Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?
You can have a seasonal discounts if you want for you to sustain it quite longer. But if you are thinking that you would give discounts for crypto payers all the time, that would also lessen the profits you'll be making. Otherwise, you have to set your priority, those fiat customers or those crypto users. Giving discounts is always a proven technique to convince customers, but no store owner would survive if he ends up giving mostly his items free for all the crypto users. 
Topic: Enticing customers to make payment with crypto. (Read 275 times)
Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?
A discount will do, but how willing are you to cut your profit for the sake of further crypto adoption? that is the question here.
Most probably, it's not going to be sustainable since you'll probably not going to receive anything in return except for crypto adoption. Or you should at least offer your old stocks or slow moving and non moving stocks in a good discount for every crypto payment. That way it could be sustainable on your part and that you'll not run into a loss. Make those non moving stocks at an even price (including the discount) of how much you've purchased it.
This is a great way to encourage people use crypto to pay for the products and services they will avail. Discounts and freebies are proven to be an effective way of marketing. However, this won't be possible if you'll do it for the long run. Sustainability of this movement is blurred since you'll still have to get profits in order to maintain your business from running. And having continuous discounts and freebies could put your business at risk if you won't be able to plan and organize since the discounts and freebies have their costs too.
Freebie would be a bit of a trouble since if it's free then how could you get people to use crypto. But, if you do discounts or like "pay 2 with crypto, get one free" type of freebie then it may work. But, it is not shops responsibility to make crypto more popular.Like let's say wallmart, one of the (if not the biggest) biggest market chains in the world, if they start accepting crypto, it is cool for us and we can use it there, but why would wallmart care about everyone to use crypto to pay? That will not happen and we are going to just have the same amount of people who use crypto give or take, a few may check it out, but it won't be a major change at all.
Discounts are a powerful way to attract consumers. but behind the discount given usually the price has been increased at least equal to the discount given (retail scheme). so you don't lose
It’s been years since I actually bought anything with crypto. It’s just not worth it. 99% of the places I go don’t accept it. And if they do it’s usually on chain and not with lightning.
This is the same with other cryptos like Ethereum, most people just send it to their cold storage and back or between exchanges, very little is actually p2p or business transactions.
In the future it will change but it has very little real world use right now.
This is the same with other cryptos like Ethereum, most people just send it to their cold storage and back or between exchanges, very little is actually p2p or business transactions.
In the future it will change but it has very little real world use right now.
hi OP, have you found enlightenment from the above discussion? you can write a list to be a reference and consideration for accepting crypto payments, your thread is quite exciting and makes contributors interested in your topic. If you currently receive a discount of several % of what you offer maybe in the future you will reap results When Ath's work is back again. You are the same business and save in the future. Similar threads are already quite familiar and discussed, friends. There is nothing wrong with reading again for consideration or complaints for those who have provided assimilation with crypto or p2p I quite support your plan but all forms of risk you will bear. Be wise before starting with crypto to anticipate if needed
Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?
In crypto it could be bit challenging. I mean prices are ever fluctuating. In crypto most of people think about the value in USD only, so in short when they see their wallets going up and down in the fiat sense it worries them. I mean sending it as bitcoin to bitcoin sense makes you think you have enough but when you look at it in fiat value its always up, down, up, down!
In that making them spend on discount could benefit for sure but will they be willing to spend it when the crypto is down in terms of fiat value?
You can may be offer free stuff (offered) on purchasing with bitcoin and then they might get attracted readily. However, you are the business person so you know more marketing strategies than us. But it should not be related to their bitcoin's directly.
Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?
If giving discounts and some free gifts, there's still a way to cope with it through bringing your profits first. Your mark-up has to be a little down if you'll budget the discounts. That's all you need to do, a re-calculation on how much will come to you and how much you'll give to those crypto payments from your customers as an incentive.
Look at this from the point of view of a customer. They don't know anything about crypto. They see a 10% discount and get interested. They start googling and suddenly it's so complicated that they decide it's not worth it. You could bump the discount to 30% or 50%, but you are right - how will you make money? Your benefit can only come from attracting more customers and saving on fiat payment processor costs. And in both cases it would be hard to compensate for the huge discount.
Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?
I guess if you do it for good, your business will be rekt. I suggest only offer discounts if you have exceed your sales target, if not just focus on fiat users because they make the most of your valued customers. However, feel free to ask your fiat payers that you are accepting crypto payments too if they have one. Maybe they can recommend your store if ever they'll meet some friends who are looking for stores accepting crypto. You can't sustain giving discounts for long, that is definitely not a good technique though. 
Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?
How can you run a business and make profits if you are giving away some of your money for free? Its good to offer discounts but only in some selected days, not exactly the whole season. Because if you do that, your business will be doom in the long run. However, with crypto users, they will eventually use it as a payment as long as they know that you are accepting crypto for payment, but for the mean time, offer discounts but set a limit for it. 
Discount are a proven strategy that is still effective to attract Customers. But if you offer some kind of Discount that then requires the Customers to pay using crypto, it's most likely not going to work as effectively, because there are still a lot of people out there who aren't very familiar with bitcoin.
On the one hand, you also have to take into account in detail each item that you have to spend, including the amount of discount you will offer to Customers, which aims to determine what percentage of profit you will generate, whether it is commensurate with the Discount you offer.
On the one hand, you also have to take into account in detail each item that you have to spend, including the amount of discount you will offer to Customers, which aims to determine what percentage of profit you will generate, whether it is commensurate with the Discount you offer.
If you give them free things, discounts, then you won't be able to have a good profit margin which means that sooner or later you would drop the idea and at the end the whole system won't work.
What you can do is give them discounts like :
If they pay for 5 coffee with BTC, they get one cheese cake or another coffee free, these things would encourage them to come to your shop more often and take these rewards in and out which means that you have to be a bit witty about that as well.
So if you are really interested you can easily get some exchanges to collaborate with you, which means that they would give you some discounts which you can very easily give to the customers or save some for you as well! The whole idea is ' you don't let your business die '
What you can do is give them discounts like :
If they pay for 5 coffee with BTC, they get one cheese cake or another coffee free, these things would encourage them to come to your shop more often and take these rewards in and out which means that you have to be a bit witty about that as well.
So if you are really interested you can easily get some exchanges to collaborate with you, which means that they would give you some discounts which you can very easily give to the customers or save some for you as well! The whole idea is ' you don't let your business die '
Crypto exchanges can make deal with businesses for discounts and rewards on making crypto transactions. While this will bring in more funds for the exchanges, which can further be invested. The businesses will also benefit due to lowered financial costs.
building and providing payment facilities using it is very good in my opinion, because there will be visitors who will pay with crypto later. especially nowadays, many people have started to adopt bitcoin and of course they can save the cost of exchanging it with fiat and can be exchanged directly in crypto without having to wait in line.
Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?
This is a great way to encourage people use crypto to pay for the products and services they will avail. Discounts and freebies are proven to be an effective way of marketing. However, this won't be possible if you'll do it for the long run. Sustainability of this movement is blurred since you'll still have to get profits in order to maintain your business from running. And having continuous discounts and freebies could put your business at risk if you won't be able to plan and organize since the discounts and freebies have their costs too.
Maybe you could opt to do this for a limited time only. Give them discounts and freebies for a certain period of time to encourage them pay with crypto. Then later on, cut the campaign promotion and do a pointing system instead whereas every customer to pay with crypto earns a point and the points earned could be exchanged for a reward such as an item corresponding to the earned points.
This way, you can still promote the usage of crypto without sacrificing much of your profits because the customers have to earn, save, and wait for their points to accumulate first before having a reward in exchange.
Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?
A discount will do, but how willing are you to cut your profit for the sake of further crypto adoption? that is the question here.
Most probably, it's not going to be sustainable since you'll probably not going to receive anything in return except for crypto adoption. Or you should at least offer your old stocks or slow moving and non moving stocks in a good discount for every crypto payment. That way it could be sustainable on your part and that you'll not run into a loss. Make those non moving stocks at an even price (including the discount) of how much you've purchased it.
Hard to sustain the fact that you are giving discounts but if you treat it like you are stacking sats aka won't mind holding the coins for good until bull market, you will gain.
I guess this will only be possible if you are a producer and can sustain to live comfortably despite sending products for less.
But hey the bear market is about to be over so maybe its not such a bad idea. Prices may just be good before the end of the year. The issue is that will there be Bitcoin users going to buy products?
Is this a possible way to entice customers who do not like to pay with crypto, Will offering discounts for goods when a customer pays with crypto or free gifts encourage and entice more customers to use their crypto for payment of goods? If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?
You can't. You will be selling at discounted prices, which means that your revenue will be lower and your profits would be minimal or negative.
The only way would be finding a supplier of really cheap products and reselling his goods for a bigger profit margin(minus all the discounts). This is close to impossible, in a time of global inflation, when the goods coming from China and other Asian countries are getting more and more expensive.
What is your business? What kind of products are you selling?
You have to ask yourself, is switching to crypto payments going to be worth the effort? Many customers might get disappointed and stop buying from you, if you somewhat force them to pay with crypto(despite all the discounts and free gifts).
Don't do it steadily. Do it like in big events only. Crypto-related. Like the "Pizza Day" which is a known story in Bitcoin transactions.
Use those type of events and offer freebies or discounts in that day or for a week. That way, your customers are learning and it could be a good invitation for them to use cryptocurrencies as a payment options.
You will get back those loss if you sell the crypto paid at you at the right time. You just need to monitor the market with high accuracy.
Use those type of events and offer freebies or discounts in that day or for a week. That way, your customers are learning and it could be a good invitation for them to use cryptocurrencies as a payment options.
You will get back those loss if you sell the crypto paid at you at the right time. You just need to monitor the market with high accuracy.
If I offer discounts which will encourage more of my customers to get crypto, how can I possibly sustain it for long to ensure that i don't run at a loss?
Try it and see it!
First, you would have to offer enough of a discount to make some of your customers think it's better to pay in crypto rather than with traditional fiat, and here is the mentality problem, most don't want to spend crypto because it will be 100k soon, so do you think you're going to convince them for 5% off?
Second, there is the problem of the profit ratio your business is running on, do you have a printing shop, a butcher shop, or a restaurant, if you run on a low margin high volume model the discounts will most likely be impossible if the opposite you could probably sustain it for a long time because well, not so many will be keen on spending.
I do hope that the decline in activity on the main chain is because people use LN to pay for stuff, but I see no actual evidence of that happening on a large scale.
So, try it first and then tell us how it went!
I can sell shares with my cell phone in an instant and pay with the money I receive with the debit card, but I do not do it because the money I have in shares is an investment, and I will not use the money from an investment to pay for current expenses, such as food in a restaurant even if they offer me a small discount, because I expect to get more out of the investment, regardless of the fact that if I sell the stock to pay for a fucking steak and a beer I will have to pay capital gains. The same applies to cryptocurrencies (as long as the current price is higher than the one you bought).
Since you can sell and buy shares in an instant why don't you do the same with bitcoin?
You have the choice of paying 100$ with a CC or $90 with bitcoin, pay with bitcoin and then buy 100$ worth of bitcoin with your CC. Simple!
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