How Coin Could Conquer Business

Coin has generated a lot of buzz lately among consumers. The all-in-one credit card went viral soon after their pre-order launched, thanks in part to a great idea and a fantastic marketing campaign. They exceeded their funding goal by thousands. Something notably absent from their site however, is any mention of a business card. While consumers are clearly excited about the appeal of streamlining their wallet, Coin shouldn’t overlook small to medium businesses, and their need for an easy way to manage company cards.

Businesses are constantly searching for ways to simplify their operations, especially when it comes to finances. Not to mention, SMBs are generally heavy spenders, and could help Coin gain acceptance with large retailers and supply stores. In it’s current iteration, Coin isn’t business ready – but, with the addition of a few features, it easily could be. Below, we highlight the feature’s we’d want to see in a Coin Business card.

Let Multiple Coins Link to One Card

The FAQ on Coin’s website states that it will “only allow you to add cards you own.” This is a nice security feature for consumers, but also stands in the way of Coin’s greatest potential for small to medium businesses. Introducing a Business Card, and lifting this restriction on it, would allow companies to easily distribute a company card to multiple employees. The CEO or owner would retain the original credit card, while high-value employees such as the CFO or Director of Business would have access to it via their personal Coin. Since many small and medium size businesses don’t have the resources or time to deal with corporate credit card accounts, this would turn a business card (or even a personal card) into multiple virtual company cards.

Programmable On and Off Times

The safety features currently built into Coin are decent – it automatically deactivates after a set amount of time away from its linked phone – but need to be more robust in order to attract businesses. Perhaps the best feature Coin could implement would be programmable on and off periods. This would let a business owner turn the card off after, say, 9pm, and back on at 6am. Implementing a feature like this would either require Coin to have a wifi connection (which doesn’t seem implausible), or to allow such parameters to be set when entering a card. Consumers mostly wouldn’t need this feature (which is why a separate business Coin makes sense), but it would provide companies with additional peace of mind.

Remote Deactivation

Finally, Coin needs to allow cards to be remotely deactivated. If a business owner noticed suspicious activity or encountered a problem, this would allow them to cut off all employee access to the card. Again, this might require a built in wifi connection. Given the miniscule size of other wifi enabled devices, however, such as Eye-Fi SD cards, it seems at least technically feasible. These features would likely drive up the price of Coin, but plenty of business owners would be more than willing to pay extra for such additional functionality.

Coin clearly has huge potential, both with consumers and businesses. In order to capitalize on the business market, however, Coin needs to release a business-only version of the card, with extra security features and greater flexibility. Passing up this opportunity is simply leaving money on the table.


Born in Alaska, Cameron is now a resident of Nashville, TN. He graduated from Sewanee: The University of the South with a degree in English and Political Science. He enjoys following emerging technology and its impact on business. Follow Cameron on Google+, or email him with any questions or comments.

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