Polyteck Becomes First London FM Company Using Cryptocurrency

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27 July 2021

Polyteck, a leading London-based construction and facilities management business, has today announced that it will be accepting Bitcoin as a form of payment from clients and suppliers.  

The company, which has a combined turnover of more than £20m, will be one of the first in the sector to offer the digital currency alongside traditional means of payment. 

“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.” 

 

– John Polycarpou
Managing Director, Polyteck

The company is a leading UK headquartered, construction and facilities management organisation that 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.  

“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," said John Polycarpou, Managing Director at Polyteck.

“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 FM industry is at a precipice of smart technology investment, in a time where digital transformation has been both proven to continue business on many fronts during a pandemic, yet is also subject to a lack of support by many leaders. Is digitisation to take a back seat in the agenda when returning to places of work, or have attitudes been permanently changed?

What is Cryptocurrency?

Crypto, Crypto-currency or Cryptocurrency is a form of digital wealth measurement and payment that is characterised by its specific technology medium, which primarily involves blockchain. Blockchain is a decentralised management system spread across many computers that manages and records transactions, securely and anonymously.

Bitcoin is the most popular cryptocurrency, however there are many thousands on the market that change in value sometimes very drastically. This volatility is both appealing and concerning – it provides the potential of quick profits for investors, but also encourages a reluctance to spend or on the flip side, panic spending.

Improving Polyteck’s Transactions

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 that will accept Bitcoin and has the capability of accepting other Cryptocurrencies as the method becomes more widely adopted.  

The Prospect of a Centralised Alternative 
 

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 fast-growing Crypto market now sees the likes of Dominos, Pizza Express, Café Nero, Etsy, and Lush as advocates of the currency. 

“Our vision is for a more open, greener, and more technologically advanced financial services sector,” he said. “The UK is already known for being at the forefront of innovation, but we need to go further. The steps I’ve outlined [on 19 April 2021], to boost growing fintechs, push the boundaries of digital finance and make our financial markets more efficient, will propel us forward. And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s pre-eminent financial centre.”

Picture: a Polyteck van.

Article written by Bailey Sparkes | Published 27 July 2021

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