Ann (not her real name) is an entrepreneur based in Colorado. In the past month, business sales have grown by 16 percent month upon month, and 54 percent year on year.
But Ann doesn’t accept credit cards for her sales as it’s too expensive and at periods against some bank’s guidelines. She prefers Litecoin, the cryptocurrency started in 2011 that provides cheap and fast dealings. After closing her store at 8 pm, the lady heads home and accounts for her day’ s sales in a crypto wallet. Ann is a seller of CENTRAL BUSINESS DISTRICT products in one of the busy streets of Denver, Colorado.
She is Unbanked.
The recreational usage of CBD and hemp-based products has been legal since this year, but banks have been skeptical about accepting marijuana-related companies. The problem is that laws differ state-by-state and on a federal level. This confusion means that a few banks are watchful that they’ d be working afoul by supporting particular business owners.
But the problem doesn’ t have to involve a controversial product. According to this Brookings article, micro-businesses and those possessed by people of colour are largely unbanked or underbanked.
Cryptocurrencies as the Answer?
For Ann, Litecoin solved a real problem for her business and she is a long-term holder of the resource. When she needs to spend people who won’t accept Litecoin, she uses her Litecoin Debit Card.
The good news is that fin-tech companies now offer a variety of solutions for these unbanked businesses and something company aptly named “Unbanked. ” The Litecoin Credit card is issued via a relationship between the Litecoin Foundation plus Unbanked.
Fintech has a unique position in that they are able to provide business owners along with solutions that will help them associated with experience seamless for their clients, including payments. In short, you may get paid for the products you sell, make it more convenient for your clients to pay, and reduce the risks plus costs of lugging cash around.
Unbanked has taken things further simply by allowing businesses to problem their own custom debit cards and also facilitate bank accounts for customers. Everything without even lifting a finger if you don’ big t want to.
You are able to choose to use Unbanked’ s API to help you get started. Or you can program your own and get Unbanked’ s i9000 technology up and running for your mobile app or website.
Everything is seamless. The debit cards will have your own company’ s branding. Even though you run a company with less than 10 employees, you can still get in on the fintech options that the company offers. For example, you can issue cards with your personal logo on them and offer FDIC insured bank accounts. Bank accounts are crypto-friendly and available to customers in more than 200 nations and regions.
What’ s more, Unbanked can guide you to ensure compliance on your part. You don’ t have to worry about red tape and legal jargon, Unbanked can help you with anything you need, from regulatory issues to user security, and even your platform’ s security.
Unbanked is also a Visa for australia Enablement Partner.
The Bottom Line
With that being said, Unbanked is helping companies come up with their own blockchain-based debit cards that can spend cryptocurrency possessions and open a bank-account as well. But of course , greater than the financial side from the service, Unbanked can also provide assistance in several ways, including:
- Helping your business use, program, and customize its API for any seamless and better consumer experience
- Offering a new way to accept obligations by adding cryptocurrency into the blend
- Assistance with conformity
Simply by blending the functionality of bank details and debit cards with the blockchain, fintech Entrepreneurs are able to offer their customers a Neo-bank built on the blockchain with no cost, regulatory risk, along with other headaches that come with building it from scratch.