Regional currency, self-created, for all regions
Here you will find hints on how to use Minuto in a business environment, what things you need to know and what benefits you will get from it.
By using a regional means of payment, you support positive effects such as
This text is about starting with Minuto as a business. To start as a private person read more here.
Initially, the concept of Minuto was created in and for Germany. If you live elsewhere you need to check the legal and tax situation for the respective jurisdiction. Please consult a lawyer and a tax advisor before you go public.
It should be clarified, inter alia, whether and in what extent Minuto may be issued and used as a complementary currency in the respective jurisdiction, who is allowed to issue/use it (age of life, viability) as well as which minimum validity and other contractual conditions are specified by the law.
To start, you need to agree on a conversion rate with others in your region, see How to convert. Later, when the conversion rate becomes more widespread in the region, a rate will arise on its own.
In the beginning, especially in a business environment, it may be necessary to book Minuto properly into the cash register, for example, to have change in the form of Minuto. Since Minuto are newly created by a human, it is possible, for example, to simply have a private deposit made by that human. This person or you as a business owner thus lends money to the business in the form of Minuto.
For example, if 120 Minuto are deposited in the cash register as “change”, it is a private deposit/loan of 60€ (assuming a conversion rate of 60 Minuto = 30 Euro). Thus, these own Minuto come into circulation in the form of change. In exactly the same way, they can later be taken out of the cashbox again through a private withdrawal or repayment of the loan.
In order to make all business transactions with Minuto as efficiant as possible and to be legally and fiscally compliant, the idea of a parallel Minuto cash box has developed. This is an important concept for business use and easy to apply, especially for small businesses. If you are aiming for business use, you almost can't avoid this concept. For details see Minuto cash box.
Basically, the regular procedure applies, see How to issue.
Please notice that only people can provide a service even if you put advertisement for your business on your Minutos. Thus, although Minuto can be created with a company stamp, it is advisable that it shows the name of a human being, e.g. the CEO. Ultimately, the person who signs for it is liable for the time that is written on the voucher. In the event of the company's insolvency, this person must then provide the corresponding service for the Minuto that are still in circulation.
Naturally, an advantage of Minuto is that you can use the back for advertisement of your own business. Compared to other advertising opportunities, this advertising is given from hand to hand and is not thrown away, since it is a voucher that can be redeemed again at the company.
In addition, the reputation for your business increases, since the ad shows that your company is actively engaged for the region. This promotes that you keep money in the region, prot the environment, strengthen small businesses, and so on. In short, you promote all the benefits that come from having a regional currency like Minuto.
Businesses required to prepare financial statements must record self-issued Minutos in circulation as an open benefit obligation.
Basically, the regular procedure applies, see How to pay. For paying wages see below.
Expenditures in Minuto are recorded as an expense at the corresponding conversion rate in the official currency.
It is important to know that you may only bring your own Minutos back into circulation if they are still valid for more then three years, see rules. Otherwise you must withdraw them from the cash register as a private withdrawal and then destroy them.
Another way to bring your own Minuto into circulation is, of course, to spend them privately at other acceptance points.
German trade regulations require that wages be paid in Euro (GewO Art. 107). Direct payment of wages in Minuto is not permitted in Germany. However, the small business owner can, with the consent of the worker, exchange the wage into Minuto after it has been paid. This is easily done with a Minuto cash box.
Example: As a small business owner you need a temporary worker from time to time for 15€ per hour. You can offer the employee an exchange of the paid wage into Minutos. If he/she wants to exchange the whole Euro amount, you can exchange the 15€ into 30 Minuto (at a conversion rate of 60 minutes = 30€). In this way, the employee - without having to create Minutos himself - receives Minutos and, in turn, strengthens the regional economy when spending them.
In Switzerland, wages must be paid in the legal currency (Swiss Francs), unless otherwise agreed or customary (Art. 323b OR). Thus, if the payment was agreed in Minuto, the business owner may pay the wage directly in Minuto or otherwise subsequently convert it into Minuto, provided the employee agrees.
Basically, the regular procedure applies, see How to accept. For paying wages see below.
Since Minuto are issued in different regions, you should consider from which region or area you accept Minuto vouchers. In the figure, under point 3, the postal code of the region where the Minuto voucher was issued is indicated.
In the region or in the postal code area where the Minuto was created, they have the best acceptance and the further away, the more difficult it is to spend them again. For example, if you have a store, you can put a sign stating from which postal code area you accept Minuto.
The size of the radius from which one accepts Minuto can, of course, also increase over time due to new business contacts in new regions. In this way, it may be easier to issue Minuto from this new region, see also this FAQ.
Especially when launching a regional currency there is the problem that the first business participants may not find enough participants who accept Minuto. Thus, Minuto can accumulate quickly and the income of the official currency is missing, e.g. to pay expenses or taxes. This can be circumvented by accepting only a share in Minuto.
For example, if your business is part of an industry where products are sold with a low margin, you could accept only 20% in Minutos. So if a customer makes a purchase of EUR 100, then only EUR 20 can be paid in Minuto. If every 10th customer pays with Minuto, then you have taken only 2% of the sales in Minuto and can build new business relationships with other companies that accept Minuto with less pressure.
In the service sector, the share can also be much higher at the beginning, for example 50%, because the overhead costs are much lower there. Even if it is only a share that is accepted in Minuto, one makes a clear contribution that money is bound regionally and thus the many advantages for the region and environment come to light.
Revenues in Minuto are recorded in the cash register at the corresponding conversion rate to the official currency. Example: 100 Minuto = 50€ (assumking a conversion rate of 60 Minuto = 30€).
See the general tips under How to start.
If your company is committed to a human future, add it to the Map of Tomorrow with the hashtag minuto to show that Minutos are accepted at your company (Criteria for an entry).
Offer Minuto users in your region an exchange shelf in your store or café for homemade goods such as creams, jams or crocheted items that can only be paid for in Minuto. Put info about Minuto on the shelf. This is a simple, playful start for Minuto members with personal responsibility only, and is incidentally a way to make more people aware of Minuto.
Put up Minuto info in a store in paper form to take away, with or without QR code, and also point it out online, see info material.
Fiscally, the income with Minuto is easy to handle: Minutos that are taken are converted normally with the respective conversion rate in the official currency (see How to convert) and that is the amount that you taxed. If your business sells something for 50€ then you take the appropriate value in Minuto in and register it at 50€ of cash in your accounting. If these Minutos are spent again, it is booked at the appropriate value in Euro.
We assume no liability for the above information. Please have them checked by an expert before use.
See our frequently asked questions or post a comment.