Many companies aim to be more competitive today, especially in a globalized market where technology is constantly evolving. To achieve this goal, companies tend to rely on various financial tools and solutions offered by Fintech, an example of which are the online ledgers for fiat currencies (FIAT) and virtual currencies (Virtual Currency or VC).
FIAT ledger and virtual currency ledger (VC) service
The FIAT online ledger and virtual currency ledger (VC) service allows companies to administer and manage all transactions made in fiat currency (FIAT) and virtual currency (VC) so they can have better management of their financial resources and digital assets. Here are some points to consider when choosing a provider for this specialized service.
Testimonials and experience
It is advisable to verify the reputation and experience of a FIAT online ledger and virtual currency provider before choosing them; this can be done by reviewing the testimonials of its users; if the testimonials are in a rating system (for example, stars), it is recommended to take into account testimonials with intermediate ratings, as these tend to be the most objective: On the other hand, testimonials with maximum or minimum ratings, tend to be more emotional and less objective. It is crucial to verify that these testimonials are authentic and that they belong to legally constituted companies.
Regarding experience, the longer the company has been in the sector, the better. However, if the company has been operating for a short time (like many Fintechs), we can look at who the company founders are and their previous experience in the sector.
Security level
Security is among the most important factors when managing financial assets and accounting data. For this reason, it is crucial to know the security level of the provider’s platform; to achieve this, one can examine the different security measures that the platform has in place to safeguard its users’ personal and financial data.
For example, as we saw in our previous article, Pilsenga has several security measures: custody of multiple assets, identity verification platform, integration of security controls, and transaction approval, among others. It is crucial to ensure that the provider complies with the different local rules and regulations besides being registered in its respective jurisdiction.
User-friendly platform and user interface
It is essential to verify how user-friendly and functional the platform and user interface are since a user-friendly interface, easy to use and with diverse tools and functions, will significantly assist the company when managing its financial resources and digital assets. Among the highlights of this type of service are the transaction history, access to multiple currencies and virtual/digital currencies, real-time update level of compatibility or support for the different operating systems used by our devices, etc.
Functionality
It is essential to verify whether the platform we are interested in offers the functions that our company needs, such as the creation of general ledgers, transaction tracking, bank reconciliation, and generation of financial reports. Another point to consider (especially if we are a medium-sized company) is that the platform has scalability, which means it can handle a larger volume of transactions and accounting data.
Operational costs
Many financial service providers have particular fees for each service or operation performed on their platform. For this reason, it is crucial to verify and compare the operating costs of each of the selected providers to choose the option that best suits our company’s needs.
The operations that generally have associated costs or fees are currency conversions, transfers, withdrawals, maintenance, and deposits. If the provider is transparent, it is possible to view these fees and commissions on its official website.
What do you think about this topic? Do you want to learn more about Fiat Ledgers and VC Ledgers?
If you are interested in Pilsenga’s products or services (including FIAT Ledgers and VC Ledgers), you can visit our website and register on our platform by visiting the following link.
