Proper Knowledge For Crypto Payments to Key Sector Players Will Drive Mass Adoption

July 30, 2022

Jess Houlgrave, the head of the crypto strategy at Checkout.com, reportedly discussed the perks and challenges of accepting crypto for merchants that can ignite and grow mainstream adoption of crypto payments.

Specifically, per Houlgrave, although numerous establishments have shared keenness on integrating crypto payments, challenges and problems are still visible when grasping the proper knowledge of the sphere. 

Houlgrave reportedly shared that crypto integration into payment systems will lead to a surge in security, speed, and efficiency, where it could replace traditional payment networks, which are full of middlemen, high fees, and payment delays, and fraud risks. 

Together with the perks, Houlgrave also emphasized that challenges are visible for establishments regarding grasping the proper knowledge of accepting crypto, learning how to secure custody of crypto profits, managing price volatility, and applying for a tax credit. 

Due to the above reasons, the executive provided explanations that companies are turning their heads to outsourcing solutions to handle their crypto payment operations. 

“Increasingly, merchants are accepting crypto payments via a third party who will convert to, and settle in, fiat so that the merchant doesn’t bear price volatility risk versus their expenses.”

Besides these, the payment executive additionally claimed that among the financial officers to which they held discussions in one of their firm’s recent surveys, the main factor leading to the holdback on accepting crypto within their firms is regulatory uncertainty associated with the sphere.

For this matter, Houlgrave further disclosed that a substantial amount of misinformation is recorded in the sphere, and that proper education for prominent players will be crucial for them to adopt crypto as a payment method.

“By educating these larger players about the advantages and use cases of crypto, we can shift the needle, especially for those who can incorporate crypto into their businesses in a meaningful way.”

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