How Enterprise Chatbot Solutions Will Change International Payments

07/16/2017 12:56 am ET Updated Jul 17, 2017

Technology is changing all aspects of modern society, especially the way we conduct business. Enterprise chatbots and cryptocurrencies such as Bitcoin are among the hottest conversation topics because both provide innovative solutions that have the potential to transform entire companies. Chatbots and Bitcoin are bound to affect companies of all sizes, especially big organizations that make international payments on a regular basis.

Today's globalized economy has allowed organizations to conduct business with international providers and suppliers. However, one of the biggest challenges has always been international payments and transactions. Involving numerous financial entities and currencies can become complicated quickly, and cross-border fees tend to be incredibly expensive.

This is where enterprise chatbots and Bitcoin come in. Combining these now provides a viable solution to the international payments dilemma that thousands of businesses regularly face. That being said, it's not always easy to implement these solutions, so I've put together an article to help you understand how they can provide a great solution for international payment challenges.

Enterprise Chatbots

To first understand how enterprise chatbots can help out big companies, you should first know what they are. Most bots are designed to help and interact with consumers, whereas enterprise chatbots are designed to assist an organization and all its employees with an array of different tasks. These include, but are not limited to:

Personal Assistance

  • Enterprise bots can serve as personal virtual assistants for your individual team members. Besides setting appointments, reminders, and fulfilling other basic tasks, this also guarantees your entire team will be synchronized.

Help Manage Projects

  • Large enterprises usually deal with massive projects that may have hundreds of employees working simultaneously. An enterprise chatbot can help manage the project and coordinate all efforts to guarantee the highest productivity levels while keeping it cost effective.
  • Moreover, thanks to breakthroughs in artificial intelligence (AI), enterprise bots can help identify areas of improvement and mitigate potential threats for each specific project.

Automate Monotonous Tasks

  • Carrying out boring and mundane tasks can be discouraging for anyone, even if they're critical for day-to-day operations. An AI-powered virtual assistant can handle all of these monotonous assignments, allowing your team members to focus on important duties that encourage creativity and generate revenue.

Streamline Internal Operations

  • Organized structure is important. Implementing an enterprise bot can help streamline internal operations that need to go through one or more departments. This includes creating reports, sending mass reminders, and analyzing production outputs.

Provide Assistance with B2B Applications and Payments

  • Successful organizations tend to focus on establishing and maintaining good relationships with suppliers and providers. An effective enterprise bot can help you build a good relationship with suppliers, among other B2B applications. In addition, platforms such as Facebook already allow users to make payments through chatbots, giving them the ability to serve a wider set of B2B purposes.

How to Create an Enterprise Chatbot

Creating a chatbot has traditionally required extensive coding knowledge and a specific set of tools. However, thanks to bot-building enterprise chatbot platform like Chattypeople, you can now create an AI-powered enterprise virtual assistant in a matter of minutes. The best part is you don't need to have any coding knowledge, so you can build a tailor bot right away!

AI-powered chatbots have the ability to learn from each and every interaction, and you'll also need to fine tune them regularly to provide the best user experience. When building your enterprise bot, always remember to:

  • Keep the end users in mind throughout the whole process
  • Verify all the features work properly
  • Make your chatbot proactive
  • Integrate it with all pertinent pieces of software

Bitcoin and Blockchain Technology

Bitcoin is a cryptocurrency, or a type of digital money, that uses encryption techniques to regulate the creation and transfer of funds. While Bitcoin is slowly gaining popularity, there's no denying that it offers an appealing set of benefits to companies.

To overcome one of the biggest challenges with digital currencies, the developers of Bitcoin created what is known as the Blockchain system. Because Bitcoin does not depend on a third-party to regulate transactions, it relies on the blockchain, which is a public database and ledger where all transaction records are stored concurrently across the entire network. This makes Bitcoin transparent and easy to track without the need for a financial institution.

Although not all vendors accept Bitcoin, more and more companies are starting to use this cryptocurrency. There are many benefits that stem from not using a centralized regulatory entity, which boil down to lower costs and faster turnaround time for payments. This brings me to my next point...

Enterprise Chatbots, Bitcoin, and International Payments

As I mentioned earlier, large enterprises tend to face many challenges when it comes to international payments. These often result in high costs and tend to take up a significant amount of man hours. However, combining enterprise chatbots and Bitcoins can provide a perfect solution to the issues of international payments.

You can program an enterprise bot to handle all matters related to international payments. This can include providing payment schedules, amounts, and of course, taking payments. Because chatbots can accept payments made through Bitcoin, enterprises can take advantage of their lack of centralized institutions, which means:

Easy International Payments

Enterprise chatbots can make and accept international payments around the clock through social media and messaging apps. Thanks to Bitcoin, they will avoid expensive cross-border transaction fees that usually reduce profitability. Suppliers and vendors can simply contact your AI-powered virtual assistant to place orders and process payments through their favorite apps without causing any major interruptions to their busy schedules.

Fast Payment Method

The main problem with dealing with credit cards, banks, and traditional entities is that funds can be held for weeks. In worse case scenario, sometimes even months. Bitcoin payouts have a fast turnaround time. Typically reaching a merchant's bank account in only two business days. This is even truer for international transactions that tend to take much longer than their domestic counterparts.

Reduced Costs and Lower Transaction Fees

Bitcoin offers considerably lower transaction fees than those associated with debit and credit card transactions. For big enterprises, this could represent savings of hundreds of thousands of dollars each month.

Finally…

Enterprise chatbots can provide a great solution to increase productivity and organization across the board. Implementing these bots along with Bitcoin payments can be the key to making and receiving international payments quickly and efficiently.

As a result, many big enterprises and corporations are looking to integrate and implement these two solutions. This helps allow them to enjoy simplified international payment solutions.

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