Will Cryptocurrencies Acceptance in B2B Payments in 2022 Be Beneficial?
In the digital era, cash payment is becoming outdated within the B2B landscape, especially with the introduction of cryptocurrency and the electronic payment process. By 2021, the crypto world experienced a huge success with Bitcoin the market’s poster child reaching new highs. Market engagement increased and reached a new level. Since 2017, the blockchain and crypto sector has attracted $19.4 billion in global business and more than 40% of this figure comes in 2021 [$8.6 billion].
Big players like AMC and PayPal started accepting cryptocurrencies. Financial institutions, merchants, and even small businesses started adding cryptocurrency as their payment mode. Stablecoins are also gaining popularity because they are pegged to a fiat currency, and cryptocurrency investors seek to hedge their crypto coin investment against the steep volatility.
Digital asset exchange like Suissebase offer the best solutions for Businesses that invest on crypto currencies. Their platform enables smart contracts without 3rd party hindrances. Their clients can easily buy USDC in UK with bank account with interest. They also offer digital wallets for saving the currencies securely.
In 2022, investors seek to find new opportunities and diversify their portfolios. So, there is an intense growth of non-fungible tokens or NFTs on one-of-a-kind things like images, artwork, videos, and in-game items. Cryptocurrencies on the other hand, are fungible and carry an exchange value against fiat currencies, silver, and gold. So, if businesses plan to accept cryptocurrency as B2B payment, then is it going to be a right decision in 2022?
It helps to avoid fraud
B2B payments are either made via wire transfers, credit cards, bank cheques, or cash. The majority of the transactions are regulated by the government or banks. Many times more than one intermediary is involved, so the risk of transaction fraud increases. Cryptocurrency transactions are reasonably more secure. There is no financial institution or banks involved.
Besides, blockchain technology is distributed ledger that is unchangeable or hackable. Transactions involve no 3rd parties. They are directed, executed, and verified using algorithms dispersed on each node across the network. So, cryptocurrency removes the concerns about fraud making every transaction more secure.
Traditional payment modes like wire transfers and bank cheques take some time for processing. Using cryptocurrency for your B2B payment ensures the transaction gets done quickly and that too at low processing charges. Suissebase digital asset exchange services add more flexibility for companies investing in crypto currencies.
Globally accepted payment mode
Cryptocurrencies allow overseas B2B payments. Marketers can import and export from multiple countries with comprehensive secure payment methods as well as without legal interferences from authorities. Therefore cryptocurrency has grabbed interest as a resolute, secure solution for B2B payments in 3rd world countries and the global market.
With a stable internet connection and computer, marketers can make and receive payments. Cryptocurrency transactions are irreversible without the permission of the receiver, so fake and chargeback risks are alleviated.
When you own a cryptocurrency, the encryption keys [private & public] verify you as the sole owner. You lose ownership only when you make your B2B payments, as you will be delegating the wallet management with the keys to a 3rd party. There is no middleman to block your payments.
On the other hand, with banks or credit cards, your account can be closed without any notice, due to non-compliance of some terms and conditions. It means you are locked out of the system and cannot make any transactions until the matter is resolved.
Suissebase has helped multiple companies add BTC payment modes successfully. You can approach them as they are capable of offering end-to-end cryptocurrency B2B solutions.