Introducing the New “We Accept Centric” Campaign
While the Centric team continues to develop CENPAY—a robust merchant services platform—we know there are many business owners ready to accept Centric today.
Over the past few months, we’ve established relationships with three e-commerce crypto payment services. In August, we signed on with MyCryptoCheckout. In October, we went online with CoinPayments. More recently, we closed out November adding NOWPayments. Among these three companies, most e-commerce businesses owners should be able to find an excellent fit.
But what about Centric investors who are business owners outside the realm of e-commerce?
With those investors in mind, Centric is introducing a new program to support crypto-savvy business owners who want to introduce a Centric payment option to their customers—immediately. The program leverages today’s existing functionality of the native Centric Wallet.
We call it We Accept Centric.
How Does It Work?
Business owners that are ready to accept Centric can apply by filling out and submitting the form at the bottom of the CENPAY page. In the Additional Comments field, write “applying for We Accept Centric.” Our CENPAY sales team will review your submission and be in touch with more information.
If your business qualifies, we’ll ship you a getting started kit, which includes: - Three (3) We Accept Centric stickers - Two (2) We Accept Centric A-shape table top displays - One (1) We Accept Centric L-shape counter top display
These assets will give business owners several visual cues to inform customers their Centric tokens are welcome. Each item has a QR code. When scanned, the QR code will bring the user to the Centric.com homepage, where they can learn more about the project, and if desired, create a wallet.
The payment can be made using the native Centric Wallet. The business owner logs in to the Centric Wallet on their mobile device, taps or clicks “Request.” The customer scans the QR code of the business wallet and then sends the funds. Simple!
Is ‘We Accept Centric’ a Good Fit for My Business?
Wondering if you should apply for We Accept Centric for your business? There are several items to consider.
The first question to ask yourself is this: How comfortable are you with accepting peer-to-peer payments?
Peer-to-peer (P2P) payments require a bit more “know how” than our future one-tap CENPAY solution will require. It’s for this reason that we say we’ve designed this program for crypto-savvy business owners. P2P payments aren’t that complicated, but it could be overwhelming for those not already accustomed.
If you are new to P2P payments, but still wish to incorporate Centric payments, we recommend creating multiple wallets and getting some practice sending payments back and forth.
As peer-to-peer payments can take a few minutes to settle, We Accept Centric will probably fit best for businesses with a longer sales cycle or checkout process. This could include car dealerships, landscape, construction, legal and accounting, health and fitness centers, furniture and appliance stores, and service companies of all kinds.
Companies that typically bid on jobs, provide estimates, issue invoices, or accept wire transfers or checks could also be a good fit.
Businesses with a high volume of small transactions, such as a convenience store, might not be the best fit, as customers in the queue who are used to a swift checkout may grow impatient waiting for a crypto payment to process.
Business owners will also want to consider who will be involved in collecting and confirming payments. Will they delegate this to one or more employees? We recommend setting up a new Centric wallet, specifically to receive incoming payments. If someone other than the business owner will have access to the wallet, you’ll want to be sure you’re regularly transferring funds into another wallet.
Red Devil Pizza: We Accept Centric…In Action!
He is a Centric investor and the owner of a family-owned pizzeria that’s been in operation since 1966. It’s called Red Devil Pizza, based in Covina, California. We invited Chad to be one of the first business owners to demo We Accept Centric.
Hmmmm….a pizza shop? Is that a business that fits the typical We Accept Centric profile? A dine-in and takeout restaurant certainly has a much quicker turnaround and checkout process than, say, a car dealership. Nevertheless, Chad is a Centric investor and was motivated to give it a shot. (You just can’t hold a good Chad down.) And besides, Centric’s CEO loves a good slice of pizza…so there’s that.
A CEO Walks Into a Pizza Shop…
Earlier this week, Centric CEO Joel Clelland paid a visit to Red Devil Pizza.
Before entering the establishment, Joel saw a We Accept Centric sticker on a glass panel to the left of the entrance, at about eye level. Now inside, another sticker was affixed to the customer-facing side of the cash register. On the counter to the left of the cash register sat the L-shaped counter top display. This was one establishment where Joel would not have to ask his favorite question: “Take crypto?”
Here’s what Joel ordered. Remember, he likes pizza (and boy, he must have been hungry!)
2 Large Pizzas 2 Large Sub Sandwiches 1 Large Dinner Salad $100 Gift Card Total: 180.00 USD
Based on then-current prices of Centric Swap (CNS) and Centric Rise (CNR), Joel and Chad agreed upon a rate of 1800 CNR for his order. (The exact amount would have been less, but Joel added a generous gratuity).
Using the native Centric Wallet on their respective phones, Joel scanned the QR code for Chad’s wallet, and sent over the 1800 CNR.
Joel headed back to the office with his feast while Chad celebrated Red Devil’s first crypto transaction.
Yum, don’t you just love the taste of real world utility? 😋
Why Bother Accepting Centric?
The best way to answer this question is to look at it from the perspective of the business owner. After all, money talks, and numbers are the consonants and vowels of its language.
What does 1800 CNR translate to in USD? At the time of writing, it’s $208.02.
Sure, there might be some novelty in accepting crypto over fiat. But the question arises…why bother accepting Centric in the first place? Wouldn’t it just be a heckuva lot easier for Chad to accept USD?
Fair question. It probably would be easier. But there’s something special about Centric that the US dollar, or any other fiat currency, cannot compete with. Nor can other cryptocurrencies! What is this special quality we are referring to?
Well, if you’ve been around Centric a minute, you likely have a sense of how Centric Rise works. Namely, that when someone holds Centric Rise, price blocks hard coded to the blockchain force the price of CNR to increase slightly every hour. This means every hour that you hold CNR, it has more CNS “minting power” than the hour previous. For this reason, we say CNR “yields more CNS” every hour.
But just how much CNS yield are we talking about? And does it really make a difference? I mean, for Joel’s order at Red Devil, we’re only talking about a couple of hundred dollars. That might be a decent ticket for a takeout order at a pizzeria, but in the big scheme of things, how much is $200 in crypto really going to move the needle for Chad?
To help us understand the potential of Centric’s hourly rise—and what it can mean for business owners like Chad—let’s cruise on over to one of our favorite tools. We’re going to reference CentricFolio, created by BlazeWorks, a member of the Centric community.
If you haven’t used the CentricFolio tool before, it might seem overwhelming at first. But we’ll keep it simple and give you a walkthrough of all the relevant numbers on the graphic below.
Just a couple of quick caveats. First, the numbers we’ll provide are based on crypto prices at the time of this writing. Second, we’re going to review some speculative scenarios. While the price of CNR is NOT speculative (once written to the blockchain, the price of CNR cannot be changed or edited), the price of CNS depends on the market.
Oh, and to be clear, this is not financial advice. Please DYOR.
A) The amount of CNR Joel paid Chad at Red Devil Pizza.
B) The USD amount of that CNR (at the time of the writing of this post).
C) The Binance Coin (BNB) equivalent of B).
D) The CNS equivalent of 1800 CNR.
In other words, this is the quantity of CNS tokens that Chad’s 1800 CNR can mint, based on CNR’s current price block. Recall that this number increases slightly every single hour.
E) This number (1800 CNR) will be used in calculating the values in the second column of the table below (“Worth”).
F) The top half of the green row at the top shows us 1800 CNR is currently worth $208.0246 in USD.
G) Moving to the bottom half of the green row, we’re confronted with a pretty large number. Where does $374,225.71 come from?
If CNS were to jump to $1.00 right now (at this writing), 1800 CNR would be worth $374,225.71.
Now, you might not think CNS is going to a dollar today. Fair enough. So let’s look at some other scenarios.
H) The cream colored row shows another “What If” scenario. What will 1800 CNR be worth in November 2022 (when the price block for CNR reaches 786.06)…. if the CNS price were to double and hit $0.00111?
As shown, the answer is $1,570.55 USD.
(By the way, CNS was trading above $0.00111 last month, November 2021—just before Bitcoin dipped and the whole market turned red).
I) The blue row shows “What If” CNS is trading at one cent in November 2022. With the CNR price block at 786.06, Chad’s 1800 CNR would be worth $14,149.08.
Not a bad increase of wealth just for hodling for a year!
J) Finally, the grey row at the bottom presents the most pessimistic scenario of the table.
The full value of the “CNS @” column does not fit in the window shown in the screenshot. The number is 0.00027794.
This scenario looks at what would happen if, in November 2022, the CNS price was trading at only half of what it’s trading at today. Based on the monthly growth of CNR, the value of Chad’s CNR would have still increased by nearly 90%…from $208 to $393.
Wondering how much Chad’s 1800 CNR would be worth at 5 cents, 10 cents, 20 cents, or 50 cents? Imagine Chad pulling in 1800 or more CNR per day. Combine several months of CNR’s hourly rise along with some positive price action on CNS, and it wouldn’t take much for Chad to be looking like the next Bitcoin Pizza Guy. (We know you’ll HODL, Chad!)
Are you wondering how much your CNR holdings will be worth?
Check out CentricFolio, and run some scenarios yourself.
Don’t be surprised if, after running some numbers, you hit an exchange and fill more bags with Centric!
But I’m Not a Business Owner. What Can I Do?
Do you know other business owners who are already Centric investors? Spread the word. Let them know about We Accept Centric. (Please don’t assume they’ve already heard the news).
We also encourage all Centric investors, whether or not they own businesses, to participate in our Gifting program. It’s a simple 3-step process for onboarding new investors. It doesn’t require any convincing or cajoling. It starts with your generosity and provides helpful resources for the people you invite to learn more. Check it out.
We Accept Centric is a campaign designed to spread Centric at the local grassroots level in communities around the world. If you think it might be a good fit for your business, we encourage you to apply by completing the form at Centric.com/cenpay. As supplies are limited, our team is screening applications to make sure we are sending assets to businesses that will truly use them.
Keep in mind, even if your application is not selected for participation, there’s nothing to stop you from accepting peer-to-peer Centric payments (assuming it’s legal in your country). The P2P payment functionality is already built into the Centric payment network. We Accept Centric just comes alongside to give you some encouragement and boost visibility of your Centric acceptance.
Will We Accept Centric be the program that single handedly drives Centric to protocol consensus? Probably not.
However, every business, every transaction, brings us another step closer.
We value every Centric investor.
Every business that accepts Centric.
And every customer who pays with Centric.
Each of you adds value to the Centric network with every transaction.
Before we wrap up…is all this talk of pizza making you wish Red Devil had a location in your neighborhood? If you’re in SoCal, by all means, please pay Chad and the crew at Red Devil Pizza a visit. (Don’t forget to bring your Centric Wallet!)
If you’re outside SoCal, and this post is making you a bit hangry, check out CNSPizza.com. It’s a website created by a Centric investor offering pizza store gift cards, and gift cards for other restaurants and retailers around the world. And you can pay with Centric Swap (CNS).