If you run a business, you should embrace technology when you can. That means automating any processes that can save you money. You should also look into things like cryptocurrency that can move your company forward.
We’ll discuss how crypto can help your business in the following article.
You Can Set Up a Nexo Account
If you use crypto as a business, you might look into creating an account with a crypto platform like Nexo. With Nexo, you can get a line of credit similar to what a bank or credit union offers you.
You don’t have to submit to a credit check with Nexo, though. That’s extremely convenient if you don’t have the best credit score.
You can also store any additional money you’re funneling through the company when you’re not actively using it. Nexo can give you 12% APY on APE, and they offer excellent rates on several other crypto forms as well.
You may want to create a business account online with them for that reason. The longer you leave money in your company’s account as crypto rather than fiat currency, the more interest it accrues. That makes a difference, especially if you turn around and use that money for things like research and development or ad campaigns.
You Can Get Investors to Back Your Company Financially
Getting individuals with money to fund your company is another way crypto can help you grow. For instance, you might approach someone with money that you know likes to fund up-and-coming businesses, like a venture capitalist or angel investor. However, you might know that this person or group wants to keep their involvement in companies private.
If you allow them to invest in your company using crypto rather than fiat currencies, they can keep their funding quiet. You can tell them you’ll return their investment with interest when your company comes out with new products or expands into new markets.
You Can More Easily Partner with International Entities
You can also partner with international companies more easily if you use crypto. Crypto does not owe allegiance to any government or bank. Because of this, you’re not limited in any way if you want to buy products from them or them from you.
You can receive payment for parts from international markets in a crypto form to which you both agree. You can also accept that crypto form from the same company if you want parts or products from them in return.
You Can Access New Customers
You can also make your company appear more attractive to certain clients or customers if you start accepting crypto. Crypto users often represent a more cutting-edge clientele that doesn’t want to pay for their orders with traditional fiat currency.
By telling them through your website that you take certain common crypto forms, you can boost your eCommerce business. If you’re trying to move away from a brick-and-mortar store model and start selling more products online, you can help that happen by starting to take crypto.
If you want repeat business, you might attract that by accepting credit cards or traditional payments. If you want new customers, though, taking crypto should help you do that.
Crypto as a Balancing Asset
You can also use crypto as an asset to balance against cash if you’re stockpiling money for your company for a particular purpose. Maybe you’re getting ready to launch an aggressive ad campaign, and you need that money to hire some IT help, prepare a pay-per-click marketing strategy, etc.
If you have some of your company’s reserve money in crypto instead of fiat currencies, it’s not subject to inflation. If you have some of your cash as crypto, it’s an investible asset that can perform better for you over time than many traditional currencies.
If you decide to use crypto, you also can utilize it for various payroll-related activities. For instance, you can enable simple money transfers in real-time if you need to pay taxes. You get better control over your enterprise’s capital. You can also better manage digital investing opportunities and risks.
You can even pay out employee bonuses in crypto if that’s something your workers want. Some individuals already like to receive their pay in crypto form, and you can offer that option if you like.
Using crypto sends the message to your workers, customers, and other companies with which you might partner that you’re on the cutting edge and willing to step into the future.