Retailers need to be able to accept all currencies. For those providing a shopping experience outside the U.S., their merchant bank or payment service provider typically sets up the infrastructure to receive payments.
Once you bring another currency basket into play, it adds another layer of complication.
Merchants should seek experienced legal counsel to guide them through the complicated legal and regulatory digital currency landscape.
Between the volatility of certain digital currencies, paired with conversion rates, you don’t want to be losing money or creating regulatory problems. Speak with your legal counsel about the most efficient way to accept transactions from around the world.
How can retailers optimize their digital rewards strategy?
There is huge opportunity for retailers in the digital rewards space. Rewards that have traditionally been accumulated by credit cards and airlines, or even major stores such as Bloomingdale’s, could be applied to other retail.
The challenge is to digitize these rewards in such a way where a retailer could issue its own token, and that token could be used at a multitude of retailers.
There is no doubt that retailers need to pay attention to the increasing importance of digital currencies and digital cash. Do your due diligence, weigh risks and rewards, and know that having a digital payments strategy is a win-win for any retailer.