial developments of our time. In the modern world, a decentralized currency option offers precisely what the doctor ordered: A community-grounded financial instrument that can be utilized as a commodity for purchasing power while also building an equitable framework for investments and growing wealth over time.

The Bleak History of U.S. Personal Finance

For too many years, the ability to invest and gain traction in the marketplace was reserved for the elite savers and those who had inherited their opportunities rather than creating something for themselves. However, ground-breaking advances in stock market accessibility and the introduction of Bitcoin (BTC) as a proof of concept just a few years earlier signaled a shift in market sentiments and user base that would forever change the way U.S. residents regard the markets and financial competency itself.

The truth is that people in the United States (and in a great many other nations around the world) simply lacked the same level of accessibility and competence in financial planning and saving discipline that the world’s wealthiest have always enjoyed. While savings rates were once competitive, bond rates and savings account figures have fallen off a cliff in the last few decades, leaving the average consumer with few options for investing and growing a nest egg that they could count on later in life. This all changed in the wake of the financial collapse precipitated by a burst housing market that reverberated throughout the entire global marketplace.

Cryptocurrency in the Present Era

This all brings us to the present day when an estimated 46 million people in the United States alone hold crypto assets. With such prevalence behind the industry, it’s no surprise that franchises may look forward to accepting crypto.

Bitcoin, Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and many thousands of other crypto coins, tokens, and forks are traded and used for purchases today, and buying and holding these assets is simpler than ever. You can buy and sell Bitcoin on Coinbase, PayPal, Cash App, Venmo, and many other cryptocurrency trading and holding platforms. Indeed, actions like buying Bitcoin on Cash App have become commonplace and are utilized by a massive volume of consumers. These FinTech platforms offer excellent accessibility and provide a new and simplified approach to holding and using Bitcoin and other cryptocurrency assets for expanded wealth-generating opportunities.

Accepting cryptocurrency requires a bit of additional infrastructure, but the transactional opportunity gained by incorporating these technological advances opens up a unique new opportunity that only the best franchises around are tapping into at the moment. Taking cryptocurrency payments allows for investing as a built-in component of your overall cash flow and business operations planning. Holding various cryptocurrency assets provides the rocket fuel that many brands and franchisees are looking for when they open their doors to the public. 

This is particularly true in another troubling age. The coronavirus pandemic has thrust eCommerce into the spotlight before its supremacy had come to fruition. The trend of online purchasing has been growing for the last decade, yet its total dominance of the market is still a few years off in the distance. After stimulus payments flooded consumer accounts, major purchases into cryptocurrency and stock holdings have become far more normalized. Accepting these cutting-edge payment forms provides a fast transaction verification and the highly secure payment option that many consumers have been waiting for. 

Incorporating a recourse for cryptocurrency payments as a franchise owner is simply common sense in this day and age. Prepare your brand and business for a future of seamless, decentralized purchasing power, and you’ll never look back.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.