B2B companies want cross-border payments but are skeptical of encryption: investigation

A new survey shows that due to lack of convenience and other factors, cryptocurrencies seem to be far from ready for business-to-business (B2B) commerce.

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.

release On Thursday, the survey found that, so far, only 2% of respondents have adopted encrypted payments, and 39% of them indicated that they have any intention of accepting cryptocurrencies in the future. The research is based on online survey responses from 269 financial professionals since August 2021.

Source: Invoice

According to the survey results, compared with other payment methods such as debit cards, B2B companies obviously prefer to pay by cheque, and 77% of respondents said that they accept cheque as a payment method. Virtual cards and cryptocurrency payments are far ahead of the popular list. So far, only 14% and 4% of respondents accept them as payment methods, respectively.

Source: Invoice

According to the report, the so-called lack of convenience is one of the biggest obstacles for B2B companies to adopt encrypted payments, as 30% of respondents said that convenience is a key determinant when considering this payment method. 26% of respondents also stated that they need cryptocurrency payments to “add value to the business”. Other reasons include issues related to transaction costs, customer needs, and display innovation.

related: Swiss Bitcoin Enables Lightning Network Payments

Although most B2B companies are obviously not ready to adopt encrypted payments, it is reported that these companies are facing a huge demand for virtual cards and cross-border payments, with 64% and 62% of respondents respectively exploring or adopting these areas .

As mentioned earlier, payment in cryptocurrencies such as Bitcoin (Bitcoin) Constitutes one of its biggest use case requirements, of which 60% of U.S. cryptocurrency owners express interest Use cryptocurrency as a payment method. Some major cryptocurrency companies such as Ripple focus on Provide cross-border payment solutions For example, RippleNet’s On-Demand Liquidity, which uses Ripple Cryptocurrency.