Comparing The Best Crypto Wallets For Businesses
If your business has considered to start accepting payments in cryptocurrency, the first thing you need to figure out is which wallet you’ll be using to send, receive, and store your cryptocurrency.
Just like with regular bank accounts, and traditional cash registers, your business should avoid having all of your crypto stored in one place. It is always a good practice to have multiple wallets designated for specific purposes. At minimum, your business should have two wallets: one for managing and growing your cash reserves, and one where you send and receive payments.
In this article, we will discuss and compare 5 of the best non-custodial crypto wallets for businesses. So, if you’re a small business owner ready to accept crypto payments but not sure where to begin, this is the right place for you.
Let’s get started!
Why Do Small Businesses Need Crypto Wallets?
The use of cryptocurrency by businesses is on the rise, with many companies worldwide adopting Bitcoin and other cryptocurrencies not only for investments but also for operational and transactional purposes.
Businesses are accepting payments in cryptocurrency because it offers the following benefits:
- Low transaction fees — The transaction fees associated with most cryptocurrencies are low, especially compared to the traditional methods of accepting payments used by small businesses, such as through credit cards.
- Enhanced security — Cryptocurrencies are decentralized and hence cannot be controlled by anyone. Thus, the use of cryptocurrencies as payment protects merchants against fraud. Moreover, crypto transactions are stored on a blockchain, which is transparent, and its data can be accessed and verified by anyone at any time.
- Instant processing of payments — Unlike bank transfers that can take several working days to get executed, cryptocurrency payments are instant and get completed in real-time.
- Publicity — The news of businesses accepting cryptocurrency payments has given many companies an initial PR pop.
For businesses to enable payments in cryptocurrency and reap the benefits mentioned above, they need to use a crypto wallet.
Crypto wallets allow users to keep their crypto safe and accessible. By storing cryptocurrency in a crypto wallet, users can send, receive, and spend their digital assets.
For businesses that take a more hands-on approach towards accepting cryptocurrency payments, a safe, non-custodial crypto wallet is a must. This is because a non-custodial wallet gives users sole control of their private keys and thus gives them control over their crypto assets.
Let’s look at some of the best non-custodial crypto wallets for businesses:
Best Non-Custodial Crypto Wallets For Businesses
Gnosis Safe is a multi-sig cryptocurrency wallet that securely stores Ether (ETH) and ERC-20 tokens. The wallet is available as both a desktop/mobile application and a browser extension, giving it the capability of providing a more comprehensive range of functionalities to users.
- High-end security features — The wallet offers advanced security features such as a multi-signature vault, two-factor authentication, etc.
- DeFi focused — The wallet integrates some of the most popular DApps built on Ethereum and thus makes it possible for businesses to invest, earn, borrow, invoice, do payroll, and more. Request Invoicing is also listed in Gnosis safe app directory, which integrates all the DApps.
- Top-notch customer support team — The wallet has a highly responsive customer support team that helps businesses with their problems.
- Offers a demo — A demo version of the wallet is available, which allows businesses to test the vault and check if it suits their requirements.
- Limited assets supported — The wallet only supports ETH and ERC-20 tokens. As a business, you would want your wallet to support as many assets as possible. This makes it easier for customers to make payments in whatever assets they have available and thus avoids the hassle of converting one asset to another.
- Wallet deployment fee — While the wallet is free to download, users will need to pay a fee of 0.005 ETH to create a wallet. However, as a business, if you feel that the wallet offers the features you need, this fee should not be a problem.
Gnosis Safe is a high-quality multi-sig crypto wallet that offers great value-adding features. The team at Request believes that it is one of the best crypto wallets out there and even uses Gnosis Safe, especially to leverage their Batch Payment feature that enables multiple payments.
Multis is a crypto wallet that has been specially designed to be used by businesses. The team behind Multis believes that despite the innovation and growing mainstream acceptance of crypto, companies in the industry and those that accept crypto payments still struggle with basic administrative tasks. However, by using Multis wallets, businesses can professionalize their company’s crypto as it enables them to automate payments, offramp to fiat, track wallets, and scale the businesses effortlessly.
- Battle-tested — Multis is based on the Gnosis Safe wallet, which is community-approved, fully audited, and holds over $1 billion in ETH.
- Non-Custodian — Users’ funds cannot be accessed by Multis, and their private keys are not stored on the platform. It allows firms to keep control of their funds.
- No lockouts — Multis includes a built-in key recovery feature that guarantees businesses have access to their funds at all times.
- Multi-access feature — Multis provides a dashboard that allows team members with clearly defined roles to interact with the company’s wallet. It enables organizations to simply authorize multiple team members to access funds, make payments, or complete transactions on their behalf. Similarly, corporations might restrict access to select members if, for example, if they’d like only administrators to be able to initiate transactions.
- Leverages Ethereum Name Service — Users don’t have to remember large, random, unmemorable strings of text to identify other entities or their wallets because Multis uses ENS. ENS gives wallets a short name, similar to how a DNS (Domain Name Server) gives websites distinctive names instead of long IP numbers.
- Limited assets supported — As Multis is based on the Gnosis Safe wallet, it only supports ETH and ERC-20 tokens. However, it also supports conversions to USD and EUR.
- Wide variety of crypto assets supported — Ledger supports many different crypto assets such as Bitcoin, ETH and ERC-20 tokens, Litecoin, XRP, TRON, EOS, BCH, Money, VeChain, and many others.
- High-quality security features — For businesses, the security of their funds is paramount, and there are not many wallets that offer better security features than Ledger wallets. The device uses robust security features such as adding two layers of protection that have helped the wallet gain a reputation for being secure.
- Ease of use — The wallet is easy to set up and easy, making it a beginner-friendly wallet. Businesses that have newly started accepting crypto payments can set up a wallet easily and in less time.
- Limited number of crypto apps — Due to the limited storage space, Ledger devices such as the Ledger Nano S can only hold up to 6 applications, depending on the size. This limits the use of crypto assets stored in the wallet. To access more apps, users have to buy the higher-end Ledger device, Ledger Nano X that supports 100 applications. Thus, if you’re a business looking to accept crypto payments and make the most of your assets while they are stored in a wallet, it’s vital that you invest in a higher-end Ledger wallet that supports more apps as this will allow you to do more with your crypto assets.
- Cannot be shared with multiple users — As a business, you need a wallet that can be accessed by different users to send and receive payments. But, Ledger wallets do not offer this functionality. Hence, Ledger wallets are mostly used for treasury purposes by businesses to store their assets and not as a wallet for daily transactions.
Trezor is one of the best and safest hardware wallets to store cryptocurrencies. In addition to offering top-quality security features, Trezor wallets are easy to use and have a fantastic customer support team.
- Premium security — Trezor wallets have a wide range of security features to ensure the safety of user funds.
- Battle-tested — As a business that plans on storing large amounts of assets in a wallet, it’s essential to have a wallet that has stood the test of time. Having been in the industry for more than 7 years, Trezor wallets have been battle-tested. Moreover, their security has never been compromised.
- Supported assets — The wallet provides a safe place to store Bitcoin and a variety of other cryptocurrencies. It also collaborates with MyEtherWallet to facilitate the use of Ethereum and ERC-20 tokens.
- The user interface is not beginner-friendly — While Trezor wallets offer some great features, they are not necessarily user-friendly. To make the most of its features, a user needs to be well-versed with using crypto-wallets. Moreover, it can be said that there are more user-friendly wallets like Ledger available in the market.
- Lack of ‘secure element’ — Back in 2019, Kraken Security Labs launched an attack on Trezor wallets to test the wallet’s safety features and help the company make their wallets more robust. They claimed that, while Trezor devices are impervious to cyber attacks, they are vulnerable to physical hacking. This indicates that the wallets lack a ‘Secure Element,’ making it simple for hackers to open it up and change its contents. Having said that, it’s important to note that Trezor wallets have never been compromised in their 7+ years of functioning in the crypto industry.
MetaMask is a digital wallet created in 2016 by Aaron Davis and Dan Finlay. It is used by businesses for managing, transferring, and receiving ETH and ERC-20 tokens. It’s a cryptocurrency wallet and a web browser extension (for Chrome, Firefox, and Brave) and enables businesses to conduct Ethereum transactions via standard websites.
- Unrivalled access to the DeFi ecosystem — MetaMask provides direct access to tens of thousands of apps for trading, staking, lending, borrowing, derivatives, asset management, and other financial services.
- Simple interface — MetaMask is fairly simple to use once set up, as other MetaMask wallet reviews have also stated. All the wallet functions are simply laid out, making sending and receiving cash easy for even businesses newly accepting crypto payments.
- Security — MetaMask hasn’t been hacked in any significant way. It employs HD backup settings and has a large development community that keeps its open-source code updated.
- Support — MetaMask has an active community forum where community members offer support to fellow users.
- Susceptible to phishing attacks — Phishing attempts are the most common threat to the MetaMask wallet. Phishing is a scam in which hackers attempt to get personal information such as usernames and passwords. With online wallets, this type of assault is prevalent. Because businesses are responsible for their own security, it is critical to exercise caution.
- Lack of data privacy — While MetaMask does not have access to your or your customers’ personal information, the browser you are using does. Most browsers, such as Chrome, acquire information about their users, which may jeopardise a user’s privacy.
- Manually listing assets for use — As MetaMask supports ETH and any ETH-based token (ERC20, 721, and more) only, businesses may need to manually list some tokens to see them within MetaMask.
Here’s a crypto wallet comparison of the wallets mentioned above for businesses based on features offered:
Which Wallet Is Best For Your Business?
When it comes to choosing the best wallet for businesses, no one solution suits every business. This is because companies might have different purposes and requirements for using crypto-wallets. However, here is a list of things that you can consider before choosing a wallet for your business:
- Do you plan on only using crypto for payments?
- Do you plan on holding crypto in your corporate treasury?
- Do you want to take responsibility for your funds and private keys or prefer using a trusted third party to manage your funds?
- Will multiple team members use the company’s crypto wallet?
- Are you going to be using your wallet for other business functions like payroll?
Answering the questions above will help you make a more informed decision as to which wallet best fulfils your business requirements.
Moreover, a business can also consider using different wallets for different purposes. This is because using a single wallet is way too risky for businesses that plan to take a hands-on approach towards accepting crypto payments. While most wallets offer great security features, one can never guarantee that a wallet cannot be hacked.
Thus, to manage risks better, businesses should split their crypto holdings across different wallets. Additionally, doing so will help you try different wallets and see which suits you best according to your business requirements.
Accepting crypto payments offers many benefits, and as a result, many companies have started integrating crypto into their business models. However, being a relatively new asset class, not all business owners know the best practices when it comes to storing cryptocurrencies in wallets.
If you’re interested in accepting crypto payments and need help integrating a crypto wallet, you can consider using Request Invoicing along with others notable apps that are recommended by finance managers for your business.
Using the features of Request Invoicing, you can easily integrate your business with all the top crypto wallets and manage payments with ease from a single interface, even if you use multiple wallets. So try it out now and harness the power of cryptocurrencies to expand your business!
Originally published at https://www.request.finance.