Over 200 Businesses Join Paybis’ Crypto Business Wallet in Q4

2024 has been a favorable year for crypto. The introduction of MiCA in the EU, along with increasing regulatory transparency in other key jurisdictions, is gradually eliminating compliance risks, giving businesses the confidence to integrate crypto payments into their operations. Stripe, Paypal, and other providers began to offer middleman services for digital assets, and the US eCommerce crypto acceptance rate has almost hit 40% with a CAGR of 9.1%.

Recognizing the opportunity to deliver significant operational efficiencies for its customers, Paybis has launched a new product — Paybis OTC Desk & Business Wallets. To help you integrate crypto into your workflows quickly and safely, we provide a secure and user-friendly platform that lets you buy, sell, store, swap, and manage crypto for your business.

Over the last quarter, we onboarded more than 200 verified corporate clients on our platform, representing a 55% increase in volume since the launch of OTC Desk & Business Wallets in August. This is a story of how to build a customers-first B2B product — and save your clients time and thousands of dollars in fees and foreign exchange costs.

Using Crypto as an Alternative to Traditional Business Banking

The pathways for crypto integration are manifold. For instance, digital assets may become a component of the treasury’s strategic reserves or investments. Most importantly, including crypto in the business payment framework allows for a decrease in transaction processing time, reduces cross-border transfer fees, and safeguards against arbitrary middleman intervention.

Bypassing the associated inefficiencies, such as bank payment rejection, currency conversion charges, and intermediary commissions, increases the affordability of frequent international transactions and makes the businesses’ global footprint economically viable.

Furthermore, adding crypto to your business toolkit allows you to expand outreach to new partners and customers. According to the World Bank, approximately 20% of the world’s population remains unbanked. Crypto bridges the gap to audiences in remote or underserved regions where conventional banking infrastructure is limited or nonexistent.

Having the Bottlenecks in Mind: What Stops the Crypto Transition

It’s clear that not adding cryptocurrencies into your business or company workflow now, when the regulatory risks have largely been mitigated, means missing out on operational efficiency and new business opportunities. However, the lack of service providers and technical know-how hinders the transition process. During the design stage, we identified several key challenges that our client faced.

Firstly, businesses are wary of transaction security concerns. Despite the blockchain’s inherent security advantages, digital assets still face the risk of cyberattacks, hacking, and fraud. For customers unfamiliar with the industry, it can be difficult to distinguish between a trusted provider and a risky one.

Secondly, hard-to-use interfaces come at the extra cost of integrating and developing enterprise cryptocurrency solutions. Complex UX/UI, slow onboarding and verification protocols, and long response time from compliance usually lead to frustration and low customer retention rates.

Even after successful onboarding, client retention remains a problem. Lack of timely customer support and ineffective problem-resolution procedures also reduce crypto integration's implied efficiency and leave clients dissatisfied.

Finally, many B2B crypto solutions come with excessive transaction costs and hidden fees. Limited supported payment methods and fiat currencies also restrict clients’ flexibility and impose additional FX costs, negatively impacting the bottom line.

Paybis Business Wallets: Solving the Businesses’ Pain Points

Our key focus when building the OTC Desk & Business Wallets was optimization in all aspects possible. We designed the product to be intuitive and straightforward, from the on and off-ramping features to instant access to any operations without restrictions on your business funds. With our end-to-end managed in-house solution, we reduced the verification process to less than 24 hours, and a dedicated 24/7 account manager will make sure that any technical concerns have minimal impact on your business’ efficiency.

Secondly, we prioritized the interests of global businesses — no matter the jurisdiction or the customer base. We made Business Wallets available in 141+ countries and 38 US states. Recognizing the need for multi-currency cross-border payments, we introduced the native support of 25+ fiat currencies — not just USD or EUR.

If the conversion is still necessary, the Business Wallets customers will be able to enjoy zero FX fees. Crypto-to-fiat transactions are now easier than ever, with built-in support for SEPA, Instant SEPA, Faster Payments, and SWIFT Wire.

Finally, flexible tiered pricing introduced a differentiated fee structure. Business Wallets scale with the client’s business needs.

Expansion, Continued

We recognized the industry’s regulatory tailwinds as a perfect environment for launching our new B2B product. A customer-centric approach to design and a careful review of the crypto transition challenges ensured a strong product-market fit. Since August 2024, we have already welcomed more than 200 companies to our ecosystem. Catering to global demand, expanding the supported fiat currencies, and leveraging our long-term industry expertise, we expect the Paybis OTC Desk & Business Wallets to maintain their growth pace.