Strategies for fully automating AR processes: Cryptocurrency payments

In order to improve their cash flow, many companies are moving from existing manual processes and older technologies to receivables automation. To help companies in this transition, IOFM and Deluxe teamed up to host a webinar, “Top 3 Strategies for Fully Automating AR Processes.” Featuring Mark Brousseau (Brousseau & Associates) and Integrated Receivables Product Manager Beth Bourgoin (Deluxe) walked listeners through the top three approaches to full receivables automation.

After the presentation, Bourgoin and Brousseau opened the floor to questions. One audience member asked about cryptocurrency and its role in receivables management. “What are you seeing in terms of companies trending toward paying receivables using cryptocurrency?” she asked.

Brousseau agreed that cryptocurrency has been in the news a lot lately. While Bourgoin said we’re not seeing cryptocurrency receivables yet, it is being discussed. “What I always find in these conversations is, there are different stages. First, we hear about a new term. It was the same thing with real-time payments. We hear about a new term, then it starts popping up in all these conferences. That is a cue to start strategizing about benefits, target users, etc.” says Bourgoin. “Then there’s the why. ‘Well, who’s doing that?’ Is this part of the target users we are strategizing for? Does this make sense for B2B?”

B2B payments slow to adopt cryptocurrency

Bourgoin continued that especially in the B2B space, the move to include cryptocurrency has been slow. “The reason I feel that I've seen it move slower in the B2B space, is there are all of these additional details, these remittance details, that have to be tied along with the payment,” she explains.  “So in places, even though it's not perfect or beautiful, and no one wants to memorize an EDI format, that's why we have artificial intelligence to do it for us.”

The lack of confidence in the safety of cryptocurrency has also slowed down its progress. “There’s not the confidence yet that all of that remittance information can be handled. … Whenever there's a new payment type, especially crypto, no one wants to go first. Eventually, something will pick up I'm sure. I haven't seen it yet. I think it's going to be a little while.”

As conversations continue to crop up in the B2B space, Bourgoin believes cryptocurrency will find a place in receivables management services. While no use cases have come to light yet, it’s clear there is public interest. “I think we have a few more steps in the process before we start seeing more activity in that space,” concludes Bourgoin.