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Crypto payments are boosting the dining industry as an increasing number of establishments that accept currencies. What was once considered a niche trend has now evolved into a widespread movement driven by both customer demand and the industry’s recognition of the benefits that crypto brings to the dining table.
Shaping the Restaurant Industry
Introducing crypto payments in restaurants, food delivery platforms, and fast food establishments has only increased sales. While crypto mainstream acceptance remains in its infancy, it continues to grow. A study by PYMNTS reveals 56% of crypto consumers are likely to spend crypto on food and restaurant services.
In the USA, after housing and transportation, food and drink are disposable income expenses. This cost varies within restaurants, food delivery, fast food, coffee shops, bars, and fine dining – but one thing is certain: it’s a popular market. The correlation between crypto spending and food and drink consumption could have much to do with disposable income. As many purchase crypto with disposable income due to its value appreciation potential, users could have more disposable income to spend on food and drinks.
ForumPay’s Role in the Dining Industry
With the evidence rolling in, it’s clear restaurants must adapt to crypto payments. Although there is a steady increase in crypto payments for food and drinks, another constant is the hostility toward crypto payments in general.
Luckily, ForumPay is a free-to-install crypto payment gateway designed to bypass volatility, ensure security, and make crypto payments approachable:
- Accepting Any Crypto From Any Wallet
Many crypto payment gateways enable payments from specific wallets and crypto, but why have such limitations? ForumPay allows businesses to accept crypto payments from any digital wallet and with any cryptocurrency. The main benefit of accepting crypto is accessing the crypto market – not just a fraction of it! ForumPay technology enables payments with any crypto providing enough demand. Currently, ForumPay accepts USDC, USDT, Bitcoin, Bitcoin Cash, Ethereum, XRP, Litecoin, HOM, and ProperT.
- Instant Price Determination
In the time between a payment being made and the funds settling, there could be a considerable distinction in value. This volatility oftentimes results in businesses approaching crypto payments with hostility. This is why one of ForumPay’s outstanding benefits is instant price determination, conversions, and settlements.
Instant price determination means that ForumPay automatically converts crypto funds to the cash equivalent at the best rate when purchasing. The merchant will receive the exact price amount in the fiat (USD, EURO, GBP, etc.) currency of their choice. The funds are then deposited into their bank account at the end of each day without worrying if that value will change.
- No Hidden Fees
Any business that accepts credit and debit card payments knows the headache it is to see those fees rendered out each month. Not only are they high and hinder business revenue – but there are also hidden annual and maintenance fees, which beg the question: is accessing card-paying clientele worth the loss?
This should never be the case for any business, and ForumPay knows! Each transaction has a one-time fee lower than any other competitor. You can access the crypto market without hindering profit.
- Security
Safety and global compliance are ForumPay’s top priorities. All ForumPay transactions are loaded into Jumio’s monitoring system, where the ruleset is used to identify any patterns of money laundering or suspicious financial activity. ForumPay‘s due diligence and KYC are all managed and validated through Sum and Substance to ensure authenticity, accuracy, and legitimacy.
Another way ForumPay verifies transactions is through Chainalysis KYT, which detects many patterns of risky activity, from darknet markets and scams to sanctioned addresses and anomalous transactions.
The International Dining Industry
As the dining market is an international, fast-paced industry with high transaction volume, it’s only logical to diversify accepted payment methods. As a sub-part of the tourism sector, with people who travel specifically for a dining experience, crypto payments are the top choice for problem-free international transactions. Crypto is borderless and poses no interference with cross-border transactions; no additional fees, no wait time, and no complicated conversions.
It’s undeniable that crypto is impacting the dining industry, and it’s time to get in the game. Restaurants around the globe can benefit from crypto payments, particularly with ForumPay’s approachable platform.
To start accepting crypto payments, visit www.forumpay.com today!
