This posting in Cision PR Newswire presents further evidence that cryptos (at least some of them) are moving towards the mainstream in expanding payments use cases. More common in C2B and P2P scenarios, this particular use is B2B as Corporate Intelligence Services LLC (C.I.S) is announcing acceptance of bitcoin as a settlement currency in its commercial debt collection division. We recently released a member viewpoint on the subject of cryptos and the expanding methods of buying and using them.
‘Roger Barter, co-owner of C.I.S. says, “Bitcoin has become more and more accepted as a form of payment. Bitcoin has several advantages over checks and credit cards. Transactions are instantly verifiable and are peer-to-peer without a 3rd party facilitator. P2P transactions have significantly lower transaction fees. Additionally, unlike merchant credit cards, Bitcoin payments are peer-to-peer and there is no 3rd 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.” ‘
Interesting about the emphasis on risk versus checks and credit cards given the absence of 3rd parties. Obviously there has to be some careful wording in these debt payment agreements, given the valuation instability of cryptos, but we would expect that C.I.S. has relatively immediate exchange agreements in place with the Coinbases and Krakens of the world.
It is also not clear how often a bitcoin might be used to cover a debt, so likely these are used as a last ditch method in privately held situations where crypto assets are a fallback.
‘In its eleventh year, Corporate Intelligence Services actively pursues leveraging the most cutting-edge technologies to offer their clientele better service, and this is why they believed it was time to accept and embrace Bitcoin as a payment mechanism.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group