Young Pharmaceuticals, Inc., a private label and practice-branded skincare developer, has begun accepting cryptocurrency payments for its full line of aesthetic products and technologies.
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Young Pharmaceuticals, Inc., a private label and practice-branded skincare developer, has begun accepting cryptocurrency payments for its full line of aesthetic products and technologies.
Adopting cryptocurrency in aesthetics could redefine how transactions are processed, especially for high-value treatments and technologies, says John Kulesza, president and chief formulating officer of Young Pharmaceuticals.
Cryptocurrency reduces processing fees compared to traditional banking systems, and enables faster cross-border transactions.Courtesy of escapejaja at Adobe Stock
Young Pharmaceutical's pricing structure will remain the same under the adoption, regardless of payment method.
“Cryptocurrency payments may offer customers cost benefits by reducing transaction fees typically associated with credit cards and bank transfers,” Kulesza says. “Additionally, cryptocurrency practices can take advantage of immediate settlements, improving cash flow management compared to delayed payments from traditional banking channels.”
Kulesza explains that since aesthetics and medspas entail high-value treatments, cryptocurrency can potentially make them more accessible by reducing transaction fees and facilitating easier financing options through “decentralized finance” solutions. As more suppliers and practices use crypto, there may be dynamic pricing models that account for real-time market conditions.
“This could lead to more competitive pricing and new financial models that provide greater flexibility for providers and patients,” he adds.
If companies decide to accept cryptocurrency, starting the journey with a hardware, or cold storage, wallet is a security-conscious approach, Kulesza says. Cold storage means keeping cryptocurrency private keys offline, away from internet-connected devices, to reduce the risk of hacking, he explains.
Kulesza recommends starting with widely used cryptocurrencies like Bitcoin and Ethereum, while ensuring that a company’s teams are educated on best practices for recording and managing crypto transactions. Implementing cryptocurrency payments can provide an “edge” in a competitive market, allowing practices to cater to a growing number of patients who prefer digital-first payment methods, he adds.
“Cryptocurrency has the potential to streamline international transactions, significantly reducing the barriers associated with currency exchange rates and banking restrictions,” Kulesza says. “By removing financial intermediaries, manufacturers, suppliers, and practitioners can work together more efficiently, fostering innovation and broader global access to advanced aesthetic solutions.”
