FMJ Facilities Management magazine providing industry-specific intelligence to FM and property professionals
Polyteck has today announced that it will be accepting Bitcoin as a form of payment from clients and suppliers.
The London-based construction and facilities management business, which has a combined turnover of more than £20 million, will be one of the first in the sector to offer the digital currency alongside traditional means of payment.
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 according to Polyteck will enable the company 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.
John Polycarpou, Managing Director, Polyteck, said: “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.”
The fast-growing Crypto market now sees the likes of Dominos, Pizza Express, Café Nero, Etsy, and Lush as advocates of the currency.
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