New research shows that cryptocurrencies are still far from ready for B2B trading due to factors such as lack of comfort.

According to a joint survey of Invoiced Payments Startups and PaymentsNEXT, 59% of B2B respondents are not willing to accept cryptocurrency as a form of payment.

A poll published Thursday showed that only 2% of respondents have adopted cryptocurrency so far, while 39% of them indicated some level of intent to accept cryptocurrency in the future. The study is based on online surveys of 269 financial experts in August 2021.

source: invoice
According to the survey, B2B companies clearly prefer checks over other payment methods such as debit cards, with 77% of respondents indicating that they accept checks as a method of payment. Virtual cards and cryptocurrency payments are far below the list of popularity: 14% and 4% of respondents, respectively, accept them as a means of payment.

source: invoice
According to the report, one of the biggest hurdles B2B companies face in crypto adoption is the perceived lack of convenience, with 30% of respondents citing convenience as an important decision factor when considering this payment option. 26% of respondents also indicated that they need cryptocurrency payments to “create business value.” Other reasons include concerns about transaction fees, consumer demand, and innovation offering.

Related: Bitcoin Suisse to Enable Lightning Network Payments

While most B2B companies do not appear to be ready to use cryptocurrency yet, these companies are reported to be facing a huge demand for virtual cards and international payments, with 64% and 62% of respondents exploring or using these areas, respectively.

As mentioned earlier, payments in cryptocurrencies such as Bitcoin (BTC) are one of the biggest usage requirements, with 60% of cryptocurrencies in the US indicating interest in using cryptocurrency as a payment method. Some big crypto companies like Ripple focus on providing cross-border payment solutions like RippleNet’s On-Demand Liquidity, which uses the XRP cryptocurrency.

Source: CoinTelegraph