Skip to content
The business travel market is now worth over $50 billion annually, with an increasing number of professionals preferring to travel for work rather than relocate. This growing trend has led to a surge in demand for crypto-friendly hotels that accept digital currencies as payment.
You might have read about hotels that only accept Bitcoin or other cryptocurrencies as payment and think this is a niche market. On the contrary, this is just the beginning of the crypto hospitality movement, and it’s something you need to be aware of if you own or operate a hotel. Hoteliers who understand the importance of creating a crypto-friendly environment will see an uptick in bookings. Read on to learn why this is important and how to make your hotel more accommodating for guests who pay cryptocurrency.
What’s the Importance of a Crypto-friendly Hotel?
Business travelers who hold cryptocurrencies will often use those digital assets to pay for travel expenses. After all, it makes sense to immediately exchange something you plan to use for something you need. It’s risk-free and can offer more flexibility if the value of your investment fluctuates.
Travelers who hold Bitcoin can use it to book hotels, pay for taxis, shop at stores, and even eat out. A study conducted by Cambridge University showed that 20% of all Bitcoin transactions are related to the travel industry. With millions of people holding cryptocurrencies, it makes sense for hotels to offer a crypto-friendly experience to increase their customer base.
Why Are More People Paying with Cryptocurrency?
People tend to hold on to the coins they first acquired when they were first introduced to cryptocurrencies. They might have purchased Bitcoin from a friend back in 2012, or they could have been among the first people to invest in Ether in 2016. Now, these investors are looking for ways to spend their crypto assets. Hotels that offer a crypto-friendly experience are the perfect solution.
In addition to needing a place to stay when traveling, business travelers need to eat out, buy gifts, and buy souvenirs while visiting a new city. Crypto-friendly hotels allow guests to spend their crypto assets without exchanging their coins for cash. Although it’s possible to pay with crypto assets at hotels that don’t accept them, it’s much more convenient to have the option to pay directly with your crypto.
4 Steps to Become a Crypto-friendly Hotel
You can take a few steps to make your hotel more crypto-friendly.
Launch a blog to educate potential guests – Let potential guests know that your hotel accepts cryptocurrencies. Let them know how easy it is to pay with crypto by providing examples.
Accept cryptocurrencies as payment – Accepting cryptocurrencies as payment is as simple as adding a payment button to your website.
Promote your crypto-friendly hotel – Start a social media campaign to inform potential guests that your hotel accepts digital currencies. Offer incentives such as discounts for booking online with a crypto wallet.
Invest in crypto accounting software – Once you start receiving payments in cryptocurrencies, you’ll want to be sure that you’re keeping accurate records. (Although with ForumPay, that is no issue as funds are immediately converted to cash when a purchase is made, making it easier for accounting.)
Crypto Travelers
Crypto travels are becoming increasingly popular. As more people begin to trade and hold cryptocurrencies, it makes sense for hotels to become crypto-friendly. When crypto-friendly hotels accept payment with digital currencies, they open themselves to a new customer base. You can make your hotel more crypto-friendly with a few changes to your business. Start by educating your staff on cryptocurrencies and how they can be used as payment. Offer incentives to guests who pay with crypto and accept different types of digital assets. By becoming a crypto-friendly hotel, you’ll attract a new clientele who can pay for hotel stays with the coins they hold.
Learn more by visiting us at ForumPay today! And don’t forget to follow us on Instagram and Twitter for more on all things crypto!
