How to Accept Cryptocurrency Payments as a Business-to-Business Organization

A growing number of businesses have begun accepting cryptocurrency payments to meet the demands of their crypto-using customers. Although this shift has so far been more pronounced among B2C companies, B2Bs also stand to benefit a great deal by offering clients the option to pay in crypto. Fortunately, today it’s easier than ever for B2B businesses to start taking cryptocurrency in exchange for their goods and services, with no crypto knowledge required and no complicated integrations.

Benefits of crypto for B2B companies

Every business is different, but offering customers more options is rarely frowned upon. By leveraging an integrated, industry-agnostic crypto payments processor like  BitPay, B2Bs in any sector can reap numerous benefits you may not have considered.

Pay less in transaction fees

Crypto transaction fees are a fraction of the cost of wire transfers or credit card payments, in many cases totaling less than half of the fees imposed with traditional payment methods.

Easily transact across borders

Open your business up to a new global audience of cryptocurrency spenders, who may not have had access due to geographical constraints. BitPay allows businesses in 229 countries and territories to accept instant and secure cross-border crypto payments.

No risk of fraud or chargebacks

Because cryptocurrency transactions happen on the blockchain, they’re permanently recorded once complete. This virtually eliminates the risk of fraudulent payment reversals or chargebacks.

No advanced crypto knowledge necessary

When you enlist the help of a trusted payments processor like BitPay, we handle the technical details behind the scenes. That means your business can get up and running accepting crypto payments even if you don’t know a thing about cryptocurrency. The most common B2B crypto solution, BitPay's email billing, doesn't require any integration or set up from your technical team. Simply create your business account and send invoices directly from the BitPay dashboard. Alternatively, Pay with BitPay payment buttons can be placed within emails, webpages or anywhere else you interact with your B2B clients.

Increased regulation and clarity

BitPay offers a turn-key compliance program, and is regulated by the Financial Crimes Enforcement Network (FINCEN) and states, following all Financial Action Task Force (FATF) recommendations.

How to start accepting B2B crypto payments

When you enable cryptocurrency payments for your B2B enterprise, you can be as involved or uninvolved in the payments process as you want. If you’re already comfortable with crypto you may opt for a more hands-on approach, but even if you have no interest in crypto whatsoever it’s no obstacle to accepting crypto payments. Most businesses prefer the hands-off approach, which affords the flexibility of accepting crypto payments without having to deal with the technical know-how and regulatory upkeep.

Hands-on approach (bring your own wallet)

Some business owners prefer being in the driver’s seat when it comes to accepting crypto payments. While this is perfectly acceptable, it does carry some significant responsibilities as it requires the user to serve as their own banker and payments processor. However, this may give some more privacy-conscious business owners peace of mind.

Benefits of the hands-on approach:

• Control over your crypto wallet and funds; no third-party trust required
• Accept payments in whatever crypto you choose, even more niche coins
  

Potential drawbacks of the hands-on approach:

• User bears sole responsibility for wallet security, including any private keys or seed phrases
• Responsibility of business to maintain compliance and adherence to local crypto regulations
• Requires user to have some crypto or technical know-how
• Must sell cryptocurrency on the open market to receive fiat

Hands-off approach (with BitPay)

For business owners who value simplicity but still want the benefits of accepting crypto payments, BitPay offers a trusted, turnkey solution. Not only will you never have to touch any crypto yourself, but BitPay can have your company set up to receive payments in Bitcoin, Ethereum and more than a dozen other top coins in as little as a few hours.

Benefits of the hands-off approach:

• Maximum simplicity; accept payments in crypto,  get settled in fiat directly to your bank account
• Option to be settled in fiat, cryptocurrency or both
• BitPay automatically finds the most competitive exchange rate, with no excessive fees or markups
• No crypto knowledge required
  
  

Potential drawbacks of the hands-off approach:

• Pay a small processing fee on each transaction (or pass it off to the client)
• Accepted coins/tokens limited to that supported by payment processor partner

B2B orgs already accepting crypto with BitPay

A variety of B2B organizations already leverage BitPay to accept and integrate crypto payments.

• Aprio
• BKL
• GoLance
• Chainalysis
• NexusGuard
• Vultr
  
  

Bonus: Combine crypto acceptance with crypto payouts and payroll

Did you know that in addition to accepting crypto payments, you can also pay out crypto with BitPay? Businesses leverage BitPay Send to make recurring and one-off crypto payments. Any payment made with traditional remittances and payroll solutions can be made with crypto, only cheaper, faster and in a variety of digital currencies.

• Payroll - Offer your employees the added benefits of being paid in crypto.
• Pay gig workers - Attract a tech-savvy global workforce.
• Customer cash outs - Players and creators can choose to cash out in cryptocurrency.
• Marketplaces and affiliates settlements - Pay out sellers and affiliates at scale.
• Rewards, rebates and refunds - Offer customers crypto incentives to shop with your brand.
• Pay B2B vendors - Settle accounts with cryptocurrency payments.

FAQs about crypto in the B2B space

What coins can my business accept?

BitPay supports the top cryptocurrencies, including Bitcoin (BTC), altcoins and stablecoins. Currently BitPay supports B2B transactions made with the following cryptocurrencies: Bitcoin (BTC) and Bitcoin over the Lightning Network, Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), XRP (XRP), ApeCoin (APE), Dai (DAI), Binance USD (BUSD), USD Coin (USDC), Wrapped Bitcoin (WBTC), Pax Dollar (USDP), Gemini Dollar (GUSD) and Euro Coin (EUROC). We are constantly evaluating and adding support for new coins.

Do I or my clients/partners/vendors need a special wallet to send and receive cryptocurrency?

You do not need to set up a wallet to accept B2B crypto payments. Your clients/partners/vendors can use their preferred wallet to make payments. BitPay accepts crypto payments from almost every wallet on the market – over 100 and counting! This includes Coinbase, Trust Wallet, Exodus, Metamask, Electrum, Kraken and dozens more. See all of the wallets that BItPay supports.

How does BitPay work for B2B organizations?

BitPay accepts cryptocurrency on behalf of a business and then settles the business in their preferred fiat currency the very next business day. Commonly, B2B enterprises use our email billing solution to create crypto invoices that are sent via email. The recipient will pay the invoice with their preferred cryptocurrency and wallet. No technical integration is required with your website or email provider.

How do I get started?

Contact the BitPay team to start accepting Bitcoin and crypto payments for your B2B business.