Business Wallet

A business wallet is a digital wallet opened in the name of a company, sole trader or other organisation instead of a private person. It is used to collect customer payments, pay suppliers and staff, hold balances in one or more currencies and, in the crypto sense, hold digital assets for treasury or settlement. Because the holder is a business, the provider applies know your business checks on the company, its directors and its beneficial owners, and usually sets higher transaction limits than for a consumer wallet. Features often include several user logins with different permissions, approval workflows for payments, bulk payouts, accounting integrations and statements for bookkeeping. Merchants that accept wallet payments may use a related product called a merchant wallet. In many countries business wallets are offered by e-money institutions, mobile money operators or crypto firms, and the funds are protected through safeguarding or trust arrangements rather than deposit insurance.