Small businesses have always been the backbone of the global economy, and in recent years, they have had to navigate the ever-evolving digital landscape to stay afloat. And while e-commerce has created a host of new opportunities for business owners over the past decade, the prospect of adopting cryptocurrencies has been a daunting prospect for many. The primary reason for this is the high volatility pervading this space, which makes it difficult for smaller firms to plan their finances with any sort of long-term certainty.
That being said, many projects in the market today are changing this narrative by providing efficient, low-cost off-ramps for business owners — especially at a startup, independent level — to accept stablecoins like USDC. In essence, stablecoins are digital currencies whose values are pegged to that of an asset such as the US dollar or gold, allowing their prices to remain relatively stable over time.
By deploying stablecoins, small businesses can accept crypto payments without having to worry about the volatility that comes with the use of digital assets such as Bitcoin or Ethereum (assets whose values are known to fluctuate by as much as 5% to 10% on a daily basis).
The Need for Reliable Payment Processing Solutions
One of the biggest challenges facing small businesses in the cryptocurrency space is the lack of reliable payment processing options. Many payment processors charge high fees or have complex fee structures, making it difficult for entrepreneurial ventures with limited means to accept cryptocurrency payments. Additionally, the lack of regulation in the cryptocurrency space has led to a proliferation of scams and fraudulent activities, resulting in small business owners being unable to discern which payment processors are legitimate and trustable.
In this regard, Nimiq’s wallet and payment tools allows business owners to accept stablecoins like USDC. It addresses many of the key challenges highlighted above all while providing users with a low-cost, user-friendly payment processing platform built on top of the blockchain. Thanks to its unique design, Nimiq affords its users the ability to accept cryptocurrency payments without worrying about the technical details.
Another example is Bitpay, a platform that enables businesses to accept cryptocurrency payments easily and securely. The platform allows clients to accept assets such as Bitcoin and Bitcoin Cash, which can be instantly converted into fiat at a fixed exchange rate. Bitpay also provides users other integration options, including e-commerce plugins and point-of-sale systems.
Efficient Off-Ramps are Essential. Here’s Why
In their most basic sense, off-ramps are the points at which a crypto asset is converted back to its fiat equivalent, making them a critical component of any payment processing system. In the past, off-ramps have been expensive and time-consuming — making them a significant barrier to entry for small businesses — but not any longer.
For example, Moonpay is a crypto-to-fiat solution helping small businesses embrace digital payments. The platform enables businesses to accept payments in a range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and provides a seamless off-ramp for converting these payments into various traditional assets. Moonpay offers a variety of integration options, including APIs and hosted checkout pages, making it easy for businesses to start accepting crypto without any technical expertise.
Lastly, Transak also provides a simple and secure way for businesses of all sizes to accept cryptocurrency payments via a range of stablecoins, including USDC, DAI, and TUSD. The platform offers a straightforward integration process, allowing clients to start accepting payments in minutes. Additionally, Transak offers competitive fees and reliable customer support to ensure that businesses can process payments efficiently and effectively.
Small Businesses Need Not Worry About Crypto Payments Anymore
As the digital asset industry has evolved and matured over the last few years, a number of fiat-crypto payment processing platforms have emerged. Each of these offerings comes with their unique USPs and advantages while also providing certain benefits that can help small businesses across the board — especially when it comes to navigating today’s digital finance landscape.
For example, many of today’s newer fiat-crypto processors accept stablecoins, which, as mentioned earlier, remain relatively stable over time. Furthermore, they provide their services at a low-cost while offering user-friendly interfaces (UI) that are easy to navigate, even for crypto novices. Lastly, they allow users to convert their crypto payments into fiat using advanced off-ramp mechanisms that completely bypass issues such as high latency, fluctuating fees, double-spend transactions, failed transfers, and much more.
Looking ahead
As people across the globe continue to move in a decentralized direction, it stands to reason that projects like Nimiq, Bitpay, Moonpay, and Transak will be game-changers for small businesses looking to accept cryptocurrency payments but are hesitant due to the volatility of traditional cryptocurrencies.
Moreover, with the digital asset industry evolving rapidly, these unique offerings will provide innovative solutions that can help make it easier for companies to navigate this landscape, allowing them to not only stay competitive in today’s cutthroat market but also attract new customers.
