Corporate Intelligence Services Debuts Bitcoin Wallet

Corporate Intelligence Services (CIS), which works in financial and asset investigations and collections, has rolled out a corporate bitcoin wallet to accept bitcoin as an additional form of payment for debt collection, according to a press release.

“Bitcoin has become more and more accepted as a form of payment,” CIS Co-Owner Roger Barter said in the release. “Bitcoin has several advantages over checks and credit cards. Transactions are instantly verifiable and are peer-to-peer without a third-party facilitator. P2P transactions have significantly lower transaction fees. Additionally, unlike merchant credit cards, bitcoin payments are peer-to-peer and there is no third party that can reverse the transaction, or give the payment back to the customer or debtor. In the world of high-balance collections, this is a game changer.”

CIS has been active for 11 years and said in the release it wants to leverage the “most cutting-edge technologies to offer [its] clientele better service, and this is why [it] believed it was time to accept and embrace bitcoin as a payment mechanism.”

The increasing popularity of cryptocurrency could provide new ways for businesses to tackle visibility or cost issues, PYMNTS reported. Gilded Chief Operating Officer Neal Roche said providers have made ways to take crypto as payment, but there are still challenges to making crypto payments work for larger B2B transactions.

There are several ways crypto can work well with B2B payments in different scenarios, though, as it can help accounts receivable (AR) teams access greater visibility and prediction power for incoming payments and give them a secure record of the transaction.

Roche said there are many AR teams not adopting the concept, saying it isn’t “business friendly,” although more companies are coming around.