5 Integration Challenges for Crypto Payments in Subscription Businesses and How to Overcome Them

Imagine turning away 3 out of 4 potential customers at your door. Sounds crazy, right? Yet that's exactly what many subscription businesses are doing by not accepting cryptocurrency payments.

The crypto revolution is in full swing, with a third of small businesses already on board. Why? Because crypto owners are eager to put their digital assets to work – 75% of them want to use crypto for everyday purchases.

For subscription-based businesses, this shift presents both an exciting opportunity and a set of unique challenges. But don't worry – we've got you covered. Let's look at the top 5 challenges you might face and how to overcome them with ease.

Challenge #1: Integrating crypto payments is complicated

Many people believe adopting crypto payments, especially for subscriptions, is complicated. The common assumption is that it requires a lot of time, money, and technical know-how.

In reality, it’s not. Connecting and syncing a wallet with your existing system is all it takes to get started.

Once you’ve done that, you’re ready to start accepting crypto payments without the need for significant technical changes or high costs.

Challenge #2: Concerns about crypto’s volatility

Cryptocurrency is known for its price swings, which can cause some concern for businesses when it comes to cash flow. For example, holding volatile crypto like Bitcoin as operational funds can create big risks for your financial stability. 

The solution is quite simple. Stablecoins like USDC are pegged to a stable asset (the US dollar), so the value of your transactions won’t change.

Choose a payment gateway that supports real-time conversions to stablecoins. 

This locks in the value of your transactions at the point of sale to protect your business from the financial risk that comes with volatile markets.

With Unisub, you can choose your preferred coins, and we’ll convert your customers’ payments before they reach your wallet. Click here to connect your wallet within minutes and start accepting payments in stablecoins.

Challenge #3: Subscription price changes are a hassle

When you raise your subscription prices with traditional payment methods, customers are automatically charged the new amount. But with crypto, customers need to manually approve the new payment.

This means that every time your subscription rates change, your crypto-paying customers will need to re-authorize the new amount through their wallets.

If you look at it from the customer’s side, this feels way more honest than charging them the new prices without their confirmation. According to a poll by Capterra, 38% of respondents said that they’d cancel if there’s a sudden price increase. 

To make this easier, consider sending clear notifications in advance, so customers know what to expect and can reauthorize payments quickly.

Challenge #4: Crypto transaction security risks

Security is a major concern when we think about any financial transaction. 

The issue is that many platforms lack hierarchical transaction review processes. Having internal reviews, multi-signatures, and security software helps you avoid any security-related concerns and protects your crypto transactions – an essential step to preventing losses and fraud.

This can be addressed by following security guidelines and making sure everyone in your business is aware of how to protect themselves.

Challenge #5: Simplifying crypto accounting

Current international accounting standards don't recognize cryptocurrencies as equivalent to traditional currency. Companies must track each transaction’s fair market value, and this makes bookkeeping more complicated.

The good news? Just as with volatility concerns, stablecoins can be part of the solution here as well since they eliminate the fluctuations in value.

Make crypto integration effortless for your business 

The numbers clearly demonstrate a significant demand for crypto payments in the subscription business space. With less than a third of small businesses currently adopting cryptocurrency, there's a substantial opportunity for forward-thinking companies to gain a competitive edge.

Remember, overcoming these hurdles isn't just about staying current; it's about meeting the evolving preferences of your customers and potentially opening up new markets for your subscription services.

Ready to take the next step in your crypto journey? UniSub offers a seamless solution to add cryptocurrency payment options to your subscription business. With just a few clicks, you can empower your customers to pay using their preferred method, whether it's traditional currency or crypto.

Don't let the opportunity to expand your payment options pass you by. Explore how UniSub can help you integrate crypto payments effortlessly and securely.