Cryptocurrency: How It Benefits Hospitality Businesses
SPARK has been working to bring cryptocurrency to our system, and to the Hospitality Industry. We've announced that we'll be partnering with UKEX, a digital assets exchange company to integrate crypto payments and allow businesses and Bitcoin users to complete transactions through SPARK.
We've previously made a blog-post explaining the new developments as well as the China-UK Blockchain event that SPARK attended. But let's get into why cryptocurrency is well-suited for the Hospitality Industry and how it will benefit from it!
SPARK meets Bitcoin
We've already talked about how we plan to let businesses accept Bitcoin through SPARK's system. All of which will be done with our partnership with UKEX to bring this integration to Hospitality business owners.
This is to allow crypto transactions as another method of payment for users of a rapidly growing market.
The process is simple and transactions can be made in seconds using the customer's digital wallet and SPARK's QR Scanner (as demonstrated in our GIF.)
If you're interested in this new integration and the potential of accepting cryptocurrency at your venue, you can find more information about our partnership with UKEX below.
How It Helps Hospitality
There are various reasons why cryptocurrency and crypto payments are well-suited for Hospitality. With Bitcoins as the future of payments, integration with Hospitality businesses has many possibilities for growth and increased sales.
Increase in value
We mentioned in our last blog-post how retailers and major chains weren't accepting cryptocurrency payments just a few years ago. Had they been accepting Bitcoins in 2017, where one Bitcoin was worth over £2K, the value of that same Bitcoin would be above £7K now.
We should point out that since our last blog-post, Bitcoin against GBP has risen to £8K. As we said, it's a constantly changing market!
This was no doubt a disadvantage for retailers that could not allow crypto payments.
But with new users and digital wallets created every day, it's hard to ignore the popularity of cryptocurrency and how it could erase fiat currency (government regulated money i.e. GBP, USD) altogether.
An EPOS compatible with cryptocurrency would broaden your customer base and drive more sales to your venue.
Not only will Bitcoin users give you their custom, but non-users will also be intrigued by a business accepting crypto payments. It will be a promotional opportunity for your business, by taking this innovative approach and catering to a growing market. We touched on how there are new users and wallets created every day - these are people with Bitcoin to spend.
For those who have used Bitcoin since its earliest days, they will have a substantial amount of Bitcoins, all have which have risen in value over the last few years. These are potential customers that would bring in more sales and new customers to your venue.
Every day spending
Following on from the last two points, allowing crypto payments would make it more accessible for Bitcoin users.
A few years ago they couldn't spend that money however, technology is changing. Hospitality businesses can now take crypto payments for a computer-based currency that would be primarily spent online or by converting it to fiat currency.
It opens up more possibilities for Bitcoin users who will be inclined to give their money to a business accepting cryptocurrency.
The Future of Payments
With SPARK, the process is simple and accessible. We're always looking for new innovations and ideas that will benefit Hospitality businesses. Cryptocurrency is a topic of interest and has the potential to be implemented in Hospitality to allow a newer form of payment.
You can transform your business and start accepting Bitcoins right away. Click here for more information about us and UKEX or book yourself a FREE demonstration to see the product yourself!