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Published On
October 13, 2022

Embracing the Future of Money: Vanessa Higgins Talks on Cryptocurrencies in Your Maid Service

Written By
Osi Egwuogu

Cryptocurrencies are no news anymore. They have steadily grown to become an essential part of daily transactions globally. Their worldwide user base went from 35 million in 2018 to 221 million by June 2021. This widespread adoption further pushed businesses' acceptance of digital tenders.

At the Maid Service Summit of 2021, our CEO, Vanessa Higgins, gave a presentation on how cleaning service owners and field techs can embrace this new trend. She was invited for the third time in a row, alongside over 40 industry experts, to talk on the relevant topics that will help entrepreneurs in the cleaning industry effectively maintain and scale their businesses.

What is cryptocurrency?

It is a digital currency that excludes the intermediary in financial transactions, such as banks, by using a decentralized system that gives you direct control of your client transactions. They're produced in mining hubs globally, and currently, over 7,000 different cryptocurrencies are in use. The common types of cryptocurrency include Bitcoin, Litecoin, Ethereum, etc.

Cryptocurrencies may be a form of currency like regular money. Still, they differ from them in key aspects such as

Differing FactorsCryptocurrencyTraditional Money
What backs them up?The consensual value users find in it.The economy of the issuing country
Governing bodyNo central authority. It is built on mathematics and distributed computing.A central bank.
Speed of TransactionA few minutesTwo to three days
Transaction fees$0.3 or up to 2-3% of a transaction$0.01 to zero
ChargebacksNot possiblePossible

Benefits of cryptocurrency to your business

Major corporations like PayPal, Home Depot, Starbucks and so on, have begun to accept Bitcoin as a form of payment. There are many reasons your maid cleaning service should not be left behind. They include

  1. No third party: Since the transaction fees banks charge are simply their cut for taking care of your money, no third party equals no transaction fees: This is a very attractive aspect of this payment option.
  1. No need for international conversion rates: Companies that offer international cleaning services will appreciate this feature. There is no risk that the money they receive will reduce due to unstable conversion rates. The price of cryptocurrencies is fixed globally.
  1. Staying ahead of the curve: Including crypto as a payment option will let your clients know that your home cleaning service is updated and modern. For instance, when Clean Tu Casa offers cleaning services in Buckhead, Atlanta, we serve a millennial target market that appreciates the ease of cryptocurrency transactions.
  1. Fast transactions: The speed and security of cryptocurrency transactions are second to none.

Risks involved in cryptocurrency

With every financial decision, there are risks. Here are the major ones you’ll face with cryptocurrency.

  1. Unstable value: The lack of a central authority with these digital coins also means no body to regulate the currency when it experiences a crisis. The crypto market experiences high volatility, with some coins increasing or decreasing by 7-10% in hours. With cryptocurrency, you must be willing to take risks. 
  1. Difficult to analyze assets: If you plan to invest in cryptocurrency, analyzing assets and making decisions on which coin to buy or sell can be very difficult and risky.
  1. Bad for the environment: If your business has a reputation for offering green cleaning services, you should know that mining harms the environment. But it is necessary to point out that traditional money also has adverse climate effects.
  1. Money laundering: the digital nature of crypto transactions make it easier for money launderers to move illegal money undetected.

How to accept crypto payments 

You create a crypto wallet where you can store the currency. There are hot and cold wallets available for you. Clean Tu Casa currently uses hot wallets on Paypal and QuickBooks online.

difference between hot and cold wallets for storing cryptocurrencies

Image Source: Crypto.com

After setting up your wallet, the following steps to get started with crypto are to announce that you accept crypto, then set your price and payment processes. Make sure you talk to your accountant before you begin to figure out how to pay your taxes from crypto payments. 

Is crypto right for you?

That depends entirely on you. Speak to a professional, weigh the opportunities and risks of the venture for your cleaning agency and make sure you decide with your business’ best interest in mind.

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