Corporate Intelligence Services (CIS) – a firm that collects debts and investigates cryptocurrency-related activity – has issued its own bitcoin wallet to allow customers to pay their debts with digital assets.
CIS Says You Can Pay What You Owe with Crypto
As it stands, bitcoin and cryptocurrencies cannot be used much to pay for items due to their ongoing volatility. Many stores, retailers and similar establishments do not accept these assets as methods of payment given that they are rather vulnerable to price swings and present too much risk regarding potentially missed profits.
However, there have been attempts to introduce bitcoin and crypto payment systems here and there for those looking to pay taxes or similar items with cryptocurrencies. This appears to be one of those situations in which bitcoin can be used to pay off what a person owes.
CIS co-owner Roger Barter explained in a press release:
Bitcoin has become more and more accepted as a form of payment. Bitcoin has several advantages over checks and credits cards. Transactions are instantly verifiable and are peer-to-peer (P2P) without a third-party facilitator. P2P transactions have significantly lowered transactions 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.
When it comes to debt collection, allowing bitcoin payments makes sense when one really considers these words. The financial transaction cannot be reversed. Unlike with credit cards, there is no way to instigate a chargeback or any similar measure of cancelling out the payment, and thus whatever gets paid remains in the hands of the payee.
In the release, CIS says that it has always been open minded when it comes to allowing the most recent and up-to-date technology for ensuring quick and thorough debt collection. It also believes that such technology can make things easier for clients, and thus the time for accepting bitcoin has emerged.
CIS has been in business for more than a decade. Gilded chief operating officer Neal Roche recently issued a statement claiming that more and more firms are looking to make it so that cryptocurrency payments can be accepted for goods and services, though there are still many barricades to overcome.
Trying to Pave the Way for BTC
Right now, the main problem is that bitcoin is not seen as a “business-friendly” item, though this is slowly changing considering how solid BTC has proven itself to be when it comes to large payments given that it provides greater transparency and security than many of the world’s traditional payment methods.
In the end, this can help accounts receivable (AR) teams better understand where payments are coming from and ensure the stability of financial records.