Polyteck, a leading London-based facilities management business that works in hospitality, has announced that it will be accepting Bitcoin as a form of payment from clients and suppliers.
The fast-growing Crypto market now sees the likes of Dominos, Pizza Express, Café Nero, Etsy, and Lush as advocates of the currency.
Polyteck, which has a combined turnover of more than £20m, will be one of the first in the FM sector to offer the digital currency alongside traditional means of payment.
The move will enable Polyteck 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 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 company is a leading UK headquartered, construction and facilities management organisation which operates in both the private and public sectors. The company also has offices in Dubai, Qatar and Bulgaria.
It provides a broad range of services across both private and public sectors including the super-prime residential, local authorities, education, corporate, retail and hospitality industries.
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.”
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Hospitality & Catering News: London’s first FM hospitality company to accept cryptocurrency payments. – 28 July 2021 – London’s first FM hospitality company to accept cryptocurrency payments.
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