Following in the footsteps of major companies like Microsoft, Dell and Overstock.com, imHark now includes Bitcoin as a B2B payment option. While the major companies don't accept Bitcoin payment for B2B transactions, Joseph Dignard, president of imHark thinks it's inevitable.
"We're in the business of assisting companies in reducing their operating expenses, so it's only natural for us to do it as well so we can pass on those savings to our clients. It's a symbiotic exchange that benefits both parties." Most companies pay each other via Wire Transfers. These are expensive, because banks have to deal with each other directly for each individual transfer, and they can sometimes take days to process.
Companies that choose to conduct business in bitcoin can eliminate fees charged by banks for moving money around the world, because the participants are going outside of the banking system altogether. It can also be far faster to trade in bitcoin, as even with getting confirmations on the blockchain take little more than an hour or so. Furthermore, it’s ostensibly easier to make B2B transactions in bitcoin. If you’re buying, say, parts from a supplier in another country, then you simply send them the bitcoin, and they send you the parts. It's that easy.
Adoption in the B2B marketplace is slow. Are we likely to see bitcoin used as a mainstream medium of exchange between businesses in 2015? Probably not. But the use cases are there and, in time, the business world may see fit to give bitcoin B2B a better look. The first step for bitcoin to play a major role in B2B payments is encouraging more supply-side businesses to see bitcoin as a viable payment method. For that, the framework is there. "Ask any business owner if they would like to be paid faster with fewer fees, and the answer will be Yes." Dignard added. "Passing the savings to clients is another way to increase bitcoin acceptance in B2B transactions. Everyone wants to reduce expenses, and that's what we do for our clients."