Top Crypto Wallets for Businesses in 2023

Merchants who accept crypto have different needs compared to regular Bitcoin holders, so regular wallets like MetaMask are not suitable for them. In this article, we will look at the differences between true merchant wallets and standard wallets, list the best providers and analyze the CoinsPaid wallet – one of the best crypto hot wallets designed for businesses.

3 Top Crypto Wallets for Businesses in 2022

Why use a crypto wallet for businesses?

Hot or cold: choosing the right type of crypto wallet for your business

A general warm wallet or a business wallet?

CoinsPaid: is this the most secure wallet for businesses?

Summary

Why use a crypto wallet for businesses?

Cryptocurrency payments are a much bigger business than you probably think: for example, CoinsPaid alone processes over a billion dollars every month in crypto transactions for over 800 businesses.

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There are several reasons why sellers choose this payment method:

• Much lower costs than with card payment;
• Almost universal acceptance (possibility to sell to customers worldwide);
• No rolling reserves and therefore no chargeback issues;
• High security (dedicated security team, integrated two risk scoring systems such as Scorechain and Crystal, security audits such as Hacken and 10Guards, passed on a regular basis)

Tens of thousands of e-commerce and other online companies already have merchant accounts or merchant wallets with one of the dozens of crypto payment providers on the market. To this you should add the 30,000 offline locations that accept Bitcoin, USDT and other cryptocurrencies (according to CoinMap).

As for the specific use cases for a business crypto wallet, we can mention three:

1) Receive low-frequency payments for goods and services sold online and offline and store the crypto earnings;

2) Paying partners and affiliates. This use of business wallet is often overlooked, but it is very important, because associated rewards in crypto are becoming more and more popular – and they are much cheaper for the business in terms of fees.

Hot or cold: choosing the right type of crypto wallet for your business

Cryptocurrency wallets come in two basic types: hot and cold.

A hot crypto wallet is a piece of software that requires an internet connection to function. It can come in the form of a web app that you access through a website; a program that is installed on a desktop; or a mobile app. Hot wallets are free, except for the transaction fees.

A cold wallet is a hardware device that is kept disconnected from the internet, except when you need to transfer cryptocurrency to or from it. The most popular models are the Ledger Nano and the Trezor, both costing around $120-250.

Cold wallets are very safe, as hackers have no way to access them (as they are not connected to the internet). A cold wallet is recommended for long-term storage of large amounts of crypto.

On the other hand, the main advantage of a crypto hot wallet over a cold one is that it is always ready when you need to make a transaction. All merchant wallets are of the hot type.

A general warm wallet or a business wallet?

There is another distinction we need to make: that between general purpose crypto wallets, designed for individuals, and those created with companies in mind. By general purpose wallets we mean those that regular crypto holders (individuals) use, such as MetaMask, Trust Wallet, Exodus, Guarda, etc.

A crypto hot wallet that is designed for sellers can have the following features that a normal one will not:

• Integration into a crypto payment system. Practice shows that it is not a good idea to accept crypto payments for online purchases to an address of a general Bitcoin hot wallet like Exodus. Sellers simply cannot keep track of all the transaction confirmations, and there is a risk that you will receive “dirty” Bitcoins (coins that have been involved in criminal activity). Building your own payment system is too expensive and time-consuming, so it’s really better to trust a professional payment provider, like CoinsPaid.
• Support for both crypto and fiat currencies, so for example you can exchange Bitcoin to USD. This minimizes the volatility risk: even if the price of BTC drops by 10% in one day (which sometimes happens), your income will not suffer;
• Withdrawal to an associated bank account via SEPA / SWIFT;
• Professional customer support by the wallet’s team;
• Improved security, as the wallet provider will have its own security team. The best hot wallets are really safe, although users need to take care not to reveal their passwords etc.
• All the official documents needed for the business to be able to integrate this payment method into the ecosystem.

CoinsPaid offers both types of wallets: a hot wallet for business, which we will examine in detail in the next section, and a personal crypto wallet. The difference is that the business hot wallet is fully integrated with CoinsPaid’s payment processing solution.

Aside from CoinsPaid, some of the best cryptocurrency hot wallets suitable for merchants include:

• com – supports BTC and BCH (Bitcoin Cash);
• Binance Pay – by the largest crypto exchange Binance and also integrated with Binance Card;
• Coinbase – supports 8 cryptocurrencies, including Shiba Inu and Dogecoin.

CoinsPaid: is this the most secure wallet for businesses?

CoinsPaid is the world’s largest cryptocurrency payment provider by volume, and the CoinsPaid Business wallet is one of the best crypto-hot wallets designed for businesses. It has a number of advantages not found in most other merchant wallets:

• Supports more than 20 cryptocurrencies and over 40 fiat currencies;
• An in-house security team plus partnerships with two major blockchain security providers Scorechain and Crystal to identify and red flag suspicious transactions (such as “dirty” Bitcoins);
• CoinsPaid’s products have been audited by Hacken and 10Guards – another reason to consider it the safest wallet for merchants;
• Built-in instant crypto exchange and even an OTC desk for large transactions;
• Instant transaction confirmation thanks to a partnership with GAP600. With other wallets, it can take as much as an hour to confirm one Bitcoin payment; with CoinsPaid you don’t have to wait for a transaction to be confirmed in the mempool. You get your crypto instantly to your wallet.
• Merchants can automatically convert crypto to fiat on the go and then withdraw money to a bank account via SEPA / SWIFT
• Possibility to set different individual transaction limits for withdrawals in different cryptos;
• All necessary documentation for tax and reporting purposes is provided on request;
• Different access rights for different users, plus a whitelist for addresses.

Integrating CoinsPaid and cryptocurrency payments doesn’t take long. Each reseller is assigned a personal integration manager who guides a client through the integration process. Apart from this, sellers can even get advice on how to attract crypto traffic to their website and access new target groups of crypto holders.

Summary

• Dozens of thousands of merchants accept crypto, attracted by low payment costs, improved security and near-universal acceptance.
• Apart from accepting payments, business wallets enable settling with partners and paying affiliates.
• A warm wallet is more suitable for accepting and sending payments, while a cold wallet should be used for storing large amounts.
• The best hot wallets for businesses have many features that regular crypto wallets do not have, such as fiat settlement to a bank account, extra security, customer support, etc.
• One of the best hot wallets for merchants is CoinsPaid, which supports 40+ fiat currencies and 20+ cryptocurrencies, instant transaction confirmation and more.
• Integrating a crypto wallet for your business is a quick and painless process, as long as you go with an established provider.

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