New research shows that cryptocurrencies appear to be far from ready for B2B trading due to factors such as lack of convenience.
According to a joint survey of payment-related startups Invoiced and PaymentsNEXT, 59% of B2B respondents are not ready to accept cryptocurrency as a payment method.
A poll published on Thursday showed that only 2% of respondents have accepted cryptocurrency payments, while 39% indicated an intention to accept cryptocurrency in the future. The study, conducted in August 2021, is based on responses from 269 financial experts to an online survey.
source: invoice
According to the survey results, it is clear that B2B companies prefer to pay by check to other payment methods such as debit cards, with 77% of the respondents stating that they accept checks as a method of payment. Virtual cards and payments in cryptocurrency are at the bottom of the popularity list, only 14% and 4% of respondents respectively accept them as payment.
source: invoice
According to the report, one of the biggest obstacles to using crypto payments by B2B companies is the perceived lack of convenience, with 30% of respondents citing convenience as an important decision factor when considering this payment option. Twenty-six percent of those surveyed also indicated that they need cryptocurrency payments to “add value to their business.” Other reasons include problems with transaction fees, consumer demand and obvious innovation.
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Although it seems that most B2B companies are not yet ready for cryptocurrencies, these companies are reported to meet high demand for virtual cards and cross-border payments, with 64% and 62% of respondents exploring or using these sites. , respectively.
As previously reported, payments in cryptocurrencies such as bitcoin (BTC) are among the largest issues regarding use cases, with 60% of US cryptocurrency owners indicating interest in using cryptocurrency as a payment method. Some large crypto companies such as Ripple are focused on offering cross-border payment solutions such as RippleNet’s On-Demand Liquidity, which uses XRP cryptocurrency.
