GoTranscript's Tie-Up With Bitlocus Exchange Proves Cryptocurrencies Not Dead Amongst SMEs
BitLocus to act as cryptocurrency payment support service after human-driven transcription service finds 3% of all payments for its services are purchased in Bitcoin
July 11, 2019 (Investorideas.com Newswire) GoTranscript, a human-powered transcription service provider, has recently partnered with Bitlocus - a cryptocurrency-to-fiat exchange which will act as the company's payment support system for clients wanting to purchase transcription services using cryptocurrencies.
The agreement between the two parties came after GoTranscript found that 3% of all purchases made on its site were made using Bitcoin - the world's most widely used cryptocurrency.
Bitcoin recently jumped to its highest peak since December 2017 due to the wider adoption of its underpinning decentralized blockchain technology, with companies such as Facebook poised to launch their own cryptocurrency later in 2019.
Blockchain is a decentralized public ledger of activity, which is not tied to any financial institution such as a bank or regulatory government body. Meanwhile, GoTranscript was one of the first transcription services to accept Bitcoin as an alternative payment method.
Because cryptocurrencies are decentralized from intermediaries such as banks, both clients and businesses using them are able to save money by avoiding additional costs such as transaction fees. The lack of a financial middleman also means that payments between businesses and clients can be processed within minutes instead of days.
Security is a major factor in determining whether an SME accepts cryptocurrencies as a form of purchase. Payments made using cryptocurrencies can only be made one way. This eliminates the possibility of the user cancelling or overriding the payment, thus eliminating chargebacks and reducing the risk of businesses carrying out a service or sending a product and then falling victim to fraud.
Cryptocurrencies are widely touted as a "global currency" meaning that they are able to overcome global geographical restrictions due to their almost-instant transfer and lack of regulation - both of which can help tackle issues such as long waiting times and high exchange rates. These factors have led crypto experts to believe that they can ultimately help an SME attract more clients from around the globe.
Peter Trebek, the CEO of GoTranscript, believes that the wider adoption of cryptocurrencies is necessary for internationally-operating SMEs due to their fast payment times and financial inclusivity.
"Our partnership with BitLocus shows that there is a need for cryptocurrencies amongst SMEs," he commented. "From the viewpoint of a transcription provider, their removal of geographical restrictions such as cross-border international payments and almost-instant transaction times means that we can offer our wide-range of services from transcriptions and translations to subtitling and closed captioning to audiences in markets beyond our original purview."
By the end of 2020, the digital payment market is set to be worth 726 billion transactions worldwide. With cryptocurrencies currently making a comeback, SMEs such as GoTranscript are almost certain to contribute to this number.
ABOUT GO TRANSCRIPT
Founded in 2005, Go Transcript specialises in easy-to-use, quality-focused human-powered transcriptions delivered online around the world. For more information and a free trial, visit http://gotranscript.com/.
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