Skip to content
In 2022, Black Friday and Cyber Monday (BFCM) shattered previous spending records as consumers spent a remarkable $9.12 billion on Black Friday and $11.3 billion on Cyber Monday in the US alone. Despite the fact that many retailers initiated their sales earlier in the season (some as early as October), many shoppers decided to bide their time and buy during Cyber Week to secure the best discounts.
In line with this spending trend, and despite the rising cost of living, BFCM 2023 is set to be another extravagant spending season as shoppers hunt for the best pre-holiday deals. FIAT merchants looking to tap into the affluent crypto community this autumn should look to ForumPay to facilitate these transactions and take full advantage of the benefits our payment gateway offers.
ForumPay bridges the gap between the expanding community of crypto users and traditional FIAT merchants around the world, whether SMEs or multinational businesses. We have already cultivated partnerships with many retailers and e-commerce platforms, helping them to simplify the process of accepting crypto payments.
This article offers a detailed overview of the benefits of working with ForumPay and breaking into a new area ready for the Black Friday and Cyber Monday sales this 2023 season.
The benefits of accepting crypto payments through ForumPay
Safe, zero-risk transitions
ForumPay offers a secure and reliable service, designed to ensure that your income is never affected by fluctuations in crypto value. We offer instantaneous price determination, allowing you to receive the exact price you set for the item or service for sale. Additionally, you have the option to either absorb our low per-transaction fee or pass it on to the consumer.
Expand your customer base
The cryptocurrency market is growing year on year. Enabling the ForumPay payment gateway as part of your PoS system will inevitably broaden your potential customer base and open up your sales to this expanding community of young, wealthy spenders. Webloyalty forecasts that the majority of BFCM spenders are Millennials, who are also one of the most populous crypto communities. A recent study by Bitget revealed that 46% of respondents across countries such as the United States, China, Japan, Germany, Indonesia and Nigeria, stated they were millennials who owned cryptocurrencies.
Accelerate transaction processing
ForumPay’s swift transaction processing leverages crypto railways, meaning that whatever asset your new crypto customers use to pay, your funds will be settled the same day in the FIAT currency of your choosing, once we have processed the transaction.
ForumPay is wallet-agnostic
ForumPay offers full compatibility with any cryptocurrency wallet, which extends our user base further than that of any other crypto payment gateway. This feature allows for convenient payment options for all crypto users, ultimately providing accessibility to all ForumPay enabled merchants.
Reduce your payment processing fees
Not only are cryptocurrency transactions likely to be larger than those made on credit cards, ForumPay also charges lower fees than your current credit card provider. While traditional PoS systems can cut out significant amounts from your margin, ForumPay charges low transaction fees that cover the exchange rates and blockchain fees associated with transacting in crypto.
Integrate ForumPay into your existing PoS before Black Friday
ForumPay can integrate seamlessly into your existing online workflow and PoS platform using our iOS or Android app. Our open API provides a simple means for you to expand your payments ecosystem to include cryptocurrency, and, if you are using an off-the-shelf system, we may already be integrated.
But ForumPay can also provide a dedicated device with the ForumPay payment solution pre-loaded and ready to run. Out of the box and onto your counter, you will be ready to accept crypto payments in a matter of minutes.
Maximize your BFCM sales with ForumPay
The following strategies can help maximize your 2023 BFCM sales:
- Implement ForumPay both online and at PoS for free
- Prepare your product listings and discounts well in advance in order to calculate your margins and react to market changes if necessary
- Provide a secure and seamless shopping experience for customers and prepare to handle high-transaction volumes
- Capitalize on the speed, lower fees and security offered through ForumPay this autumn shopping season
We highly recommend incorporating ForumPay into your payment ecosystem for the upcoming Black Friday and Cyber Monday campaigns. As the premium crypto payment solution for global businesses and payment processors, we will expand your customer base, improve security and efficiency, and boost sales, with a merchant-focused approach that provides the tools to bridge the gap between the bountiful crypto community and traditional retail outlets.
If your business hasn’t yet started accepting crypto payments, book a meeting with our customer success manager, Dainis, to find out how. He’s available to answer all your questions.
