As the world of commerce continues to evolve, businesses must keep up with the latest trends and technologies to stay competitive. One such technology that has been gaining popularity in recent years is cryptocurrency. Among the many different cryptocurrencies available, Shiba Inu (SHIB) has emerged as a popular choice among investors and consumers alike. In this article, we will explore how businesses can charge in fiat and accept Shiba Inu as payment.
- Shiba Inu (SHIB) is a cryptocurrency that is gaining popularity, and its unique features make it an interesting investment opportunity.
- Accepting SHIB as payment is advantageous for businesses as transactions with SHIB are fast and secure, and there are no banks or intermediaries involved, which means lower fees for merchants and customers alike.
- To accept SHIB as payment, merchants can use a fiat-to-crypto payment solution such as the one offered by NOWPayments in partnership with Guardarian, which allows customers to pay in fiat currency
What Is Shiba Inu?
Before we dive into the specifics of how to accept Shiba Inu as payment, let’s first take a moment to understand what it is. Shiba Inu is a cryptocurrency that was launched in August 2020 as a parody of the popular cryptocurrency, Dogecoin. However, unlike Dogecoin, which has no real purpose other than being a meme, Shiba Inu has some unique features that make it an interesting investment opportunity.
Additionally, the Shiba Inu community is known for its strong support of animal welfare, with a portion of the profits from SHIB being donated to animal shelters and rescue organizations.
Advantages of SHIB
In addition to its low price and charitable contributions, there are several other advantages to accepting SHIB as payment. For one, transactions with SHIB are fast and secure, thanks to the use of blockchain technology. Additionally, because SHIB is a decentralized currency, there are no banks or intermediaries involved in the transaction process, which means lower fees for merchants and customers alike.
Furthermore, because Shiba Inu is still a relatively new currency, accepting it as payment can be a great way to attract customers who are interested in investing in up-and-coming cryptocurrencies. By offering the option to pay with SHIB, merchants can position themselves as forward-thinking and tech-savvy, which can be a valuable differentiator in today’s competitive business landscape.
How Fiat to Shiba Inu Conversion Works
Now that we’ve covered the basics of what Shiba Inu is and its advantages, let’s move on to how to accept it as payment. The first step is to set up a fiat-to-crypto payment solution, such as the one offered by NOWPayments in partnership with Guardarian. This solution allows customers to pay in fiat currency, which is then converted to SHIB and deposited into the merchant’s account.
To use this solution, customers will be charged a fee of 1.5% plus $2 for fiat processing, while merchants will be charged a gas fee (the fee paid to miners to process the transaction on the blockchain) and a standard NOWPayments fee of either 0.5% or 1%, depending on the merchant’s account type.
To create a fiat-to-crypto payment, customers can do so via their personal account or through the API. The monthly limit for fiat payments is 15k EUR per customer, and customers must pass KYC (Know Your Customer) verification by providing ID/passport photo and a selfie. This is done only once and helps to prevent fraud and money laundering.
How to Let Customers Pay with Fiat and Get SHIB
To start accepting Shiba Inu as payment, merchants should follow this flow:
- Set up a NOWPayments account, add your SHIB wallet, and create an API key.
- Activate the fiat-to-crypto payment solution: in order to do that, please contact [email protected]
- Once this is done, merchants can start accepting fiat payments from customers. When a customer pays in fiat, the payment is automatically converted to SHIB and either deposited into the merchant’s account or sent to merchant’s wallet (if you want to receive SHIB, make sure that SHIB wallet is the first in the list of payout wallets). Please note that fiat-to-crypto payments are available via both invoices and API.
To let customers know that SHIB is an accepted form of payment, merchants can add a note on their website or payment page indicating that SHIB is accepted.
If you’re looking to accept payments in Shiba Inu (SHIB) cryptocurrency, NOWPayments and Guardarian have two flows for their fiat-to-crypto payment solution
How to Use On-Ramp in API
- Create a new payment in the NOWPayments API and set the fiat currency ticker in the “pay_currency” field.
- The API will send you the fiat provider’s payment link in the response.
- Send this link to your user, just like you’ve been sending the other payment links before.
- When a user opens this link, they have to pass a KYC check and pay Guardarian with fiat. While the payment is processed, you will see the “Waiting” status in your Personal Account.
- Once Guardarian receives fiat money from the user, the funds are converted into SHIB and sent to NOWPayments. Make sure that the SHIB wallet is the first wallet address in your Payout Wallet list (see Settings – Payment Settings)
- NOWPayments receives SHIB from Guardarian and sends it to your account’s Custody (if it has been activated previously) or your SHIB wallet (the first one in the Payout Wallet list).
How to Use On-Ramp in Invoices
- In your Personal Account, go to Settings – Coins Settings and enable the fiat currencies that you would like to accept.
- Create a new payment: go to Payment Tools -> Payment link, and click the “Create payment link” button. You will see the list of the chosen fiat currencies in the “Pay currency” field.
- Now, you can pick one of the currencies, and the user will be redirected to Guardarian right after they open your invoice. Or, you can choose “All currencies”, and the user will be able to choose how they want to pay. If they select a fiat currency, they will be redirected to our fiat provider.
- The user completes a KYC check and makes a payment.
- Once Guardarian receives fiat money from the user, the funds are converted into SHIB and sent to NOWPayments. Pick the SHIB wallet as the first in your Payout Wallet list (see Settings – Payment Settings).
- NOWPayments receives SHIB from Guardarian and sends it to your Personal Account’s Custody (if it was activated previously) or your SHIB wallet (the first one in the Payout Wallet list).
Merchants should keep in mind that customers must pass KYC verification to use the fiat-to-crypto payment solution and that there are fees associated with both fiat processing and cryptocurrency conversion. However, with the advantages of fast and secure transactions, lower fees, and the ability to position themselves as forward-thinking businesses, accepting Shiba Inu as payment can be a valuable option for merchants looking to stay competitive in the ever-evolving world of cryptocurrency
In conclusion, accepting Shiba Inu as payment can be a smart move for businesses that want to stay on the cutting edge of technology and attract customers who are interested in investing in up-and-coming cryptocurrencies. With the fiat-to-crypto payment solution offered by NOWPayments and Guardarian, it’s easy to accept payments in fiat currency and have them automatically converted to SHIB.
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