Do you want to get away from the risks posed by debt, are sick of high fees or want to avoid the culture of the banks that’s been detailed in the royal commission?

You may want out, but how realistic is this and what steps can you take? It won’t be easy but there are things you can do. Here’s a list of 7 steps you can take to unbank your business.

  1. Move your business borrowing from the banks to peer-to-peer lenders., and are all Australian peer-to-peer lenders for businesses and may offer solutions the banks are unable to. 

2. Accept payment in cryptocurrency such as Bitcoin or Litecoin.

Payments are easy to receive once you have a wallet set up, the fees are miniscule, transactions take seconds rather than 1 to 2 days and your funds are secure. Most customers won’t be ready to pay you in Bitcoin but if you don’t take the step to accept payments, it’ll never start the ball rolling.

3. Transfer any invoice financing from a bank to the blockchain. and offer blockchain-based invoice discounting platforms. Rates will be competitive as there is a global market of invoice purchasers. These platforms are just getting started with Populous recently settling its first 3 invoices.

4. Create a debt elimination plan and put it into action.

Paying off debt can feel like climbing Mt Everest in your jocks but with the right approach, you can do it. The ‘debt snowball’ method has consistently been shown to help people pay off debt faster. Check out the article here for details, along with my debt elimination program here

5. Commit to no more debt.

Debt is easy to get into. We are constantly bombarded by advertising messages telling us how great life will be if we just take out a particular loan or credit card. Make a commitment to cease any new debt and help ensure your de-banking process isn’t thwarted early.

6. Use asset sales and tax concessions.

You may be able to sell off a part of your business that is not performing as well as others or that you may have lost interest in. There may be little or no tax if you do this (see the small business capital gains tax concessions), so the sales proceeds could present an opportunity to make a large dint in your debt.

7. Swap debt for equity.

Similarly to using assets sales and tax concessions, you may be able to bring on a partner into your business and use the new funds to pay off your debt. Whilst not for everyone, this can be a way for some businesses to reduce the debt burden and move towards unbanking themselves.


Good luck with unbanking your business, eliminating your debt, resting easy in the knowledge you are not being complicit in a culture you are at odds with and avoiding high bank fees. With this list of benefits, it may be worth having a decent crack.