Cryptocurrencies have emerged as one of the transformative technologies in the past decade, making payments easier. Just like the internet, crypto has enabled businesses to expand beyond their borders and accept payments globally without huge transaction fees.
Despite this revolutionary potential of crypto, less than 15% of businesses globally accept crypto payments.
Should Your Business Accept Crypto?
Traditional payment platforms like PayPal, Stripe, and Payoneer have the basic problem of centralisation. When you check the web, there are numerous stories of businesses and merchants with hard-earned money locked for no reason.
Cryptocurrencies are not centralised and have enabled small, micro, and medium businesses to compete with giant market players that have their financial systems.
Large payments that take a long time to clear can be made instantly through crypto, and businesses in developing countries can hedge against cryptocurrencies.
What Are the Benefits Of Accepting Crypto?
A Broader Customer Base: Small businesses can leverage the actively growing crypto community by accepting crypto payments. A recent survey revealed that 40% of customers want crypto payments for general purchases. Crypto has eliminated the obstacles of cash flow on a global scale-waiting time for processing international transactions and high costs associated with exchange rates.
Lower Transaction Costs: It can be frustrating when you are required to pay enormous costs when you use traditional payment services for your business. Accepting crypto cuts down these excess costs, and your customers have the option of getting more value when they pay in crypto since it is a cheaper option.
Reducing Fraud: Crypto payments are secured, and all transactions are final and cannot be easily reversed. This helps resolve the problems businesses face with the banking system where incomplete transactions and chargebacks are common.
MSMEs: The Perfect Ecosystem for Businesses
MSMEs is a new blockchain ecosystem that is focused on helping micro, small, medium businesses grow. It delivers different products designed to ensure businesses access financing and thrive within a highly competitive market.
Businesses can leverage the MSMEs Academy to learn how crypto works and how to implement it within their businesses. In addition, there’s an initiative program that is designed to meet the needs of different businesses.
Businesses can also access financing from potential investors via MSMEs financing. This novel finance system is built using its DeFi product Truss. Truss provides a platform for businesses to receive funding and ensures that investors receive rewards from their investments.
The key component of MSMEs is its utility token called MSMECOIN. The token provides different uses, and businesses will be able to accept it as payment within their online stores. Holders will also be able to access saving and staking services to increase their earning opportunities.
MSMECOIN is available on several exchanges, including PancakeSwap and Coinsbit. Holders can also store their tokens on Klever Wallet. MSMEs has also launched a $100,000 bounty program where participants stand a chance to win free MSMEs tokens.