Cryptocurrency is getting more attention than ever before, but not we are all convinced it will eventually replace traditional centralised currency handled by governments. What is crystal clear is that it includes a more quickly and more protect alternative to the status quo. For many small and medium businesses, this means a shift in how they conduct business, especially when considering making payments.

Adding cryptocurrency as a repayment method can have significant significance for the way companies manage risk and surgical treatments. It may need a rethinking of core business processes and requires an internal conversation with multiple teams — including solutions, technology, business, legal, and risk management.

You will discover two ways that companies can start to incorporate cryptocurrencies into their businesses. One is to allow the transaction of crypto payments without actually bringing the digital assets on to the company “balance sheet”. This is commonly accomplished by using third-party distributors who personify the role of switching in and out of crypto in to fiat foreign money for payment. These sellers generally charge a fee for their providers while also overseeing anti-money laundering (AML) and understand your buyer (KYC) conformity.

The other option should be to fully adopt cryptocurrencies into the company’s payment systems. This requires a bigger difference in the overall business and will likely involve engagement with all departments — like the board, committees, finance, accounting, treasury, THIS, risk, operations, communications, and even more. Ultimately, it is a major determination and should be done with a full understanding of the complexities engaged.