The luxury sector is big business. People make extravagant purchases every day, including expensive watches, flashy cars, and high-end designer clothing. Most will pay for these using a credit card, regardless of whether they’re shopping online or in store. But there’s now a growing trend among the super-rich to pay for luxury goods using cryptocurrency.
Despite this, a large proportion of companies selling luxury goods and services don’t accept crypto, even though it’s incredibly simple to do so. On this page, we’ll take a look through why luxury businesses should accept crypto payments and how they can get started with the KUNA Pay cryptocurrency acquiring platform.
For those selling luxury goods, fraud is an ever-present danger. One of the most seen types of fraud is chargebacks. These are when a charge is returned to the customer when they dispute a payment, often fraudulently, and they cost companies around the world millions. But they aren’t possible with crypto payments, as once payment has been made, there’s no way to reverse it. So, businesses can be sure that they’ll keep the money they’ve earned.
Being paid with dirty crypto is also a concern for retailers, but this is something we protect against at KUNA Pay. We run AML checks on all transactions, to ensure the crypto being used isn’t part of a money laundering scheme.
Simpler International Transfers
Business is now conducted on a global scale, and this is especially true with the luxury goods sector. It’s perfectly normal for a customer in, for example, Dubai to make as purchase from a high-end store in London, and then have the goods sent.
International payments can take a long time to process, leaving the retailer waiting days for their money. But not with crypto. Money sent via crypto usually reaches the recipient with just a few minutes, although the exact timescale will depend on how busy the blockchain is.
Significantly Lower Fees
It’s not surprising to hear that luxury goods come with high prices, with transactions worth tens of thousands of dollars commonplace. But high prices usually bring high processing costs, with some payment processors charging up to 3% to process a transaction. When a business is selling something for $100,000, that means they’ll be paying giant charges.
This is not true with crypto. While there are a few small charges, they are nowhere as large as those charged by credit card companies. This means more money going into the bank accounts of businesses, and less being paid to payment processors.
Start Accepting Crypto Today
As you can see, there are several reasons to accept crypto payments if you’re selling luxury goods. And getting started couldn’t be simpler, as you just need to get in touch with KUNA Pay. Our cryptocurrency acquiring platform can be seamlessly integrated with your online presence, allowing you to start accepting crypto straightaway.
So, if you sell luxury goods and services online, why not get in touch with a member of our team today and learn more about increasing security, speeding up transactions, and lowering fees?