Small businesses should always look for ways to enhance the efficiency of their services and look for better ways to serve their clients. One of the ways is to include blockchain technologies such as Bitcoin into their operations. Far from what small business owners think, the cost of incorporating blockchain technology is affordable. Here are ways small businesses can start using the cryptocurrency in their operations.
A New Form of Payment
The first step to accepting cryptocurrencies is accepting them as a mode of payment. It signals your commitment to start using blockchain technology. You also get to enjoy such benefits as quick transactions, low transaction costs and secure payments. Besides, you will net customers that are willing to try new payment for their online transactions. Just ensure that you place an icon on your site to show customers that you have a new payment method.
Cryptocurrency payments are peranent and irreversible. This prevents scammers from messing up with your payment systems by asking for refunds and disputing payments. Anyone who needs a refund must contact the business on the same. You may also buy Bitcoin to pay for goods and services to suppliers who accept them.
Use It to Raise Capital
Small businesses can use blockchain technology to raise funds for their goals through Initial Token Offerings (ITOs). This is an alternative to traditional lending, where individuals buy tokens for exchanges or equity in the small business. The tokens are bought in cryptocurrency to enable the business to buy goods and services it needs for its operations. Where the tokens are used for transactions, buyers purchase products for a value equivalent of the Bitcoin they used to buy them. It is as if they already bought the items and only re-trade a share of tokens when they need the company products.
Safe Money Storage
Businesses require safe and secure cash storage that they can access within a moment’s notice. A cryptocurrency wallet is a great option to store cash for daily operations. The accounts department can access the cash in a few seconds when they need it and there is a statement to show how transactions were done. When the wallet is low on cash, you can buy Bitcoin instantly, reload the account and complete the outstanding transactions. This is far cheaper than standard mobile money or online banking transaction. It is also a better way to manage petty cash than having liquid cash in the business premises.
Use it as an Investment Vehicle
Bitcoin will keep rising despite the short dips in price. There is a limited supply cap of about 21 million coins. As many people join blockchain technology, the need for currency will keep pushing the prices up. This is a good opportunity for businesses to invest and makes some quick profit. However, it can also be a part of the long-term investment strategy and earn the business good cash. You could also buy cryptocurrencies that are showing signs of growth and take advantage of their low prices.
Pay Bills and Micro jobs
Small businesses can also use blockchain technology to pay bills and pay for small services on the internet. With the rise of gig technology, a business can hire a freelancer to create their next ad campaign, optimize their content or do focus group surveys. Most of these freelancers accept cryptocurrency payments. The use of cryptocurrency for small payments also lowers the cost of transactions, improves the business image, and is more secure than fiat currencies.
There are tons of ways to use cryptocurrency in your business operations. Doing so also brings several benefits unavailable in the fiat currency. Consider embracing it in your small business.