Got to be in it to win it.
Understanding charges.
Armed with a nano s ledger and a laptop full of links to coinbase and cryptos I headed to a pre agreed informal meeting at a local shop. I have this notion everything/change starts with self.
If I want it I at least have to try to "make it so" - sounding a bit star trek am I not?
So armed with information about stable coins and the like, I met the owner of the shop.
Why are stablecoins important?
The USDC stablecoin, for example, is fully backed and can be traded for the U.S. dollar on a one-to-one ratio through platforms like Coinbase and Circle. Like many other stablecoins, USDC currently operates on the Ethereum blockchain. Stablecoins are free from the volatility of non-pegged cryptocurrencies, while inheriting some of their most powerful properties:
Stablecoins are open, global, and accessible to anyone on the internet, 24/7
They’re fast, cheap and secure to transmit
They’re digitally native to the Internet and programmable
Link = https://www.coinbase.com/learn/crypto-basics/what-is-a-stablecoin
It has been 28 years since my last ownership of a hi-end hi-fi shop so I asked questions first.
My first question was "what are the charges you have when someone pays via card, answer 6%.
That gave me the leverage I needed I thought (incorrectly, nobody is perfect and this is a learning curve) to put my crypto sales pitch head on.
So I explained and showed how a nano s ledger works. I explained how it is a wallet in a pocket with no charges. I.E. You are the bank manager with no fees.
That part went very well.
I explained about how accepting stable coins could be a real time and fast payment method.
At this point all was going swimmingly well.
Now to cut a long story short - and feel rest assured I tried my best (for a virgin crypto salesman) it all fell apart at the coinbase end.
Why? Charges.
This is real time feedback from a shop owner.
They were sold on the nano s ledger idea, sold on the stable coins, sold on the instant transaction time.
Stuck solid with the coinbase side. A no.
Charges you see. Charges to change the coins, charges to withdraw. And time taken to transfer money to their account (24 to 36 hours)
As they buy supplies daily that lead time is not acceptable
If they were willing to invest and hodl it would be a different story. (Maybe this should be included in my sales pitch?)
But that would be for coins that are not stable which would open up a completly different sales pitch.)
As low as the withdrawal fee is (coinbase), it is the charge for converting cyptos to Fiat that was/is the stumbling block.
The 6% banks charge for the card machines seems favourable it seems compared to coinbase fees.
Do you know any site that charges less?
You have to keep in mind this was my first time trying to market cryptos so I am by no means an expert. But try I did.
It gives me many ideas how I can improve my sales pitch, I just need the tools and more information.
My aim is to pitch this to a supermarket chain this year. Any help you can provide regards my sales pitch would be greatly received. I do not like failure so yes this first attempt failed, but next time it will be more polished.
I am over the moon someone was at least willing to listen and the feedback I received is invaluable.
One step at a time and a seed planted.
One more person interested in cryptos and one more person that now knows it is a possibility.
A website with information how shops large and small can accept cryptos is my end game aim.
For that it needs to be 100% polished and worth it for them.
Well it was a very interesting (for me) attempt to try and get a local shop buying into cryptos for payment.
Next time I shall do better.
Have a superb and sunny weekend.