B2B wholesale market JiffyStock has begun accepting cryptocurrency for payment, according to a Monday (May 30) Digital Journal report.
This will allow any business on the platform to use crypto to buy and sell wholesale goods and services.
JiffyStock has been known for adding new tech to B2B wholesale, with crypto being one among those.
The report noted that major B2B wholesale markets often don’t have the tech to support newer methods of payments.
In B2B wholesale business, managing payments is often a headache of sorts, with businesses having issues with payments being stuck or checks bouncing.
Rami Altawara, CEO of USASCT, the company behind JiffyStock, said innovation in the wholesale eCommerce industry has been lacking.
“We believe that fusing the latest technologies and intelligent solutions into the wholesale distribution industry can transform the way trading is done globally,” he said.
Crypto was one of the first steps because it’s “a revolution in the way payments are made,” he said in the report.
“Our buyers won’t have to pay huge transaction fees that a traditional banking system would charge. The process is fast and secure,” he said.
Crypto is in a “strong bear market” now, per the report, but many holders see it as a stable way to make payments, with even skeptics being able to use it to make B2B wholesale payments.
PYMNTS wrote recently that accepting crypto is “harder than it should be” for businesses.
Read also: Crypto Craze No Easy Lift for Curious Businesses
George Davis, co-founder and chief product officer at crypto payments technology firm BVNK, said the issue was that crypto evolved “the retail investor first” and left traditional finance in the dust. Because of that, traditional banks and payments didn’t know how to serve them.
Davis said cryptocurrency it started as a peer-to-peer payments product that was designed to bypass financial institutions. It then grew into an investment product before businesses began to take it seriously as a currency for payments.
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