Polyteck Accepts Cryptocurrency Payments
Construction and facilities management business Polyteck has become one of the first companies in the United Kingdom to accept Bitcoin payments from clients and suppliers.
The move will enable the group and its clients to process faster payment transfers, which is often seen as a major industry challenge, as well as offer an alternative mode of payment for its clients and supplier base.
Currently, credit card and bank transfers make up the largest proportion of payment transactions, often delayed by up to five days.
The crypto transactions will take place on one secure network, creating a direct link from the procurer and the seller of the service. This will remove complexity and delays through traditional methods of banking. It will also create a stronger mechanism to establish audit trails.
Cryptocurrencies also currently negate existing issues with business overdraft fees, and foreign transaction fees should they be applicable.
Polyteck has set up a fully auditable digital wallet which will accept Bitcoin and has the capability of accepting other Crypto currencies as the method becomes more widely adopted.
The move follows the recent news that UK Chancellor, Rishi Sunak, has announced a high-level taskforce to consider a Bank of England digital currency, marking the desire for central banks to explore the alternative mode of payment.
The fast-growing Crypto market now sees the likes of Dominos, Pizza Express, Café Nero, Etsy, and Lush as advocates of the currency.
Polyteck is headquartered in the United Kingdom and also has offices in Dubai, Qatar and Bulgaria.
John Polycarpou, managing director, comments: "As a progressive business, we are constantly looking at new ways of adding value to our clients, either through innovation in operations, or how we conduct our back-office business activity.
"We believe that, by offering this facility to our clients, we can support the industry as it pushes for secure, reliable and faster ways of supply chain payment in an industry where payment speed is notoriously slow."