skip to Main Content
bitcoin
Bitcoin (BTC) $ 94,944.44 0.03%
ethereum
Ethereum (ETH) $ 1,806.29 1.46%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.23 3.00%
bnb
BNB (BNB) $ 600.98 0.78%
solana
Solana (SOL) $ 147.28 1.05%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.175168 2.26%
cardano
Cardano (ADA) $ 0.697425 2.28%
tron
TRON (TRX) $ 0.245243 0.98%

B2B firms want cross-border payments but skeptical of crypto: Survey

Only 2% of B2B firms have adopted crypto payments so far, while 59% indicated no intention to accept it, one survey says.

501 Total views

5 Total shares

B2B firms want cross-border payments but skeptical of crypto: Survey

Cryptocurrencies appear to be far from ready for business-to-business (B2B) commerce so far due to factors like lack of convenience, a new survey suggests.

According to a joint survey by payment-related startups Invoiced and PaymentsNEXT, 59% of B2B respondents are not open to the idea of accepting cryptocurrency as a means of payment.

Released on Thursday, the survey found that only 2% of respondents adopted crypto payments so far, while 39% of those indicated any level of intention to accept cryptocurrency in the future. The study is based on online survey responses from 269 finance professionals from August 2021.

Source: Invoiced

According to the survey’s findings, B2B companies apparently prefer check payments to other payment methods like debit cards, with 77% of respondents indicating to accept checks as a means of payment. Virtual cards and cryptocurrency payments are way down the popularity list, with only 14% and 4% of respondents accepting them as payment so far, respectively.

Source: Invoiced

According to the report, the alleged lack of convenience is one of the biggest impediments for B2B firms to adopt crypto payments, as 30% of respondents indicated that convenience is a key decision factor when considering this payment option. 26% of respondents also indicated that they need cryptocurrency payments to “appreciate in value for the business.” Other reasons included issues related to transaction fees, customer demand and demonstrating innovation.

Related: Bitcoin Suisse to enable Lightning Network payments

While the majority of B2B firms are apparently not yet ready to adopt crypto payments, such companies reportedly face a significant demand for virtual card and cross-border payments, with 64% and 62% of respondents exploring or adopting these areas, respectively.

As previously reported, payments in cryptocurrencies like Bitcoin (BTC) make up one of its biggest use case demands, with 60% of crypto owners in the United States indicating interest in using crypto as a payment method. Some major crypto companies like Ripple are focused on providing cross-border payment solutions such as RippleNet’s On-Demand Liquidity, which uses the XRP cryptocurrency.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top