What Businesses Accept Crypto Payments with Crypto Banking?10 min read

What Businesses Accept Crypto Payments with Crypto Banking?10 min read

With the rise of cryptocurrencies over the past decade, more and more businesses are turning to crypto banking services to unlock new opportunities in the digital finance space. In today’s business world, accepting flexible payment options is crucial for any company hoping to stay relevant and competitive. 

Pioneering crypto banks like The Kingdom Bank have stepped up to provide robust solutions for merchants and enterprises seeking to integrate crypto payments into their operations.

In this article, we’ll take a closer look at how businesses are leveraging crypto banking to accept cryptocurrencies from customers. 

We’ll explore some of the key advantages of this approach and how companies can efficiently handle crypto transactions through dedicated bank accounts and specialized tools. We’ll also examine which major global companies are paving the way as pioneers in accepting Bitcoin and other digital currencies on a large scale. 

By the end, you’ll have a good understanding of how crypto banking enables mainstream adoption of cryptocurrencies in both B2C and B2B contexts.

What are the Advantages of Businesses Using Crypto Banking?

One of the primary benefits of utilizing crypto banking services is lower fees. Unlike credit cards which can carry processing charges of 3-4%, most cryptocurrency transactions incur only modest costs of 1-2% thanks to their decentralized nature. 

For high-volume businesses, this fee differential can translate to significant savings each year.

Along with reduced costs, crypto banking allows companies to tap into a whole new customer base. More people hold and use cryptocurrencies every day, so being able to accept them as payment opens up these consumers globally. 

It also provides an innovative selling point that appeals to technologically-savvy clientele.

Perhaps the biggest perk, however, is speed and flexibility. Cryptocurrency settlements happen in minutes rather than days, minimizing delays in obtaining funds. 

Businesses can also freely transfer value across borders with negligible transaction fees compared to wires or ACH. This international seamlessness is vitally important for merchants with operations or customers worldwide.

How Can Businesses Make Transactions with Crypto Banking?

Making and receiving payments through crypto banking works similarly to traditional finance, just more efficiently and globally. 

Here’s a quick rundown:

• Open a dedicated crypto account at a licensed crypto bank like The Kingdom Bank that supports the coins you want to accept. Funds remain securely stored on the institutional-grade platform.
• Integrate the banking provider’s payment plugins or APIs into your website shopping cart or point-of-sale system. Customers can then pay with select cryptocurrencies during checkout.
• The crypto instantly transfers to your business account, where the bank automatically converts deposits to your preferred fiat currency like USD at the real-time exchange rate.
• From there, funds are available for withdrawals to your regular business checking account, international wire transfers, or merchant settlements. No waiting periods!
• Your crypto bank handles all the technicalities and maintains records for accounting and tax purposes. Transactions clearly appear in your account transaction history.

Can International Currency Be Sent with Crypto Banking?

One of the most powerful use cases for crypto banking is cross-border payments. While wire transfers and traditional intermediaries often charge exorbitant fees, cryptocurrency settlements operate completely globally for minimal cost.

Leading crypto banks ensure international operability by issuing IBANs (International Bank Account Numbers) to corporate and commercial clients. 

This designation makes funds instantly transferrable between institutions worldwide using standard protocols. Businesses can freely receive inbound and send outbound funds across all countries as easily as domestic wires.

For multinationals or those dealing heavily in international trade, crypto banking completely streamlines global treasury management. 

Money can be shifted between offices, partners, and subsidiaries nearly effortlessly. Regional branches gain autonomy through independent crypto settlement capabilities as well. Crypto opens up a new world of inexpensive cross-currency potential.

Can Businesses Make Crypto Payments with a Crypto Account?

With a crypto account through a bank like The Kingdom Bank, businesses gain the ability to make payments to suppliers, vendors and contractors directly using cryptocurrencies.

After depositing funds into their The Kingdom Bank wallet, businesses can navigate to the “Send” tab to enter the recipient’s cryptocurrency address or wallet ID along with the payment amount. The Kingdom Bank then instantly broadcasts the transaction to the blockchain network.

For larger businesses, specialized bulk payment tools allow generation of automatic regular payments or batch disbursements in crypto with detailed mandatory metadata. 

This streamlines payrolls, expense reimbursements or other routine payouts.

Recipients can choose to hold the received cryptocurrency or quickly exchange it to fiat through The Kingdom Bank’s integrated trading services. 

Either way, businesses avoid currency conversion fees and can pay anyone, anywhere that accepts major cryptocurrencies like Bitcoin.

Some advanced business wallets even enable invoicing customers directly in cryptocurrency or triggering automatic recurring payments. 

The Kingdom Bank continues adding features to further simplify the payments experience for businesses of all sizes.

Best Digital Bank for Businesses to Open a Crypto Account

For established companies and entrepreneurs just starting out, The Kingdom Bank stands out as one of the top choices for seamlessly gaining exposure to cryptocurrency opportunities through its specialized crypto banking services.

As a fully licensed digital bank, The Kingdom Bank provides the regulatory security and compliance oversight that businesses need. 

Its corporate crypto account products are tailored with corporate KYC/AML verification and banking controls for businesses.

Advanced trading capabilities, specialized portfolio management tools, multi-user access permissions and integration with accounting software gives businesses a sophisticated yet easy to use crypto banking platform.

Industry-low fees, 24/7 phone and email support further illustrate The Kingdom Bank’s commitment to businesses of all sizes. 

Opening an account is simple and funds are secured via bank-grade encryption and cold storage.

Crypto banking offers significant potential for forward-thinking businesses. Leveraging platforms like The Kingdom Bank provides a turnkey solution to overcome the complexities that previously held many back. 

With crypto now integrated into modern banking, all companies can start exploring the opportunities of this emerging financial landscape.

By adopting crypto banking through leaders like The Kingdom Bank, businesses of every stage can start leveraging cryptocurrencies to expand their markets, lower costs and gain distinct competitive advantages. 

Click below to get in touch with an account representative and take your first steps into the new world of crypto finance.