Over 77 million people in Nigeria own cryptocurrency, which is about a third of the country. Given this, it becomes important for companies to incorporate this rising trend to their businesses in order to stand out from the competition.
Do you have reservations about crypto? Or maybe you don’t fully understand the concept. It’s time to answer all your questions and hold your hand to make one of the most critical decisions that satisfies your goals as a business owner and keeps your customers happy.
Understanding Crypto Payments
You must comprehend key fundamentals before your small business can offer crypto options.
I remember meeting a friend who sells gadgets at a market and casually mentioning I needed a new mic but had no cash in the bank. He, knowing I was into crypto, jokingly said, “You fit just send USDT collect the mic right now”. It was all jokes until in a few minutes I had paid, in crypto, for what I ordinarily wouldn’t have bought at that point.
If all you’re used to is fiat currencies, no worries, you can still provide those, plus a broader selection that your customers will appreciate.
Cryptocurrency is a decentralised digital currency that third parties, such as government institutions or central banks, do not control. This gives you control over your money — who you send it to, where, and how. With this completely borderless payment system, you can receive payment from one customer at one end of the world without ever having to deal with currency conversions or traditional banking systems, as all you need is a wallet address to receive the money.
But why should your small business begin to accept crypto as a payment method? Here are some of the benefits:
- Low Fees: Transaction fees to send crypto are significantly lower than those incurred to send the same amount on traditional banking platforms. Paypal, for instance, charges 4% (often more) on every transaction, while sending a similar amount in Bitcoin will cost less than 1%.
- Fast Transactions: Unlike traditional payment methods, which may require days to receive overseas payments, crypto payments are nearly instant on many blockchains.
- Wider Reach: With crypto, your small business can cater to a much broader customer base. It removes many of the barriers to the global market imposed by traditional banking systems.
- Value Protection: Stable cryptocurrencies can help protect your business’ funds from devaluation caused by the Naira’s steadily falling price.
You enjoy all these benefits and more when you choose Breet as your payment gateway. Using Breet to accept crypto payments guarantees zero fees, fast and secured transactions, 24/7 support, and stress-free money exchange.
How can small businesses accept crypto as a payment method in Nigeria? Here’s how!
What Small Businesses Need to Accept Crypto as a Payment Method in Nigeria
- Crypto Wallet Address
You need a crypto wallet address to accept, store, and even use crypto payments for yourself or your small business. Think of this as a bank account where your money lands — but in crypto. An utterly stress-free platform to use as a business is the Breet app. Designed for ease, you get a wallet address generated automatically, so that’s one less thing to worry about. You can share this address with anyone by copying and sharing or having them scan your QR code.
- A Reliable Crypto Invoicing and Payments Solution
Next, you need a system that lets you send invoices to your customers and lets them pay in crypto directly to your crypto wallet, all in one flow.
Breet’s invoicing feature handles this perfectly. You can generate crypto invoices, your customers pay in any of the multiple cryptocurrencies, and yet get the funds in local currency in your bank account, all in one fluid flow.
To use Breet’s invoicing features, use the following steps;
- Sign up on Breet
- Navigate to the invoice page
- Fill in the required details and your client’s email address
- Now, your client receives the invoice in their mail, and they can click the link to make payments using any of the multiple cryptocurrency options available.
- After payments and the blockchain confirmations, you receive the funds in your Breet wallet, and it is automatically converted to local currency for you and forwarded to your bank account if you have auto-settlement on
3. Suitable Alternatives
The next stage is to decide how your small business will accept crypto once you understand how it works. There are two primary options. You can first include crypto payment on your company website. Your choice of digital wallet will affect how you accomplish this. It might be as simple as turning on a plug-in so that clients would see the crypto payment option when choosing a payment method during the checkout process.
Second, there is the option of paying in person. Customers will use their digital wallet app to scan the QR code you supply as an option. Simple and automatic QR code scanning is available. And if you run a physical establishment, like a restaurant, this can be a good alternative.
Frequently Asked Questions (FAQs) About How Small Businesses Accept Crypto As a Payment Method in Nigeria.
Should I Accept Crypto Payment?
Yes! As a business, you definitely should allow your customers to pay you in crypto. This expands your customer base and lets you tap into the wonderful world of cryptocurrency. With crypto payments, you can receive the Naira or Cedis equivalent of your goods or services without dealing with bank problems from anywhere in the world.
While this may seem daunting at first, don’t worry — with the Breet app, you get an automatic wallet address upon sign-up, and you’re on your way to receiving your money in crypto. What makes Breet so suitable to you as a business is that you can see the value of the crypto in Naira or Cedis immediately after it lands in your account. So, time is saved on doing crypto-to-cash conversions.
You also automatically get the money sent to your local bank account (when you activate the ‘Automatic Settlement’ feature). Breet also protects you from volatility, giving you a semblance of price stability in an unpredictable crypto market.
How do I Convert Bitcoin to Cash?
Converting Bitcoin to cash is an easy-breezy process with the Breet app. All you need to do is:
- Sign up on the Breet app (mobile or web version), and you get your automatic wallet address generated upon registration.
- Complete your verification process.
- Send your Bitcoin to your wallet address.
- Your BTC is converted to cash, and after the block confirmation time, your money (Naira or Cedis) is ready to be deposited into your bank account. You can automate this process by switching on the Automatic Settlement feature.
What is the Best Crypto Payment Gateway in Nigeria?
The best crypto payment gateway in Nigeria to integrate into your business is Breet. Collecting crypto payments will become seamless with the option to incorporate the Breet API into your website. Plus, you can receive this crypto payment in Naira and Cedis at the best market rate, maximising your profit.
Conclusion
Accepting crypto will be a wise strategic choice for your small business. To protect yourself during the process, you must exercise greater caution. The government or your bank will not guarantee hiccup-free crypto transactions because crypto is unregulated You can, however, utilise insurance to cover potential risks from data security and cybercrime.
Jump on the best way to curb all possible worries while enjoying maximum profit in a state-of-the-art secure app — Breet!
