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How blockchain might change payments for small businesses

Oct 13, 2017 Posted /  27711 Views

How blockchain might change payments for small businesses

Cryptocurrencies like bitcoins are in the news because of their prices soaring high, which has surpassed the amount of $5000 yesterday. The demand and supply of cryptocurrencies are making a great effect on the prices of cryptocurrencies, due to which it has become the talk of the town and everyone wants to invest in them.

When we talk about cryptocurrencies, we cannot forget to mention the disruptive force behind it, and that is blockchain.The Blockchain technology is such a powerful, flexible easy adaptable technology that the FinTech industry is set to adopt this technology, thus by replacing the present traditional systems. Blockchain provides a transparent network which decreases the time to transfer payments and it is decentralized. It can not only be used for big business and organizations but it can be used for small businesses as well. Apart from this, a business can be also run on the smart contracts, offering coupons to the customers as well as proving ownership of the property. Some advantages of blockchain are:

Fewer transaction fees

People have few choices when it comes to the payment method. It can be either via credit/debit card or via cash. While using plastic money, people are bound to give transaction fees in the procedure, and thus the total amount becomes more than the intended one. Blockchain can thus help to lessen this problem. The blockchain transactions do not go above one percent, thus small business can have this advantage.

Immediate Transactions

Transaction via banks usually takes three to five business days, which does not go well, in case of emergencies. Thus, blockchain can help to solve this problem. It can help to transfer the amount very quickly, where it also discards the third-party in the procedure.

Having a global reach

Small businesses initially do less and think big, and later expand their business. Every business wants to flourish on a global level. Thus, blockchain will help to bring in this change as well. It can make your reach to a worldwide level, thus by allowing cross-border payments. It will give the business to enter into the global marketplace.

Starting up with this new technology is not an elephant task, but with getting enlightened with the blockchain should be the priority, as it will fuel up the process of growth of your business.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: bitcoin blockchain Acceptance payments business

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