Entrepreneurship Secrets: The benefits of crypto in cross-border payments

As a business owner, are you traumatised by the complex process of cross-border payments? Maybe you’ve had some unpleasant experiences and can’t be bothered by international transactions anymore. I get it – things can get rough. 

However, you’re an entrepreneur, and now more than ever, you can reach a global audience because the world is connected like never before. 

The actual test of your product or service is its desirability by a larger number of people. And if you’ve done the groundwork and have come up with an excellent solution, why should you do yourself a disservice by not catering to a larger audience?

Now, if you continue reading, I’ll reveal one of the best-kept entrepreneurs’ secrets to avoiding cross-border payments problems and, even better — how you too can be in on the secret and explore the best way to seamlessly integrate this into your business and make more profit. 

Integrating Crypto For Cross-Border Payments In Business

Get this: There’s a reason many top companies and industry giants around the globe are including crypto as a payment method, and it’s not just to jump on a trend.

Cryptocurrency is decentralised finance that affords individuals autonomy over their money. Crypto’s popularity and adoption have grown massively, with over 420 million crypto owners worldwide, and about 72% of these people are under 34 years old. 

If your core demographic is youths/millennials, it’s just right to offer crypto payment options, especially if they live beyond the shore of your country. You’ll lose foreign clients if you insist on bank payments instead of the more accessible alternative —crypto. 

International bank transfers and Fintech solutions are less desirable for cross-border payments. Crypto payment completely cuts off the intermediaries that would usually slow down a transaction, transaction fees are lower, and it is transparent. 

As a business, crypto breaks down the barriers and allows you to conduct transactions from your side of the world to the other end. It’s a no-brainer why many corporations have quickly caught on and expanded their reach beyond neighbouring countries.  Therefore, it is not only crucial for you to incorporate cross-border crypto payments, but it also ensures your longevity and popularity among your target market.

I know you’re beginning to see the rays of light, but let’s look at the benefits of crypto for cross-border payments for your business so you can fully step into the brightness of this knowledge! 

Advantages Of Crypto For Cross-Border Payments

1. Zero Intermediaries

The major problem with traditional international bank transfers has always been the many hands your transaction has to pass through before it gets to the receiver. It is even a bigger issue when different countries have varying laws and regulations. As a result, your transaction will take a longer time. Your privacy may be violated through sensitive data checks you did not authorise and, of course, higher fees. This is an unpleasant experience for both you and your customer. 

But crypto has come to the rescue! Crypto eliminates all the meddle-some processes to automate and personalise the process. So, essentially, you’re conducting business through a P2P (Peer-to-Peer) system that involves both your wallet addresses. This minimises transaction costs and processing time and allows the transfer of bulk sums of money without a hitch. 

2. Upgraded Transparency

Cross-border crypto payments are backed by blockchain technology —so, at the core, it is decentralised and transparent. Simply put, everyone can see your transaction record on a distributed ledger. 

Regulatory bodies can easily monitor cross-border crypto transactions due to this feature. This cuts down on illegal activities. 

3. Fast Processing Time

Since all time-wasting intermediaries have been removed, cross-border crypto payments can take your transaction from 5-10 days processing time to almost instantaneous.

With crypto, you don’t have to wait until the bank is open to transact. Your transaction pathway is straightforward, resulting in a smooth exchange. Who doesn’t want that?

4. Reduced Transaction Costs

With no meddling hands in your transaction, transfer fees are low. Deloitte says cross-border crypto transactions cut down 40—80% of transaction fees. 

Bank transfers usually cost around 15% of the transaction amount, which is usually not favourable for small transactions. Because the amount is not fixed, transaction fees can go way higher than 15%, depending on the country. 

However, crypto transaction fees are usually less than 1% of the transaction, and it doesn’t change regardless of the countries involved. With lower fees, you can promote a better customer experience and gain more profit.

5. No Need For Currency Conversion

Currency conversion is one big issue that businesses face when transacting with international clients. The challenge of converting to another currency every time is inconvenient and flawed due to the varying exchange rates.

However, crypto is the same everywhere, even if you’re a business owner in Nigeria selling to someone in Japan. A uniform currency makes it easier for the agreed price to be paid without hassle. 

The Best Way To Incorporate Crypto For Cross-Border Payments In Your Business

As an entrepreneur or freelancer based in Nigeria or Ghana, navigating the foreign market –  especially when it comes to receiving payments –  can be challenging. 

But if you’re ready to revolutionise your business, let me give you insight on the smoothest way to go about it.

Breet is a cryptocurrency exchange platform focused on offering you the best exchange value for your cryptocurrency. The sign-up process on Breet is so simple, and you get your Breet wallet automatically generated. All you need to do is create a wallet address you send to anyone, anywhere, anytime.  With extra layers of protection on the platform, your wallet is safe from malicious attacks and unauthorised access. 

If you’re conducting business with someone outside the country, you only have to send them your QR code or wallet address. With this, you’ll receive your payment in minutes, reflected in your wallet in your local currency. You’ll get the best value for your money in real time — you can also have the funds automatically sent to your local bank account in one click. 

A more advanced solution if you own a website is to integrate the Breet API into your website to receive payment directly to your wallet address. 

The Best Crypto For Cross-Border Payments

All cryptocurrencies are not built the same; however, each has its utility. Each crypto’s adoption rate differs, affecting how it is received as a viable payment option worldwide. 

Some cryptocurrencies have become the most popular payment options. Topping the list is Bitcoin — others are Litecoin, Ethereum, Dogecoin, Solana, and Tron. 

Stablecoins are also safer alternatives that people like to use for cross-border payments. This is because they are tied to a fiat, like Dollar, so they’re valued at the same price as the fiat. The most commonly-used stablecoins include; USDT, BUSD, and USDC. 

Conclusion

Offering cross-border crypto payments will elevate your business and allow you to export your product or services beyond your country. Take advantage of the ease and convenience of using crypto as a payment option by using Breet to conduct transactions. You’ll go from crypto to cash in a few minutes, and it’s altogether a seamless process that lets you gain massive profits for your business in the long run!