Dublin, Ireland, Aug. 29, 2022 (GLOBE NEWSWIRE) — One of the arguments against cryptocurrencies has been, “What’s the point of having a currency if you can’t use it?” While many projects attempt to establish the usefulness of their tokens outside of the blockchain world, few companies use or accept them. That’s about to change.
Fabio, the co-founder of FixxFi, had a career in finance, currency trading and Forex before taking over the successful family car repair business in Turin. He quickly discovered that customers were finding it increasingly difficult to pay for their car repairs. This put a strain on the company as customers negotiated prices, demanded payment plans, or simply didn’t get the repair done. It was through his repair business that he met his co-founder, serial tech entrepreneur Andrew, and FixxFi was created.
Repairs are an inevitable part of life. Automotive and household repair needs are all too common, but not everyone’s budget allows for these often costly events. Repairs can have a destabilizing effect on household cash flow, and research shows they don’t just affect low-income people.
Current financial products are lacking and overloaded with outdated and inflexible options. As a result, repair companies are often forced to pick up the slack with discounts or below-average repairs.
Fast forward to today, FixxFi has developed an innovative Fintech platform that provides integrated financing solutions for the independent auto and home repair industries. Funding for unexpected repairs will be done with a fast approval process that takes place directly in the repair shop using off-chain and on-chain technology.
The FixxFi app provides a seamless experience for customers and business partners. By partnering with independent repair companies, customers will experience the FixxFi app at the point of service. Repair partners can now offer simple integrated financing solutions to support their customers and help them manage these unexpected expenses. After a quick and unique approval process, the customer now has an immediate payment solution.
FixxFi offers customers a line of credit that is replenishable with each payment. This creates a highly scalable business model, as customers will have a line of credit ready for their next unscheduled repair. Additionally, businesses that choose to partner with FixxFi will have a dedicated customer base that prefers to use businesses that accept the line of credit. The customer loyalty system is enhanced by in-app options to locate and schedule with an authorized repair partner.
A common question is, “Why not just use a credit card?” The problem is that credit cards only delay payment for a month and are subject to available credit or high limits. Customers want alternatives! With FixxFi, customers can customize their payment options. Using FixxFi’s built-in calculator, clients choose how much of their fund they want to use and the duration in months from 1 to 60 they want to spread the schedule over. In this new competitive world of finance, traditional methods such as credit cards with limited payment options do not provide the flexibility needed in all scenarios.
The strong independent repair sectors in the UK and Italy make these regions the target markets with the greatest demand for initial stages. In-depth market research using Ibis World Repair and maintenance of vehicles reports for Italy and the UK show that the total available market (TAM) of the independent repair market in 2021 was €57.5 billion. Fixxfi plans to seize the opportunity to solve the problem using the latest technology available.
Built on the Elrond network, FixxFi offers a native cryptocurrency, the FIXX token. The app has the unique ability to bring more users into crypto while solving some of their day-to-day problems. Customers will also receive crypto rewards for on-time refunds, discounts for being a cardholder, and for referring other customers. Partners will be rewarded for referrals and receive $FIXX rebates for meeting loan value goals.
FixxFi Customer Video
The ability to pay bills with crypto is just the first benefit of a long line of Fintech options. FixxFi will issue a native enterprise stablecoin backed 1:1 with fiat and FixxFi’s real-world utility. This practical use of a stablecoin has the potential to set a new precedent. This also addresses the other main argument for using crypto for payments, as the currency is stable and does not fluctuate with the market. Investors can also participate in the loan market, directly funding those seeking a line of credit or participating in staking and farming options.
An NFT will also be issued for early investors which offers a modern take on the traditional dividend. Against a percentage of company profits, holders can stake their NFT to earn more FIXX.
As more solutions like FixxFi enter the market, the future of crypto becomes clearer. Alternative financing and lines of credit are potentially the first steps to seeing crypto-related options in a host of companies and rewards programs.
PR Contact: Andrew Dunne
email: [email protected]
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Via KISS PR for Blockchain PR for fixxfi.com