Small and Medium Enterprise commonly known as SME is a business type that has over time boosted the economy of various countries, particularly developing countries. Businesses in this category thrive to sustain economic balance in the competitive market and while some grow to a large scale, so many fail in no time.
According to World Bank, “SME’s account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies.”
In a general sense, this means SMEs have more impact on a country’s growth and development, more reason why solutions are being provided to help, as well as foster increase amongst these small businesses. An essential solution provided is the possibility of cross-border payment for international trading and one generally approved way to implement this is through cryptocurrency.
In Lior Yaffe’s (Co-founder of Jelurida) view, despite volatility, there are compelling reasons to accept crypto. The price instability is only short-term but the advantage is long-term.
Cross-border payment was developed on a decentralised system connecting individuals all over the world to gain access, through tokenized assets.
Respectively, this payment system can benefit SME’s in the following ways:
- Non-geographical restriction to transactions is guaranteed because payment can be made from the client – businesses irrespective of physical distance or currency differences. However, the only currency accepted is crypto
- No bank charges and payments are done without the permission of Governmental bodies, therefore general laws that apply to banks are not applicable to this decentralised technology.
- Crossborder payment is more secured as no assets can not be easily stolen and there are no threats of being hacked.
- International recognition can be achieved effortlessly because trading can be done across borders (locally and internationally).
AT this time, it is more rewarding for entrepreneurs and business owners to leverage on cross-border payment using crypto, understanding that this global impact can contribute to their brands positively.