Press release
Press release. Dublin, Ireland, 8/29/2022 – One of the arguments against cryptocurrency is, “What’s the point of having a currency if you can’t use it?” While many projects are trying to establish utility for their tokens outside the world of blockchain, many companies do not use or accept them. That is about to change.
Fabio, the co-founder of FixXFi, had a career in finance, trading currency and forex before taking over his family’s successful auto-repair business in Torino. He quickly found that customers were having difficulty paying for their auto repairs. This put pressure on the business as customers would negotiate prices, ask for payment plans, or not make repairs. It was through his repair business that he met his co-founder, serial tech entrepreneur Andrew, and created FixXFi.
Repair is an essential part of life. Auto and home repair needs are a very common occurrence, but not everyone’s budget allows for these often costly events. Repairs can have a destabilizing effect on household cash flow, and research shows it doesn’t just affect people with low incomes.
The old, inflexible alternatives in existing financial products are lacking and burdensome. As a result, repair businesses are often forced to take the plunge with discounts or sub-par fixes.
Fast forward to today, FixXFi has developed an innovative fintech platform that provides embedded finance solutions for the independent auto and home repair industries. Funding for unexpected repairs will be accompanied by an accelerated approval process that takes place in a repair facility using off-chain and on-chain technology.
The FixxFi app has a seamless experience for both customers and business partners. By partnering with independent repair businesses, customers will be introduced to the FixXFi app at the point of service. Repair partners can now provide simple, embedded financing solutions to support their customers and help them manage that unexpected expense. After a fast, one-time approval process, the customer now has an instant solution to make payments.
FixXFi offers customers a line of credit that is refillable with each payment. This creates a highly scalable business model because customers will have a ready line of credit for their next unexpected repair. In addition, businesses that choose to partner with FixxFi will have a dedicated customer base that prefers to use companies that accept lines of credit. The customer retention system is enhanced by the app’s options for locating and scheduling with an approved repair partner.
A common question is, “Why not just use a credit card?” The difficulty is that credit cards only delay payments by one month and are subject to available credit or higher-limits. Customers want options! With FixxFi, customers can customize their payment options. Through FixxFi’s in-app calculator, customers select the amount of their funds they wish to use and the period they wish to schedule spread over the months from 1-60. In this newly competitive world of finance, traditional methods such as credit cards with limited payment options do not offer the required flexibility in every scenario.
Strong independent repair sectors in the UK and Italy make these regions the target markets with the greatest demand for early stages. using extensive market research Ibis World Vehicle Repair And Maintenance The report for Italy and the UK shows that the total available market (TAM) of the independent repair market was €57.5 billion in 2021. Fixxfi plans to seize the opportunity to fix the problem by using the latest technologies available.
Built on the Elrond network, FixxFi offers a native cryptocurrency, the FIXX token. The app has the unique ability to engage more users in crypto while solving some routine life problems. Customers will also receive crypto rewards for timely repayments, discounts for holders and referring other customers. Partners will be rewarded for referrals and receive a $FIXX discount for meeting loan value targets.
The ability to pay bills with crypto is just the first benefit in a long line of fintech options. FixXFi will release a native corporate stablecoin backed 1:1 with the real-world utility of Fiat and FixXFi. This practical use of stablecoins has the potential to set a new precedent. It also answers the other main argument of using crypto for payments as the currency is stable and does not fluctuate with the market. Investors can also participate in the lending market, financing those looking for loans directly or participating in betting and farming options.
An NFT will also be issued to early investors which offers a modern take on traditional dividends. Benchmarked against a percentage of the company’s profits, holders can stake their NFTs to earn more FIXX.
As more solutions like FixxFi enter the market, the future of crypto becomes more clear. Alternative financing and lines of credit are the first steps to potentially look at crypto-related options in many businesses and rewards programs.
PR Contact:
andrew.dunne@fixxfi.com
+353864555678
https://fixxfi.com
https://discord.fixxfi.com
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