4 minutes Read

How Can Small Businesses Accept Crypto As A Payment Method in Nigeria?

No matter the size of a business, a common similarity across industry, size, and customer base is profit-making and customer satisfaction. With this in mind, most companies always incorporate relevant trends to make their business more profitable and relevant to their customer base. 

Gone are the days when only big businesses changed or adjusted to trends to accommodate their client base. Nowadays, it’s even more critical for small businesses to be flexible. A significant trend is in payment options offered by companies, and with crypto fast gaining ground as a safe and practical payment option, it’s only fitting that you adopt it as a payment option. 

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 keep your customers happy. 

Understanding Crypto Payment

You must comprehend key fundamentals before your small business can offer crypto options.  If all you’re used to is fiat currencies, no worries, you’ll still provide those, plus a broader selection that your customers will appreciate.

Cryptocurrency is a decentralized digital currency not controlled by third parties, like government institutions like central banks. 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. 

Using Breet to accept crypto payments guarantees zero fees, fast and secured transactions, 24/7 support, and stress-free money exchange. With Breet, you get various options, and you can get the app version or integrate it into your website as a crypto payment gateway. 

How Can Small Businesses Accept Crypto As A Payment Method? Here's how!

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

1. Crypto Payment Gateway

You’ll need a crypto payment gateway if you want to turn your crypto payments into fiat money. In essence, a crypto payment gateway allows you to accept payments made in crypto and then convert those funds into Naira before depositing them into your bank account.

2. 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, 

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:

  1. Sign up on the Breet app (mobile or web version), and you get your automatic wallet address generated upon registration. 
  2. Complete your verification process.
  3. Send your Bitcoin to your wallet address. 
  4. 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 app 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, maximizing 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 uncontrolled. You can, however, utilize 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!

Copy Link

From the blog

The latest industry news, interviews, technologies, and resources.

June 20, 2024
TRON Wallet App Security: How to Protect Your Digital Assets from Threats

You have probably heard stories of drained TRON wallets or even experienced it yourself. The attackers may have found a...

Read More
May 23, 2024
What are Crypto Network Fees? All You Need to Know

When you withdraw or transfer money with your conventional bank account, the bank deducts a certain amount as its "transaction...

Read More
May 6, 2024
Cryptography 101: How to Safeguard Your Cryptocurrencies

Imagine checking your crypto wallet, ready to celebrate that Bitcoin surge, and you find it empty! I’m sure you only...

Read More
April 17, 2024
7 Common USDT Trading Mistakes And How to Avoid Them

Waiting for USDT value to accrue overtime might be a very long wait. Hence, USDT trading is increasing in popularity....

Read More