Using Crypto in the retail environment

Neocrypto-Australia

As we mentioned recently, Alpha Rings will allow you to buy jewellery with cryptocurrency.

There are a few reasons why we made the decision to allow payments with crypto, and as we’ve been asked by a few customers, we thought it was appropriate to write a post for everyone that might have questions about it.

No Fees.

First of all the biggest benefit for us as a merchant is a reduction in the fees we pay. We currently use PayPal as our main gateway. PayPal is a wonderful service which allows seamless integration on our website and securely processes payments without issue. Whilst that has been a real positive for us to use PayPal (and we will continue to use it), the fees do add up.

The big benefit of using NEO and GAS is that transactions between wallets are free. This is a huge huge benefit for us. It means that neither us the retailer, or the client needs to pay a cent for the transaction. Over the course of a financial year, this does add up for us, in an industry where margins are much tighter than they used to be.

 

Fast transactions

The other option we have available to make payments with is bank transfers. The big problem with this is the time it takes. It still takes days for payments to be received. This means the client needs to wait before shipment, until the funds have landed and cleared in our account. Not only that, many banking apps still have a pretty poor UI.

NEO and GAS generally transfer from wallet to wallet within 30 seconds. This is an incredibly quick process. I can be instant messaging someone, and the payment lands within seconds, then I can go to the post office and post their ring.

 

Ease of use

The NEO ecosystem and in particular the NEON wallet are very easy to use. Whilst it takes a little getting used to, once you are set up, transferring between exchanges and wallets is incredibly easy. As long as you take care to always protect your private key, and ensure you double check the destination address, you should have no issue moving your funds around. A test can always be done with a fraction of a GAS, which is a matter of a few cents.

 

Divisible.

GAS is divisible, which means you can get the exact AUD figure you desire. You can also send payments with whole units of NEO and fractions of a GAS, if you wish.

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Mobile Apps

Although products like Ontology are not free, they do have a current Android and iOS mobile wallet with QR code. This allows easy wallet to wallet transfer of funds. NEO doesnt yet have a mobile wallet unfortunately.

 

So that is some of the main reasons why we’ve chosen to accept crypto as payment for our wedding rings. Consumers are always after choices. We’ve tried to provide a great spread of mens rings that Australians can choose from, which are not necessarily the same as every other websites. Likewise we’re offering the choice of payment options.

Should you wish to pay by Crypto, please don’t hesitate to get in touch!!!

Thanks for reading,

Nick

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