5 reasons your business should accept cryptocurrencies
The year is 2022. It's 4th January actually — the first workday of the new year.
The world is beginning to get very comfortable with cryptocurrencies. Millions of people have heard about ‘Bitcoin’ and many millions more have gone on to buy and sell some in a bid to understand how it works.
People no longer struggle to understand what it means to own a digital currency. A lot of their friends are making some money trading bitcoin already.
You are a small business owner based out of Lagos who sells clothing fabrics online. One chilled evening, a young middle-aged man shows up physically at your store and offers to pay you in cryptocurrency.
Boom! You’re here. Right on this blog post trying to figure out if it's safe to accept payment in crypto.
Some questions are running through your mind:
- Is this safe?
- Are there other businesses out there accepting payments this way?
- How do I convert my money to fiat?
- Are there any tools out there that make this whole thing seamless?
Luckily, you’re going to find all these answers here
and some more…
Let’s get right into it.
First is it safe to accept cryptocurrency payments?
Yes, it is. I’ll give you 5 reasons.
Meanwhile, at this point, I should mention that it is advisable to accept payments in stablecoins because they are designed to reduce volatility.
However, if your customers choose to pay in other currencies, Fluidcoins covers the volatility risk for you and you instantly get the exact payment remitted in your local currency/bank accounts regardless of market fluctuations (more info about this as you read on).
Stablecoins are a type of cryptocurrency that derives its value from some underlying external asset, like the U.S. dollar or the price of gold. That makes them different from cryptocurrencies like Bitcoin or Ethereum, which is tied to being “mined” by computers.
~ Investopedia
According to Coinbase, the combination of traditional-asset stability with digital-asset flexibility has proven to be a wildly popular idea.
So back to why you should accept crypto payments…
- Access to Broader Markets
One of the biggest benefits of accepting cryptocurrency is that it throws open the doors to new markets. You can easily take payments from buyers living in any country, with a universal currency that can be converted into fiat (e.g NGN) at your end. This can boost business revenue and encourage growth.
2. Its more secure
When it comes to fraud, crypto payments provide businesses with better security. Due to the irreversible nature of crypto payments, chargebacks are not possible. Accepting crypto payments using Fluidcoins is also secure because we shield you from volatility by converting to your local currency right away.
3. Faster international transactions
One of the biggest headaches in working with international customers is processing delays for transactions. Not only will you save money, but you’ll receive your payments faster — in most cases, instantly — using stablecoins. People have sent as much as a million dollars worth of USDT with transfer fees of less than a dollar.
4. Future proof
Stablecoins may serve as an effective alternative or balancing asset to cash (which may depreciate over time due to inflation). Furthermore, establishing your business as a crypto-friendly one positions your brand as a modern, forward-thinking enterprise.
5. Better interest rates.
If your business accepts stablecoins, you can have a unique opportunity to grow your money by earning compound interest on it. Doing this as against saving in naira helps you buffer against value loss via inflation or currency devaluation (coming soon to your fluidcoins dashboard)
Some companies have started accepting crypto payments
Internationally recognized companies like Starbucks, Amazon, Microsoft, Tesla, Cocacola and PayPal have already begun to accept cryptocurrency payments.
According to Bakkt app, 500,000 people took up Starbuck’s invitation-only, early access programme to test the digital wallet as a method of payment. ~Euro News
PayPal users in the United States can also now pay with Bitcoin, Ethereum, or Litecoin. Another great example is Mastercard. Based on an internal survey, Mastercard revealed approximately 40% of consumers from 18 countries intend to use cryptocurrency as a payment method by next year.
How about in Nigeria?
A few businesses in Nigeria are currently integrating cryptocurrency payments gateways into their websites and Fluidcoins is also powering the next couple thousand businesses, making it very easy and seamless.
One of the very interesting examples of such companies is GetEquity, a platform that makes it super easy to own equity in startups and fund companies through your crypto wallet.
Merchants that use Fluidcoins to receive payments instantly get their exact payment remitted in their local currency/bank accounts regardless of market fluctuations. We understand crypto can be volatile which is exactly why we cover the risk for your business.
Okay finally ready to get started?
Visit www.fluidcoins.com and open an account in 5 minutes to start accepting crypto payments on your store. It’s super easy to set up but if you need help with integration, our support team is only 1 click away.
Did I hear you say you don’t have a website yet? No worries! You can also create a payment link and start accepting payments in less than 5 minutes.
