Started accepting Bitcoin as a 4th means of payment in my noddles DEPOT

Detritus

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Quote from: lionheart78 on August 26, 2022, 06:16:15 AM

the problems I have had with this payment method are:"
with cryptocurrency option:
5. Now not only street thieves is after me, I also have to worry about several malicious apps and online hackers.

Street thieves, you should be extremely careful and conscious of your shope location, I believe there are other shops around that area, make sure to "close" when your neighbors are closing or don't allow your self be last person to leave.
Also you should have an special Office phone for your business instead of using your personal cell phone. If you have a special Office phone, you will not need to download any malicious app other than your working apps. You should mind the links you click and the emails you receive.

lionheart78

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Great initiative there @OP, you have taken advantage of a cross-border payment system. Now the customer has more reason to wine about the payment option.

"my customers seem not to be satisfied with these Three payment method, they always have few complain like"
now with the cryptocurrency option:
4. Damn signal I can't get enough to make the transaction push thru.
5. Your free wifi connection is not fast enough / the password is wrong

"the problems I have had with this payment method are:"
with cryptocurrency option:
5. Now not only street thieves is after me, I also have to worry about several malicious apps and online hackers.

Kidding aside, what you have done is great! Customers who have no knowledge about cryptocurrency will then be exposed, a good way to promote and advertise cryptocurrency payment. I hope your decision of adding cryptocurrency payment will bring your business a huge boost.

Leo

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Quote from: Detritus on August 24, 2022, 05:03:26 PM

Quote from: OgNasty on August 23, 2022, 07:04:55 PM

Awesome. Congratulations! I hope that this continues to be a great experience for you and that you're able to keep some Bitcoin saved in the event we see another bubble. You should think about making a proper thread to sell your noodles in the Goods section so that other users can support your business. I remember someone doing this back in 2011 but they didn't stick with it. Hopefully you can and are rewarded for doing so!

I am having a strong believe that In months to come I would be able to have more customers willing to pay in cryptocurrency. I have not thought of creating a thread in the Goods section but your post has urged me to do so and I am taking steps in doing so. Thank you sir.

This is really a bold step from you, kudos to you bro, God bless our hustle, I believe that in coming years there will be lots of people who will also be using bitcoin as a means of payment for goods and services, this is also a good marketing strategy as it will draw more customers to you who will love to encourage you with the new payment options, I'm sure lots of people in your area will be happy about this option

Adbitco

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We all knows the economic problems & situation over there in Nigeria so the best advice is to explore a methods to progress in business without being limited restricted in terms of payment and any forms of transactions and as a bitcoiner what you did was absolutely the right way to start accepting bitcoin. Though i would also advised to apply some security measures since vast people have the understand of bitcoin and may think you hold some thousands of bitcoin over there which could lead to attack or theft. Being mindful i mean is to secure your smartphone or whatever place the bitcoin and other digital currencies are being sent to.

aoluain

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Well done OP, great bit of entrepreneurship by you. The idea is to make it easy for people
to spend their Bitcoin or FIAT in your shop. If you stick with it surely more and more people
will get to know they can spend their Bitcoin at your shop. No doubt there will be tough times
but if you persevere you will get stronger.

Its great to see merchants take the initiative to accept Bitcoin and to realise its potential
for many applications.

CryptoHeadlineNews

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Quote from: Detritus on August 23, 2022, 12:16:54 PM

I decided to accept crypto as another means of payment in my noddles DEPOT.
According to WINA (World Instant Noodles Association), Nigeria is ranked 12th largest consumer of instant noodles in the world with estimated annual demand of 1.79billion packets of noodles. Reports also put the number of Nigerians that consume noodles at 14million which is nearly 10% of population of Nigeria.

I placed a Notice outside my shop front stating "We are now accepting Bitcoin for payment".

I am open 24/7 to receive your order, you can send DM and your order will be delivered.

I hope this is a good step I took?

This is actually a brilliant initiative and I am soo much happy you could promote Bitcoin in your own little way, because network challenges has always been one of the biggest problem when making transactions, of which I have had issues with it a couple of times, so I'm happy you accepting Bitcoin for payment as an "Indomie Noddles" vendor. I am a big fan of instant noodles, and it's been over 10yrs now, but never have I seen anyone accepting bitcoin for payment, because with this initiative now, more customers who haven't known how Bitcoin transaction is done will be eager to know and by so doing, getting them have interest in Bitcoin definitely at the end

Detritus

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Quote from: OgNasty on August 23, 2022, 07:04:55 PM

Awesome. Congratulations! I hope that this continues to be a great experience for you and that you're able to keep some Bitcoin saved in the event we see another bubble. You should think about making a proper thread to sell your noodles in the Goods section so that other users can support your business. I remember someone doing this back in 2011 but they didn't stick with it. Hopefully you can and are rewarded for doing so!

I am having a strong believe that In months to come I would be able to have more customers willing to pay in cryptocurrency. I have not thought of creating a thread in the Goods section but your post has urged me to do so and I am taking steps in doing so. Thank you sir.

Leviathan.007

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These days I saw many platforms and people accepting bitcoin as a payment method for their business, I'm happy to see you are one of them and with you a good experience for your business because this can be a good step forward to accept a new payment method especially if it's bitcoin and cryptocurrency but the most exciting thing for me is your country, if I'm not wrong you are from Nigeria and other are many other investors and bitcoiners in Nigeria they like to use bitcoin as a payment method instead of the fiat currencies so you made a good decision to accept bitcoin, but I'm not sure how the government of your country is going to react when they understand you have some bitcoin and cryptocurrency-related transactions.

batang_bitcoin

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Congrats man, that's truly a good adoption and you've got the initiative that you've made there. AFAIK, if it's about the payments with credit cards, you're also have to pay some sort of fee for the process, right? That doesn't really make sense specially if you're a businessman that's conscious with expenses and cost of your operation. I hope that many people in your area will be more curious and will start to pay you mostly with bitcoin. I wish all the best and success for your business, we need more businessman like you.

inthelongrun

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It always fills me with joy every time I see and hear that more and more people are using bitcoin as their mode of payment. The main purpose of bitcoin is to be utilized in daily activities and not as an investment which is what really happened today. I can only hope that governments will not stop their people from doing what is beneficial to them and to their country's economy in general. That is why I am rooting for El Salvador's financial move to become a really huge success in the next few years to come. I am pretty sure that it will open the eyes of more world leaders to consider bitcoin as a legit non-inflationary currency.

Don Pedro Dinero

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That's in Nigeria, isn't it? I have already seen several threads of people from Nigeria trying to promote bitcoin there, either by accepting payments, as in this case, or by teaching about bitcoin. It strikes me that it is in a country whose government is not very bitcoin-friendly.

Quote from: Detritus on August 23, 2022, 04:30:08 PM

It's okey with me, I would want to report the total turn up of customers who pay with crypto after 4 months from now.

We look forward to your update by then, OP. I imagine bitcoin won't be a mainstream payment option as long as it's so volatile, but maybe you'll surprise us with your data.

GiftedMAN

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Leo is resting.

Quote from: noorman0 on August 24, 2022, 12:28:22 AM

Does that mean you remove fiat payment methods completely and only bitcoin (crypto) to avoid these 2 problems?

I guess no because the OP talked about having a point of sale machine(POS) which his customers use to make payments apart from the fiat currency which according to his statement is his country's generally accepted currency for payment of goods and services but he included Bitcoin payment to ease himself and some of his customers from the stress of caring bucks of fiat currency and other network problems during transfer transactions. Removing fiat payments in his business for now I think will chase his customers away as most of them may not know about Bitcoin and as such, they would not patronize him.

Queentoshi

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Quote from: Detritus on August 23, 2022, 12:16:54 PM

Those who wants to buy noodles and pay in Bitcoin, BUSD, USDT or BNB are welcome, transaction is so fast and secure with only little transaction fee.

If you make use of binance and one of your customers wishing to pay in bitcoin also uses binance, you can learn how to make free transactions from one binance wallet to another using a special number assigned to every binance user called PAY ID.

Here is a guide to the topic on forum; https://bitcointalksearch.org/topic/m.60247082

Your customers who do not know this method already will love it and be glad that they also have learnt something new.

Davidvictorson

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Quote from: Detritus on August 23, 2022, 12:16:54 PM

I placed a Notice outside my shop front stating "We are now accepting Bitcoin for payment".
first week of placing this notice was like no result achieved, most customers keep asking how I think this kind of idea would work and I said to them, nothing is impossible. lot of customers were also curious 🤨🧐 to pay in Bitcoin/crypto currency instead of carrying cash about.
3 weeks later, I received the first payment from 5 customers in Bitcoin, BUSD, USDT and BNB, transaction was fast and secure and my customers were happy 😁 as I was too.
Those who wants to buy noodles and pay in Bitcoin, BUSD, USDT or BNB are welcome, transaction is so fast and secure with only little transaction fee.

Bravo OP. It is very much needed now. Two points that I wish to make is - 1) Beware of scammers. There are sophisticated scammers out there who may have found a loophole and want to unbeknownst take advantage. 2) Take your security very importantly and do not trust any of your staff who may handle these transactions in your absence. Watch them like a hawk. How do you plan to deal with the dips? I understand that you may want to exchange it when it peaks but what if you need the money to put back in the business?

noorman0

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Quote from: Detritus on August 23, 2022, 12:16:54 PM

-snip-

the problems I have had with this payment method are:
3: some times I mistakenly take counterfeit cash
4: I got harassed by some street thief's

Does that mean you remove fiat payment methods completely and only bitcoin (crypto) to avoid these 2 problems?

Btw, I envy you after seeing that the items you are selling are products from my country and you can sell them in any method I expect. I also own a retail store and I think I'd be happy if I had the occasional crypto customer if the regulations let me do that.

Jeger.Kiting

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Quote from: Detritus on August 23, 2022, 12:16:54 PM

After started my noddles DEPOT on January 2021, I started by accepting cash payment, mobile banking transfer and a POS marching so that customers could make payments just with their debit/credit card without having to carry cash about.

my customers seem not to be satisfied with these Three payment method, they always have few complain like;
  1: oh! I forgot my debit card at home
  2: oops!! I don't have enough cash to make full payment
  3: ah!! my bank network is not connecting, I can't make transfer.

the problems I have had with this payment method are:
1: receiving late payment as a result of banking network.
2: when customers pay with their Debit card using my POS marching, they get debited and I end up not receiving credit alart unless I go and lounge a complain in the bank for reversal.
3: some times I mistakenly take counterfeit cash
4: I got harassed by some street thief's

following the ideaology of a Nigerian brother in this forum, I have made up my mind to be more practical as a Bitcoin believer. I decided to accept crypto as another means of payment in my noddles DEPOT.
  According to WINA (World Instant Noodles Association), Nigeria is ranked 12th largest consumer of instant noodles in the world with estimated annual demand of 1.79billion packets of noodles. Reports also put the number of Nigerians that consume noodles at 14million which is nearly 10% of population of Nigeria.
I placed a Notice outside my shop front stating "We are now accepting Bitcoin for payment".
first week of placing this notice was like no result achieved, most customers keep asking how I think this kind of idea would work and I said to them, nothing is impossible. lot of customers were also curious 🤨🧐 to pay in Bitcoin/crypto currency instead of carrying cash about.
3 weeks later, I received the first payment from 5 customers in Bitcoin, BUSD, USDT and BNB, transaction was fast and secure and my customers were happy 😁 as I was too.
Those who wants to buy noodles and pay in Bitcoin, BUSD, USDT or BNB are welcome, transaction is so fast and secure with only little transaction fee.
  I am open 24/7 to receive your order, you can send DM and your order will be delivered.
I hope this is a good step I took?

https://www.google.com/url?sa=t&source=web&rct=j&url=https://businessday.ng/amp/retail/article/income-time-drive-consumption-instant-noodles/&ved=2ahUKEwj_3YzQod35AhW6X_EDHY8jCNcQFnoECAQQBQ&usg=AOvVaw2jrFWG6zRhfM6Cr8Z33mbu

It seems very good for the idea that you live by accepting Bitcoin as a payment method in your DEPOT noddles, it's really not easy to tell them what Bitcoin is and teach them how to use Bitcoin especially for those who don't understand at all especially old ladies and gentlemen , you have to be very patient in telling them and others to pay with bitcoin. I'm sure if you keep telling everyone about the idea of paying using Bitcoin on your DEPOT noddle, people will definitely keep visiting your DEPOT noddle.

edgycorner

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Hurrah for Karamazov!

Well done and congrats!

I am planning to start a merchandise shop(online for now) and accept bitcoins/crypto on it. There's almost 4% fees if you accept CC/Debit cards compared to 0% if you accept cryptos(with your own solution ofc and not a third party, even then it will be 0.5% or so).

Crypto definitely solves a lot many problems when it comes to accepting payments for your business.

As a part of this community, it's only natural to accept bitcoin. If not us then who else Wink

right?

OgNasty

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Quote from: Detritus on August 23, 2022, 12:16:54 PM

I received the first payment from 5 customers in Bitcoin, BUSD, USDT and BNB, transaction was fast and secure and my customers were happy 😁 as I was too.
Those who wants to buy noodles and pay in Bitcoin, BUSD, USDT or BNB are welcome, transaction is so fast and secure with only little transaction fee.
I am open 24/7 to receive your order, you can send DM and your order will be delivered.
I hope this is a good step I took?

Awesome. Congratulations! I hope that this continues to be a great experience for you and that you're able to keep some Bitcoin saved in the event we see another bubble. You should think about making a proper thread to sell your noodles in the Goods section so that other users can support your business. I remember someone doing this back in 2011 but they didn't stick with it. Hopefully you can and are rewarded for doing so!

GeorgeJohn

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Quote from: DeathAngel on August 23, 2022, 01:08:02 PM

Always good to see businesses incorporating bitcoin into their payment systems. Good move by yourself, OP. I wish you good luck. Nigeria is a real leader in adoption at the moment, I see lots of stories like this.

You know that this days Bitcoin news is spreading everyday and evey hours. And If you want to get attention to your business the best solution is to make dual kind of payment. First = fiat pay and secondly = cryptocurrency payment. And especially bitcoin. Because many people are lover of Bitcoin and any business that's being establish with the system of Bitcoin payment will go with a lot of firms. Because bitcoin currently is now becoming a global currency

Ever-young

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This is amazing buddy, you didn't just made your business payment easier. But have also promoted crypto around your locality. Keep up the good work, others will learn and follow before you know it, crypto payment will spread all over the country (Nigeria)

Topic: Started accepting Bitcoin as a 4th means of payment in my noddles DEPOT (Read 353 times)