Multi-Currency Payments: Expand Your Customer Reach and Increase Sales!
Hello brands and companies,
VereNFT is a whitelabel NFT platform and service provider that guides brands and companies in the creation of their own NFT marketplace with limited technical expertise needed. Today we’re excited to share our new features with you on a biweekly basis and give you insights into how you can benefit from our infrastructure and technology!
In this article, we will cover the importance of multi-currency payments, the solutions we are providing to businesses, case studies on the global data of crypto and fiat populations and how it relates to our solutions, and the benefits we can offer to brands. You will understand how VereNFT can expand your customer reach and increase sales. Let’s start!
Introducing Multi-Currency Payments
VereNFT allows businesses to list NFT items for sale and accept payment in a variety of fiat and crypto currencies for primary and secondary sales. According to Chiainalysis, the NFT space has been flourishing since 2021 and the market size has reached $41 billion. VereNFT helps brands to target the booming market and much beyond that — we are aiming for democratising NFT access to everyone, or otherwise known as NFT mass adoption. One of the ways we make it happen is to provide customers with multiple payment options so that they can easily engage with your brand.
How?
Fiat: We partner with Stripe to process fiat payments in 135+ currencies, allowing businesses to charge customers in their native currency while receiving funds in yours. Businesses desiring to accept fiat payments will need Stripe configured. There are two occasions when customers may be charged a fee by their credit card company. Firstly, if the charge currency differs from the customer’s credit card currency, a foreign exchange fee may be incurred. Secondly, if the credit card and your business are in different countries, regardless of the currency used the customer may be charged a fee as well.
Crypto: Crypto payments are currently handled through Metamask and the Cybavo ADA integration, allowing businesses to charge customers in ETH, ERC-20 currency, and ADA.
Additional Currencies: Businesses can request to accept primary and secondary sales payments in additional currencies which will be considered at VereNFT’s discretion to ensure that additions remain in line with the product vision and roadmap. Primary sales refers to the first sale of the NFT while secondary sales refers to the subsequent sales after the first sale of the NFT. For now, all secondary sales will stay on the platforms supported by VereNFT.
Case Study: Global Data on Crypto and Fiat Users
Businesses can reach two types of customers here — traditional ones who recently developed interest in NFTs but are not familiar with crypto, and the crypto-native generations who are into NFTs.
According to TripleA, as of 2021, it is estimated that global crypto ownership rates at an average of 3.9%, with over 300 million crypto users worldwide. Amongst all, 58% are aged 34 years old and 36% have an annual income over US $100k. These young, rich, and digital-native generations are indeed the target customers of NFT brands. It is an enormous market, and without any doubt enabling your customers to collect NFTs via cryptocurrencies will drastically increase sales and revenues.
That said, the current world population is at nearly 8 billion. This means most of the population are still not knowledgeable about cryptocurrencies. Hence, it is a smart move if businesses can simultaneously provide fiat payment options to customers, tapping into a much larger market.
Catering for just one type of currency will not be beneficial and will isolate a group of customers. Businesses will also miss the chance to capture more sales and grow revenues. Hence, it makes sense to strike the right balance by serving for various customer groups and not just one.
Benefits of Multi-Currency Payments to Businesses
Expand Your Crypto Customers:
Enabling top-ranked cryptocurrency payments allows you to grow your business rapidly. According to on-chain data, Ethereum addresses holding a balance now total over 68.26 million. On the other hand, the Cardano Foundation announced that the number of Cardano wallets has reached 2.5 million. These token holders are comfortable with making purchases via the respective token, and they will spread the word about your NFTs within their own communities to organically promote your drops.
Connect with Fiat Customers:
By tapping into the fiat market, you can democratise access to your NFTs, attract new international customers and drive revenue through increased conversions as a result of currency localization and price transparency. Satisfied customers see the exact amount of their purchase in their home currency and this can encourage repeat business.
Reduced Transaction Costs:
A Stripe multi-currency fiat account enables you to hold all the currencies that match your customer bases — and you pay just one account fee — instead of paying various account operational fees for different currencies. While for your customers, they are protected against adverse exchange rates since the cost for having to trade between currencies can also be reduced.
Stand Out From Your Competitors:
When you accept multi-currency payments, you are able to differentiate your business from the other NFT competitors. In other words, if you accept a local currency, such as the yen, but your competitors do not, it gives you the upper hand to differentiate yourself.
Boost Customer Loyalty and Trust:
When your customer reviews your NFT collections and it’s in their local currency or any currency they feel comfortable about, they know instantly how much they’re going to be charged, which prevents any confusion, questions, or surprises. When your international customers have this type of clarity, it can boost customer loyalty since they trust your business and feel comfortable collecting NFTs with you. They know that they’re not getting taken advantage of.
Last Words
The world is getting smaller as more people buy online, and it’s far more likely that customers from around the world are visiting your NFT marketplace with the intention to buy given that the NFT market is booming like never before.
If you want to create a branded whitelabel NFT marketplace with customizable features for you and for your customers, book a demo with VereNFT today. We will help you drive sales and grow revenues.
Book a demo: info@verenft.io
About VereNFT
Built on top of the Aventus Network, VereNFT is the whitelabel NFT platform & service provider that guides brands, companies and individuals in the creation of their own NFT marketplace with no technical expertise needed. With the support of a dedicated customer success team and environmentally sustainable technology infrastructure, VereNFT is everything brands need to position themselves in the metaverse.
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