Survey Insights: The State of Cryptocurrency in B2B Commerce
A recent survey conducted by payment startups Invoiced and PaymentsNEXT reveals a startling truth: most B2B businesses are not ready to welcome cryptocurrencies with open arms. The study, which surveyed 269 finance professionals, found that a whopping 59% of respondents are firmly against accepting crypto as a payment method.
Adoption Rates: Cryptocurrency vs. Traditional Payments
According to the survey results, only a meager 2% of B2B firms have jumped on the crypto bandwagon, while 39% expressed a mild interest in potentially accepting it in the future. These statistics highlight a significant gap in the enthusiasm for cryptocurrencies compared to the traditional methods such as checks, which 77% of the participants confirmed they accept.
Convenience Counts: Why B2B Companies Are Hesitant
When it comes to payment methods, convenience reigns supreme. An alarming 30% of respondents cited the lack of convenience associated with cryptocurrency as a primary roadblock to acceptance. It seems that the crypto realm’s complexity and volatility are proving to be major turn-offs for B2B professionals.
The Allure of Appreciation
Interestingly, 26% of those surveyed indicated they would consider crypto payments only if they believed the assets would increase in value over time. This begs the question: is the crypto market still too wild west for the more cautious B2B sector?
Transaction Fees and Customer Demand: The Double Whammy
Transaction fees are another headache in cryptocurrency transactions. Businesses are grappling with whether the costs of engaging with crypto payments outweigh the benefits. Additionally, customer demand plays a critical role; if clients aren’t clamoring for crypto options, businesses aren’t eager to offer them.
The Future: Virtual and Cross-Border Payments
Despite the reluctance towards cryptocurrencies, the survey found that 64% and 62% of respondents are interested in exploring virtual card and cross-border payment solutions. It appears that while crypto may be hesitant for now, digital advancements cannot be ignored.
Conclusion: The Crypto Conundrum
The findings from this survey reveal a cautious approach to cryptocurrency within the B2B landscape. While traditional payment formats like checks continue to dominate, there remains a potential desire among businesses to explore newer alternatives to ease cross-border transactions. But for now, it seems the crypto revolution will just have to wait.
