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!
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?
Giving discounts will be a good thing but if you will be at a loss by doing that then better not to do it. Another thing is that even you will give discounts to your customers, there is no assurance that they will really pay you in crypto though giving discounts isn't a bad idea as well.As for me, giving discounts are not for long term especially when it comes to crypto because you might end up losing because of how crypto moves. Just let them buy using crypto for one time would be the best I guess and just let them use their crypto to buy at your store.
OP, remember..... You will only offer the discounts as a introduction to Bitcoin strategy, so after a while... you will not offer the discount anymore. I will also look for the most popular item in the shop and offer the discount on that item.
People shop around for the cheapest price on the item that are the most popular, so when they see that item in your shop at a discount... they will convert to Bitcoin, just to buy that item. So you are only taking a loss on the one item.... and you make it up on the other items. (Example : Gaming Consoles or one of the latest games)
People shop around for the cheapest price on the item that are the most popular, so when they see that item in your shop at a discount... they will convert to Bitcoin, just to buy that item. So you are only taking a loss on the one item.... and you make it up on the other items. (Example : Gaming Consoles or one of the latest games)
there are 2 sides to holding assets. if good prices don't last long, of course losses will also turn quickly to prosperity. you offer discounts maybe it's a pretty effective marketing technique customers will come and use their crypto. as long as you don't share the results with your partners maybe The loss in the price of storing crypto at the base will be more relaxed and considered a long term investment. We all know that the value of an asset is not fixed no matter what. They are hard to predict as time goes by and the laws of trading occur. You have complete control over the asset, vision, system that your company owns and you manage.
welcome crypto in your circle, friends.
welcome crypto in your circle, friends.
Some time ago, I read about a similar topic. A man opened a coffee shop and attracted customers with discounts if they paid in bitcoin. If your hands created your product, you could well discount products. From a future growth perspective, if you have nothing to lose by producing your goods, getting paid in bitcoin would be reasonable.
But if you depend on the fiat money you invest in your business, then selling at a discount will not be profitable for you.
But if you depend on the fiat money you invest in your business, then selling at a discount will not be profitable for you.
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 don't see much future for your idea. For starters, you talk about "crypto" in general, so you are including a bunch of indeterminate shitcoins. Why do you want to incentivize a series of centralized, premined shitcoins, which in some cases are clear pump and dump schemes, etc?
If you were talking only about Bitcoin, I could understand it more, but not even then. Cryptocurrencies including Bitcoin as of today are mainly used as an investment, and people are not going to pay massively with them as long as they are an investment.
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).
Discounts welcome more users make use of cryptocurrency as Payments. Do you have any reason why people aren't interested in making payments with cryptocurrencies. To my understanding, people consider it as an investment that brings in profit in the long term, whereas if spend on a product there'll be variation in the pricing due to the volatility. What we buy spending $30 in bitcoin can be bought with just $20 tomorrow if there is increase in price.
giving a discount for the goods we sell is very good. Many customers expect compensation for what they buy. but maybe they will pay with crypto ? I think you need to observe first about your customers and the area you are selling, maybe they are not familiar with crypto so that the discount offers you offer cannot be accepted by your customers.
Giving discounts doesn't mean you are selling at a loss. It means you're selling with a smaller profit. If it is the former, it is not advisable and you shouldn't do that. You are doing business, why should you be selling your goods at a losing price? No business could sustain that way. Forget about crypto payments, you'd rather receive all payments in fiat but with a profit than crypto but with a loss.
But I agree with the idea of giving discounts or extra freebies to customers who pay in crypto. That sounds nice!
But I agree with the idea of giving discounts or extra freebies to customers who pay in crypto. That sounds nice!
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.
I have an idea!
Could you consider giving your goods for free, with the condition that the customer will pay with crypto.
If you can do this, you will understand that your customers all has their ways of paying with crypto and simply do not wish to.
I ask, why do you suddenly want to push your customers to paying with crypto? Do you have any problems or threats with your country's fiat? Or you just want to please bitcoin and bitcoiners?
Advice:Try and separate your crypto life and your business life and you will do great. Maybe investing your profit in crypto will be a nice idea instead.
Could you consider giving your goods for free, with the condition that the customer will pay with crypto.
If you can do this, you will understand that your customers all has their ways of paying with crypto and simply do not wish to.
I ask, why do you suddenly want to push your customers to paying with crypto? Do you have any problems or threats with your country's fiat? Or you just want to please bitcoin and bitcoiners?
Advice:Try and separate your crypto life and your business life and you will do great. Maybe investing your profit in crypto will be a nice idea instead.
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?
Yes, offering discounts is a good way of enticing customers to pay in crypto. Aside from that promotional events like buy 1 take 1 or freebies if they spend a certain amount and pay with crypto.
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 selling an item, we always have a mark-up, you can calculate and sacrifice a certain percentage of this mark-up so that you won't be losing any capital when giving a discount.
What should matters to you now should be your business and not the method of payment, you can add crypto as a payment option but encouraging customers to pay in crypto by discounting what you are selling is not making any sense. Just accept what others are paying and do discounts that will move the productsnor services of your company and company forward.
Offering discounts or any sort of promotion for using crypto as payment will surely pique the curiosity of the customer and you might also be questions as to how to do it. So basically yes, you can attract or entice customers on paying thru crypto.
However, on you will sustain the promotion in the long run will surely depends on your decision as you are offering payments thru a volatile currency (not including stablecoin). Also, you might encounter a huge loss or even received a huge gain depending on how the market run. But you must also consider that you are promoting crypto thru your community which is a good for us in the crypto industry.
However, on you will sustain the promotion in the long run will surely depends on your decision as you are offering payments thru a volatile currency (not including stablecoin). Also, you might encounter a huge loss or even received a huge gain depending on how the market run. But you must also consider that you are promoting crypto thru your community which is a good for us in the crypto industry.
Of what benefit will it be to you and your business, tbh, your sole aim as a business man/woman is to make profit, irrespective of whatever currency you are paid in, if your customers only want to pay in fiat, then accept payment only in fiat. However, to support Bitcoin adoption you can add an alternative payment method through crypto/Bitcoin but there is no need to try to allure people to use it in such a way that you prolly might run at a loss in the long run, just make the option available and people who fancy it will use it. Discounts and free gifts are for big businesses that have stood the test of times, if your business is nothing like that i think you should forget the idea.
he can always test the idea though. just like every promotion, there's validity period of claiming the reward or gift. because for sure, if he will run it long term, more then likely, he will be at a loss with his business. so that idea is not bad at all if you do really want to attract some customers to pay via crypto. just make sure you are not too generous to the point that your business will suffer. as Coyster said, those who fancy it will use it. always make it known that you accept crypto but the reward thing, should just be a short term promotion.
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?
Yes ofcourse but question is these will be done only if you actually gain from people paying in crypto, currently the incentive that will be given to customer will not entice additional revenues or profits for the company which means all the incentives are just free social service and that ofcourse no business likes to do. Therefore it's impossible that such a thing would happen in any scenario unless you create incentive for business if they accept payments in crypto. 
Of what benefit will it be to you and your business, tbh, your sole aim as a business man/woman is to make profit, irrespective of whatever currency you are paid in, if your customers only want to pay in fiat, then accept payment only in fiat. However, to support Bitcoin adoption you can add an alternative payment method through crypto/Bitcoin but there is no need to try to allure people to use it in such a way that you prolly might run at a loss in the long run, just make the option available and people who fancy it will use it. Discounts and free gifts are for big businesses that have stood the test of times, if your business is nothing like that i think you should forget the idea.
Discounts are a great way to bring in customers but can't be sustainable for a long period. The issue here is that people need more education on what BTC is and it's benefits and then they would be more willing to do crypto payments. Without that it's just a short term experiment.
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?
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