Revolut Business - A new way to make crypto payments

The UK's Financial Conduct Authority (FCA) recently approved the crypto-friendly financial app Revolut to conduct its digital asset business in the country. The licensing means that startups of any size within the European Economic Area (EEA) can now buy, hold and sell cryptocurrencies from their Revolut business accounts.

Crypto for cross-border payments

A [2021 study](https://markets.businessinsider.com/news/currencies/multinationals-cryptocurrencies-bitcoin-ether-study-cross-borders-transactions-pymnts-2021-11 30, November 2021) showed an increasing demand for diverse payment methods offering speed and convenience as B2B cross-border payments were expected to exceed $35 trillion. Per the study, at least 37% of the multinationals involved in the study used at least one type of cryptocurrency.

Revolut has introduced a business account to disrupt the traditional business banking models that are shackled with astronomical charges when sending payments abroad. Revolut business offers users a 'digital alternative to big banks'. While standard cross-border payments take an average of three to five days, with potential errors and delays as part of the deal, crypto-based payments occur in real time due to fewer negotiators in the blockchain.

Revolut rewriting the rules

As business goes global and consumers demand additional payment options, Revolut is facilitating seamless cross-border crypto transfers. The London-based fintech firm allows its account holders to access cryptocurrencies like Bitcoin, Ethereum, Litecoin, and other digital currencies alongside over 28 fiat currencies through its mobile app.

The business account from Revolut is rewriting the rules of engagement between small startups and large businesses and their local and global customers. Whether they’re sending payments or getting paid via crypto, account holders have access anytime, anywhere to manage their entire businesses with no hidden fees. Any company with a physical presence EEA is eligible for an account.

How it works

Opening a Revolut business account is simple and takes less than ten minutes to complete, with the application process taking one to seven days. Users can choose between corporate or freelance accounts.

Pros:

• Fast and easy setup.

• Different pricing options.

• Exceptional price for international transfers.

• Easy-to-use mobile app.

Cons:

• No cash deposits.

• ATM withdrawals earn a fee.

Conclusion

Revolut offers freedom and flexibility for startups whose customers demand alternative payment methods. Its competitive pricing might be a good choice for companies conducting transactions in different cryptocurrencies.