Why Choosing the Right Crypto Wallet Is Important for Your Business?

As new cryptocurrency and blockchain use cases keep emerging, a growing number of companies all over the world have started to adopt cryptos in their work processes. And one of the most popular use cases include using cryptocurrencies for payments.

Adding cryptocurrencies as an alternative payment method is increasingly becoming more popular. This is due to the fact that cryptocurrencies offer unique advantages, but only when managed securely and efficiently. That’s where crypto wallets come into play.

In our latest article, we’ll discuss the importance of choosing the right crypto wallet for your business, and go over some of the key pitfalls of using an unsuitable wallet.

Why Businesses Are Adopting Crypto?

According to Deloitte, over 2,000 senior executives at US consumer businesses and merchants are embracing digital currency payments with the hope of gaining a competitive advantage in the market. As the crypto market continues to grow despite the challenges and volatility, companies are starting to look more and more into crypto solutions. Its potential lies in cost-efficient and cross-border payments, diversification options, and transaction transparency capabilities.

Another significant benefit that draws companies to crypto is the ability to reach new audiences and demographic groups. Despite the history and widespread establishment of global and local banking systems, a good portion of the human population remains unbanked, choosing cryptocurrencies for day-to-day operations like purchasing goods and services.

That’s why, another Deloitte survey found that around 85% of surveyed merchants view crypto payments as a way to reach new customers. In contrast, 77% of the same merchants claim to accept crypto because of the lower transaction costs.

The Role of Crypto Wallets in Business

A cryptocurrency wallet is a digital storage tool that allows individuals and businesses to safely manage cryptocurrencies including Bitcoin, Ethereum, Solana, and many others. In essence, a crypto wallet acts as an intermediary between blockchain networks and users to allow access and control of their digital assets through unique cryptography keys – private and public. This basically means that wallets communicate with blockchains to verify and process transactions.

• Private key: a secure code provides a wallet owner access to their digital assets.
• Public key: a code linked to a private key that acts as an address for receiving funds.

In short, a crypto wallet is literally the backbone of what makes cryptocurrencies secure and efficient. Whatever your specific business use case, whether it’s handling crypto transactions, employee payouts, or treasury management, the wallet you choose will affect your operational efficiency and even financial success in the long run.

Custodial vs. Non-Custodial Crypto Wallets

Once you dive into crypto wallets, choosing the type of crypto wallet is just as important as the crypto wallet brand. The two types of crypto wallets you’ll find are custodial and non-custodial. These wallets are completely different in how they manage asset control and safety.

A custodial wallet is typically managed by a third-party service provider, like Paybis. Much like opening a bank account and allowing it to secure your funds, a custodial wallet holds your private keys for you. Finding a reputable and dependable custodial wallet may require important considerations to ensure smooth and secure operations. Examples of custodial wallets include:

• Web wallets: Often provided by exchanges or platforms like the Paybis OTC & Business Wallet – we manage your private keys for you.
• Mobile or app-based wallets: Apps like Coinbase handle private keys and offer easy-to-use transaction interfaces.

In contrast, a non-custodial wallet allows you to fully manage and control your private keys, giving you full autonomy over your digital assets. With well-informed decisions, careful management, and adherence to the best security practices, having a non-custodial wallet may be a better choice for some individuals. Here’s a quick rundown of the most popular non-custodial wallets:

• Hardware wallets: Devices like Ledger, Trezor, and Tangem store private keys offline for better security.
• Software wallets: Apps like MetaMask and Trust Wallet can be installed on desktop or mobile devices, allowing users to control their private keys.
• Paper wallets: Printed documents with private and public keys can be secure, but they’re highly impractical.
• Desktop wallets: Some software wallets, like Electrum, are built specifically for desktop use.

Why Businesses Benefit from Custodial Wallets

Custodial and non-custodial wallets offer distinct advantages, particularly to individual crypto enthusiasts. However, businesses have to consider significant security, compliance, and usability factors, which often lead to choosing a custodial wallet. With the right wallet, your service provider can be trusted to handle all technical aspects, leaving you free to focus on business goals and growth.

Additionally, most businesses are new to integrating cryptocurrencies into their operations, and more importantly, finances. Non-custodials may offer more freedom, but they also place the responsibility of managing private keys in your hands.

If the private keys are lost, in most cases this also means that your digital assets will also be lost. That’s why well-established custodial wallets like Paybis can be a better and safer choice for most businesses.

Key Benefits of the Right Crypto Wallet

While all cryptocurrencies are designed for the specific purpose of managing digital assets, other features like security, compatibility, and usability have to be considered as well. This is especially true when looking for a crypto wallet to support business operations. In the list below, we’ll go over the most important benefits and features to look for when choosing a crypto wallet for you.

• Security & compliance. Despite the increased popularity, crypto wallets remain a target for cyber-attacks and other dangers. That’s why features like multi-signature authorization and KYC/AML standards help ensure fraud prevention, legal compliance, and overall security.
• Operational efficiency. Usability and straightforward operations are key for business operations, so consider crypto wallets with hassle-free integration, simplified design, intuitive dashboards, and especially – fast onboarding processes.
• Global reach & flexibility. One of the most important features for companies adopting cryptocurrencies is to have the ability to send and receive cryptos on a global scale, across different fiat currencies with multiple payment methods like on/off ramping which facilitates fiat-to-crypto transactions.
• Cost savings. Cryptocurrencies offer some of the best benefits that make them stand against traditional banking systems like lower transaction fees. However, some crypto wallets have their own usage fees, so consider the best options for you.
• Technical coverage & updates. The crypto market is changing rapidly. It’s crucial for businesses to select a crypto wallet service provider that has a dedicated technical team to look after the product and introduce regular updates.

Paybis OTC & Business Wallets: A Trusted Solution

There are many great cryptocurrency wallets to choose from, but we wanted to take a step further and introduce our own solution – OTC & Business Wallets. This product is geared towards businesses of all sizes looking to adopt cryptocurrencies for enhanced payment operations.

The Business Wallets product was designed with simplicity and usability in mind. This means that our team of expert developers made sure to make the integration process smooth, easy, and efficient. This means that your business doesn’t need to have an expert in-house team to manage our Business Wallets.

To create a product that hits the main business needs of all enterprises, our product features instant deposits, high-level security, global reach, and strong fiat support. The goal is simple, to make crypto adoption into business operations reliable, secure, and plain easy.

OTC & Business Wallet Features

Choosing the right tools for the right job can make all the difference. Paybis is a long-standing crypto service provider in the crypto market. With our Business Wallets, you can expect to access these features:

• Extensive crypto management. Store, buy, sell, send, swap, receive, and manage available cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and stablecoins like USDT and USDC.
• Built-in fiat-to-crypto and crypto-to-fiat exchanges. Convert to and from fiat easily as Business Wallets have integrated on/off ramping features for smooth transitions between fiat and crypto.
• Straightforward integration process. We did the heavy lifting for you, that’s why integrating Business Wallets doesn’t require an in-house team of technical experts to manage on your end.
• Simplified user experience (UX). Usability and efficiency are key in any business, so Business Wallets come with a minimalistic dashboard. This makes it easy for anyone to navigate the platform and manage their digital assets effortlessly.
• Streamlined onboarding process. One of the biggest problems with crypto adoption today is the initial onboarding process, it’s either too long or there’s a lack of it. With Paybis Business Wallets, our automated onboarding process can be completed within 24 hours.
• Global accessibility. The potential of crypto lies in its ability to connect with different and distant regions. That’s why, Paybis operates in 141+ countries and 38 US states.
• Extensive currency & payment method support. Business Wallets support 25+ fiat currencies and payment methods like SEPA, Instant SEPA, Faster Payments, and SWIFT Wire.
• Enhanced security & compliance. We make sure that your transactions and digital assets remain safe with advanced security measures, including customizable authorization policies. We also adhere to Know Your Customer (KYC) and Anti Money Laundering (AML) standards.
• Scalable commercials. Our services are designed to scale with your business. We provide a tier-based pricing system with customization options to fully meet your business needs. Plus, there are no foreign exchange (FX) fees.
• 24/7 dedicated support. Besides handling the technical perspective of the product, we also provide a dedicated account manager for every client. This is to ensure that all your needs are met and any issues are dealt with as soon as possible.

And the list doesn’t stop there. We’re keen on working with every client individually, so if you’re interested in learning more, reach out to our sales team and let’s explore how Paybis OTC & Business Wallets can benefit your business.

Preparing For a Crypto Future with Crypto Wallets

All businesses are transitioning to new personalization strategies to attract more clients and provide a better customer experience overall. In fact, according to McKinsey, companies can generate as much as 40% more revenue from personalization alone. And while it’s huge in marketing-related fields like eCommerce, personalization is starting to become a standard for all companies.

That’s where cryptocurrency adoption comes in. This may have started as a trend, but businesses are quickly recognizing the undeniable benefits of integrating cryptocurrencies. That’s why choosing the right crypto wallet is essential to ensure a smooth integration. It’s a technical strategy that opens up new avenues for growth and allows your business to explore the digital economy safely.

If you’re interested in learning more, we have specialists who would be more than happy to discuss any questions you might have about crypto wallet integrations, and specifically, the benefits it might bring for your business. Feel free to reach out and book a consultation!

Written by

Alanta Kaminskaite

Alanta is a tech content writer with over four years of experience and a deep passion for everything technology-related. She's worked in global IT companies and specializes in internet security, blockchain technologies, and AI advancements.