NEW HOPE, PA — A New Hope spice company is now taking cryptocurrency payments for its wares, according to a news release this week.
Wah Gwan Spice Co., created in 2020 by Marcus Davis and inspired by the Jamaican Patois greeting which translates to “what’s going on?”, has embraced the new wave of the future.
“Wah Gwan has always considered itself a modern and elevated company,” Davis said. “It was only natural to start including crypto as we look at where e-commerce is headed.”
He and his wife Rose Davis conceptualized and launched the spice brand in a 2020 leap of faith. The luxury seasoning company’s line includes all-purpose seasoning, Scotch Bonnet pepper powder, dry brine, and G salt.
Now, crypto is their next frontier.
“We wanted to create an outlet for people who use crypto to purchase our product,” he said. “This is a way for us to build new relationships with customers and help them spend without converting to cash.”
Data from Skynova, a small business invoicing and accounting firm, found approximately one-third of small to medium-sized businesses in the U.S. now accept cryptocurrencies, according to a news release.
Another recent study by leading research and advisory firm Forrester Consulting found that up to 40 percent of customers who pay with crypto are new customers to the businesses 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,” Rose said. “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 fraud.”
Other advantages, say the Davises, include lower transaction fees and lower risk when trading.
However, they are very well aware of the volatility of the crypto marketplace.
“We keep a close eye on the market and have the settings on our e-commerce software set to only offer within a range of value,” he said. “Meaning, if the market plummets or skyrockets we will never over- or under-charge for the products.”
She added, “Ideally, we stay within 20 percent of our direct-to-consumer business in crypto and the rest is still traditional transactions. 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.