In recent years, cryptocurrencies have transcended their initial perception as mere speculative assets, evolving into practical tools that can significantly enhance financial inclusion. For businesses, especially those in sectors like real estate, tourism, retail, IT service providers, education, healthcare, and others, embracing digital currencies can unlock new opportunities, streamline operations, and reduce costs. This article explores how crypto is reshaping financial inclusion for businesses and will highlight innovative solutions.

Financial inclusion through Cryptocurrency

Financial inclusion involves providing access to essential financial services to all businesses, regardless of size. This means affordable and efficient banking services that enable them to compete and thrive in the market. Cryptocurrencies offer several advantages traditional banking systems often lack, including lower transaction fees, faster payment processing, and greater accessibility. However, although we are slowly moving away from dinosaur-like financial services, we still live in a time that requires businesses to operate using some conventional banking services. Platforms such as Banxe offer the advantage of both crypto and traditional banking services under one roof.

Lower transaction fees

Traditional banking systems, especially for international transactions, often entail high fees and lengthy processing times. Cryptocurrencies, by design, eliminate many intermediaries, resulting in significantly lower transaction costs and almost instantaneous transfers. For businesses operating on tight margins, these savings can be reinvested into the business, fostering growth and sustainability.

Faster Payment Processing

Speed is critical in today’s fast-paced business environment. Cryptocurrencies facilitate near-instantaneous transactions, unlike traditional banking systems, which can take days. This quick turnaround is beneficial for businesses that need to manage cash flow efficiently and meet immediate financial obligations.

Greater accessibility

Cryptocurrencies operate on a global scale, unrestricted by geographical boundaries. This global reach ensures that businesses can participate in international markets without the usual barriers traditional banking systems pose. For businesses, this means easier access to international clients and suppliers, expanding their market reach.

Banxe: Empowering businesses

Banxe, a comprehensive crypto and banking solution, offers a range of products tailored to the needs of businesses navigating these challenges. Here’s how Banxe’s features enhance financial inclusion:

Multi-currency business accounts

One of the primary benefits of Banxe’s multi-currency business accounts is financial flexibility. Businesses can manage their accounts with multiple currencies, including GBP, EUR, USD, and over 350 cryptocurrencies. This flexibility allows businesses to make payments and receive funds in the most advantageous currency, avoiding high fees and unfavorable exchange rates associated with traditional banking. Whether funds are received in crypto or fiat currency, they can be instantly converted for use in purchasing crypto, withdrawal, bank transfers, or other operational needs.

Mass payment feature

The Mass Payment feature simplifies payroll and vendor payments, enabling businesses to execute multiple payments simultaneously. This tool is particularly useful for companies with a global workforce or a diverse supplier network across different countries, reducing transaction times and operational costs.

Team management tools

Effective financial management involves controlling who can access and manage financial resources. The team management tool allows businesses to assign specific roles and permissions within their teams. For example, the Accountant can input invoices while the account holder approves the final payment, ensuring secure and efficient transaction management.

Crypto processing

Crypto Processing service provides a cutting-edge solution for businesses, particularly for e-commerce and retail looking to accept cryptocurrency payments. This service allows merchants to receive payments in cryptocurrency and quickly convert them to GBP, EUR, and USD. With low transaction fees starting at 0.2% and competitive crypto-to-fiat conversion rates, businesses can significantly reduce their payment processing costs. The seamless API integration, real-time payment status updates, and robust security features ensure a smooth and secure transaction experience. By adopting Crypto Processing, businesses can attract a global clientele, enhance their payment flexibility, and unlock new revenue streams​.

Case study: Real estate development in Cyprus

The real estate development industry in Cyprus has witnessed a significant transformation with the adoption of cryptocurrencies. A prominent real estate firm recently integrated cryptocurrency payments into its operations, leveraging Banxe’s multi-currency accounts and instant exchange features.

Project financing and sales

By accepting cryptocurrency payments from international buyers, the firm streamlined its sales process, attracting a broader client base. The speed and lower costs associated with crypto transactions enabled the firm to manage its cash flow more effectively, reinvesting savings into new projects.

Vendor payments

Using the Mass Payment feature, the firm efficiently managed payments to contractors and suppliers. This capability reduced administrative overhead and ensured timely payments, fostering stronger relationships with vendors.

Employee expenses

Issuing corporate cards to employees allowed the firm to seamlessly manage expenses incurred during international business trips. The ability to easily top up the cards with money or crypto and monitor real-time expenditures provided greater financial control and transparency.

Conclusion

Cryptocurrencies are more than just a financial trend; they are powerful tools that can enhance financial inclusion for small businesses. By offering lower transaction fees, faster payment processing, and greater accessibility, cryptocurrencies empower small businesses to compete and grow. Banxe’s comprehensive suite of products, from multi-currency business accounts to corporate cards and mass payment features, supports these businesses in navigating the global market efficiently and securely. As the real estate development case study demonstrates, integrating crypto into business operations can lead to significant operational improvements and financial savings, driving growth and success in a competitive landscape.

DISCLAIMER – “Views Expressed Disclaimer: Views and opinions expressed are those of the authors and do not reflect the official position of any other author, agency, organization, employer or company, including NEO CYMED PUBLISHING LIMITED, which is the publishing company performing under the name Cyprus-Mail…more