The crypto world is rapidly entering the mainstream. A google news search for “Bitcoin” or “Blockchain” shows interest is growing daily. With the recent pump in the Bitcoin price to $9,500, we may see a new wave of FOMO enter the market in 2020.
Some of those profits from a bull run will find their way into the retail sector. Several large companies are anticipating this move, including VISA, which recently acquired the crypto payment processor Plaid.
If businesses start accepting cryptocurrency again, accountants and bookkeepers will need a convenient way to keep track of payments and records. A new survey done by HSB found that 36% of US-based Small and Medium-sized Enterprises (SME’s) are now accepting some cryptocurrency as payment. While it IS possible to manage this in-house, the task can be daunting.
There are currently existing solutions for this, and Gilded is creating a version based on the blockchain.
Gilded’s vision is simple: offer a full suite of B2B accounting tools that accommodate both traditional finance and cryptocurrencies.
In short, it gives businesses all the tools they need to integrate crypto payments into Quickbooks without charging any extra fees.
A quick rundown of features includes:
- Accept credit card and crypto payments
- Zero fees for processing crypto payments
- Integrate seamlessly into Quickbooks (User base of over 2 million)
- Invoice in both USD and cryptos: Bitcoin, Ethereum, DAI, Bat, Stablecoins
- Integrates with Stripe for credit cards, Coinbase forthcoming
- Track cost basis for tax purposes
One aspect I find overlooked in the current payment model is credit card fees. These fees range from 2.7% + $0.30 per transaction. Business owners have to cover these costs, which quickly add up.
Meanwhile, Coinbase offers a 0.5% fee on its transactions, and this cost reduction may be worth the price of admission alone. All things considered equal, accepting payment in crypto can save thousands of dollars a year for small to medium-sized businesses.
In some cases, this can be the difference between making payroll and requiring a loan to cover costs.
In addition to providing payment solutions, Gilded is also actively reaching out to Certified Public Accountants (CPA’s) to better educate them on how to handle cryptocurrency payments.
Their acceptance into the Decentralized Continuous Audit & Reporting Protocol Ecosystem (DCARPE) shows their dedication to open and transparent practices. This visibility and awareness may be just as important as offering a turn-key solution as the crypto regulatory landscape continues to adapt and evolve to the legislative landscape.
When asked about current usage, CEO Gil Hildebrand disclosed that there are over 1,000 businesses currently in the Gilded network with hundreds of thousands of dollars of crypto payments already processed. This adoption is a massive step forward in adoption and bringing crypto payments to the world.
CC fees are not cheap. Crypto payments offer an alternative, but there are a couple big problems . . . We are trying to change that by building a network of businesses who can use stablecoins to transact without any of the big challenges of adopting crypto.
Find out more about the Open Finance platform here and #OptIntoOpenFinance. Hopefully, next year we will see HSB’s survey show 99% of companies accepting crypto.
Feature by FomoHunt.