On the most recent podcast of The Shrimp Tank (see link to listen and view below), our guest Pat Larson discussed his business of being an accountant for those investors who dabble in cryptocurrency. Most people know the more popular cryptocurrency brand, Bitcoin; but there are many others. It’s an emerging method of investing and ultimately paying for services.
JP Morgan made news this past week as they announced they will be offering their own private cryptocurrency. It will be fascinating to see how this accelerates the process. Bottom line, you need to be prepared to one day be asked if you accept cryptocurrency as a method of payment.
Consideration for services or products has changed drastically over the past decades. From cash or check only; to credit cards; to Square and ApplePay and Venmo. I just purchased my groceries today with my mobile device (not really a phone, is it?) on ApplePay. Still there are business owners that don’t accept American Express and in some cases, no plastic at all. These are savvy business owners that don’t want to pay extra fees.
Here’s my opinion: You as a business should never get in the way of being paid. Instead of being an obstacle, be an open road. While fees exist today (and they are a cost of doing business), those may be going the way of the dinosaur as there are now growing ways to bank and to send money with no fees.
So where does cryptocurrency come into play?
Listen to the podcast and hear Pat explain that one day there will be a way through some function (e.g. Quick Response or QR codes) will rapidly deposit cryptocurrency into your account, which you can then as quickly transfer into cash. He accepts it as a form of payment. Will you one day do the same?
We are in a rapidly changing world of commerce. Don’t get stuck in the tar pits because you didn’t want to accept a form of payment because I guarantee your competitors will. You be the leader and become a gateway to business and profitability.
Listen to podcast
Quote of the Day:
“It isn’t the mountains ahead to climb that wear you out; it’s the pebble in your shoe.”
~ Muhammad Ali
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