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.

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