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

Breet allows small businesses to accept crypto as a payment method in Nigeria

Small companies are increasingly accepting crypto as payment on a daily basis. The causes of this trend are varied. To start, crypto is gaining popularity as a safe and practical payment method. And whatever your reservations regarding crypto in the past, this should motivate your business to start accepting crypto as a payment method.

In addition to crypto’s rising popularity, more small companies are now accepting it as payment due to competition. You don’t want to fall behind when your rivals accept crypto payments at a faster rate. Your small business will gain an advantage if you start accepting crypto payments.

Furthermore, there are extra advantages for your business in accepting crypto payments. Even if you are new to the world of cryptocurrencies, Breet will provide you with excellent support and assistance. For instance, you can receive crypto and convert it to fiat currency using Breet and increase your profits beyond your present portfolio.

Understanding Crypto Payment

You must comprehend key fundamentals before your small business can start taking crypto. In essence, allowing crypto payments will provide your clients with a new payment option. You will continue to accept currency payments, but this action will make crypto users more accessible to you. You won’t reject clients who request to pay using crypto.

The government has no control over crypto payments, which are decentralized. You can receive crypto payments without having a traditional bank account. Instead, the transfer of cryptos from the customer’s digital wallet to yours completes the transaction. Consequently, you must first have a digital wallet.

Using Breet to accept crypto payment 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? Here's how!

How Can Small Businesses Accept Crypto As A Payment Method in Nigeria? Here’s how!

Crypto Payment Gateway

If you want to turn your crypto payments into fiat money, you’ll need a crypto payment gateway. 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.

Crypto Wallet

If you want to accept, store, and even use crypto payments for yourself or your small business, you need a crypto wallet. Breet is one of the best types of cryptocurrency wallets for you. Click here to learn how to generate crypto wallets on Breet.

Suitable Alternatives

The next stage is to decide how your small business will accept crypto once you have a basic understanding of 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.

Final Reflections

It will be a wise strategic choice for your small business to accept crypto. To protect the process, you will need to exercise greater caution. The government or your bank will not guarantee your crypto payments because crypto is mainly uncontrolled. You can utilize insurance to cover potential risks from data security and cybercrime.

As soon as you can, change your crypto payments into fiat currency. And since crypto values are quite unpredictable, this shields you from potential drops in value.

Here are some Nigerian businesses accepting cryptocurrency as a payment method: