Do You Need Cryptocurrency for Your Small Business?

May 1, 2019
  • What is Cryptocurrency?
  • How is Cryptocurrency Good for Your Business?
  • Things to Keep in Mind
  • Accepting Cryptocurrency as Payment
  • Is Cryptocurrency the Right Choice for You?
  • Get on Board with Cryptocurrency

Since its inception in 2008, bitcoin has become somewhat of a household word. At least, it’s well known in the big business and technical fields. What was once considered an oddity in the financial sector is now being thought of as one of the main methods of conducting business online.

From investments to transactions, cryptocurrency can handle many different elements of commerce. Moving forward, businesses must keep an eye on cryptocurrency as a very real and advantageous way to conduct business.

Understanding what cryptocurrency is and what it can do for your business is essential moving forward. At Job Hub Group, we can give you an in-depth consultation to figure out whether cryptocurrency is something you want to incorporate into your business dealings.

What is Cryptocurrency?

Cryptocurrency is a type of digital currency that allows for transactions and exchanges to be made online. It is protected through the use of cryptography, which is a security method used to keep digital communications safe. Not only is it safe, but it is unable to be hacked. This establishes a clear connection between third parties on neutral ground.

Cyber security is something we take seriously at Job Hob Group, and our developers ensure that cryptocurrency exchanges are completely hack-free. This can be simplified through the use of blockchains, which are ways of connecting and vetting information securely. This also keeps data owner-free so it cannot be stolen.

The two main reasons why cryptocurrency is so heavily sought-after at a growing rate are because of their inability to be hacked and their unlimited investment potential. As hackers become increasingly persistent and capable, cryptocurrency is one of the last defenses that cannot be broken down by them.

How is Cryptocurrency Good for Your Business?

The biggest reason why consumers fear cryptocurrency is because they don’t quite understand the advantages it brings to the table. It is not without its flaws, but for many businesses it is a must-have system for business dealings moving forward.

Transactions between cryptocurrencies are lightning fast. This is especially true when compared to other transactional systems like Paypal or any major bank, which can take up to several business days for a payment to process. And while it still takes a few days to convert the cryptocurrency into cash, the initial transaction happens in an instant. That avoids any uncertain ground or miscommunication between parties.

Cryptocurrency contains zero processing fees. This is one of the biggest reasons alone why companies are adopting this form of payment. Any other kind of digital transaction requires a third party to manage every step of the payment, charging an extra fee throughout the process.

But you don’t need an intermediary with cryptocurrency; in fact, this can save you an impressive amount of money over time, especially if your business dealings are quite large. This is a good idea moving forward if you have big transactions as part of your normal workflow.

Have you ever been turned away from paying for an item because the vendor doesn’t take your preferred payment method? This is a fear that larger companies face as well. What if you are dealing with a client who prefers to pay with cryptocurrency? Instead of begrudgingly turning away their business, you can offer cryptocurrency as an additional payment option to satisfy your customers.

Things to Keep in Mind

It’s important to be aware that cryptocurrency is not yet regulated by any government like other currencies are. This can afford you more opportunities to use it, but it also means there is a bit of risk when using it as a form of payment. This does not mean it is a risk for your company – only that special attention must be paid to the way it is taxed.

During tax season, make sure to report cryptocurrency exchanges as cash transactions. This can actually provide an advantage to you when you reach that inevitable time each year. If you need more help, you can consult the IRS Virtual Currency Tax Guide.

Accepting Cryptocurrency as Payment

Cryptocurrency wallets might be a handy thing to have if you are dealing with a multitude of different clients online. Sending and receiving payments requires the use of a QR code that then communicates directly with this online wallet. Scanning the code will allow you to receive the funds someone is sending you – and scanning the recipient’s code will let you send money to them.

There are cryptocurrency processing systems that can simplify the bitcoin-to-cash process. While several on-shelf options exist, our Job Hub Group goal is to integrate a cryptocurrency payment processing system right onto your personal software. That is why a custom software solution can be the biggest benefit to streamlining your transactions and elevating your business potential.

Is Cryptocurrency the Right Choice for You?

Before weighing the pros and cons of incorporating cryptocurrency as a main method of payment between you and your clients, make sure it is something that is actually in demand with them. Have your customers been pushing for you to add bitcoin as an alternative method of payment? Do your investors show any interest in cryptocurrency as your business moves into the future? This is the most important factor that can determine whether your company is fit for cryptocurrency exchanges.

If you are worried about the risk, keep in mind that payment processors are in place to reduce chances of a transaction going haywire. Our developers fortify cryptocurrency platforms with processing systems using blockchain technology to guarantee complete security at all times.

Get on Board with Cryptocurrency

Using bitcoin and other forms of cryptocurrency can ultimately end up in your favor as time goes on. There’s a reason why a large number of growing businesses are seeking alternative payment options with zero security risks. At Job Hub Group, we can work with you to assess the needs of your business to determine whether this is a step in the right direction for you. Contact us today to start the personalized, cutting-edge software development process.