A Bucks County company is joining the ranks of Starbucks, Whole Foods, Gucci and other businesses embracing cryptocurrencies. New Hope-based luxury seasoning line Wah Gwan, inspired by the Jamaican Patois greeting which translates to “what’s going on?,” is allowing customers to use them as an official method of payment for their spice blends and seasoning.
“Wah Gwan has always considered itself a modern and elevated company. It was only natural to start including crypto as we look at where e-commerce is headed,” said Marcus Davis, who with his wife Rose Davis conceptualized and launched the spice brand in 2020. “We wanted to create an outlet for people who use crypto to purchase our product. This is a way for us to build new relationships with customers and help them spend without converting to cash.”
According to data from Skynova, approximately one-third of small- to medium-sized businesses in the U.S. now accept cryptocurrencies.
Many small businesses like Wah Gwan, which launched during the pandemic, are choosing to accept cryptocurrency because it may provide access to new demographic groups. A recent study by Forrester Consulting found that up to 40 percent of customers who pay with crypto are new customers to the business they’re supporting, and their purchase amounts are twice those of traditional credit card users.
“We did our research and those were some of the factors that played into our decision,” said Rose. “Not only is it at the forefront of technology, but users often represent a more cutting-edge clientele that values transparency in their transactions. Plus, it eliminates certain kinds of frauds.”
Other advantages, said the owners, include lower transaction fees and lower risk when trading. However, they’re also aware of the volatility of the crypto marketplace.
“We keep a close eye on the market and have the settings on our ecommerce software set to only offer within a range of value. Meaning, if the market plummets or skyrockets, we will never over or under charge for the products. This is a fluid project on our end and will be managed as we go. Ideally, we stay within 20 percent of our direct-to-consumer business in crypto and the rest is still traditional transactions,” said Rose. “But being a modern company means taking risks, and we love a good risk to keep us on our toes and feeling alive.”
Wah Gwan currently accepts Ethereum, Bitcoin, Bitcoin Cash, Dogecoin, USDC and DAI. Customers pay just as they would in any shopping cart. However, at checkout, guests will be prompted to log in to their digital wallet, similar to being taken to PayPal, to finish a purchase.
Visit wahgwan.com for more information.