You would think that cryptocurrency is becoming all the rage. Think again. According to a recent survey by Invoiced and PaymentsNEXT, 59% of US B2B finance and accounting professionals are not open to the idea of accepting the currency as a form of payment. The findings suggest a wide gulf between the exuberance surrounding cryptocurrency asset investments and the B2B world’s practical interest in accepting cryptocurrency payments from customers.
The study, “The State of B2B Payment Acceptance,” unveils myriad insights on plans and priorities for payment technologies, including:
Checks are still the most common way B2B companies accept payments, with 77% of respondents accepting them
- The top payment wish list items among B2B companies are: shortening deposit time (18%), making it easier for customers to pay (14%) and reducing manual payment acceptance processes (14%)
- B2B companies view card networks as their most important type of partner in achieving payments success
- 64% of respondents are open to, planning to or already accepting virtual card payments from their customers
- Cross-border payments show strong interest among B2Bs, with 62% of respondents open to or already accepting these payments
Invoiced CMO Adam Weinroth says the research suggests that while B2B companies are largely aware and in tune with the latest payment technologies and innovations, the old way still has its merits. "While the companies we polled want to advance their payment acceptance capabilities, they’re clearly hesitant to be lured in by hype alone—new forms of payment still have to make practical business sense for both sides of the transaction.”
One of the study's more interesting insights highlights the urgent need for B2B payments leaders to respond to the new expectations of business customers for faster payments, easier payment processes, more efficiencies, and more security and less friction in cross-border transactions. "The best way for finance and accounting leaders to get there is through well-thought-out implementation strategies and smarter adoption of technology that delivers a bottom-line impact,” says Douglas Hall, publisher for PaymentsNEXT.
“The State of B2B Payment Acceptance” study, which was fielded in August 2021 and published in November 2021, is based on online survey responses from 269 U.S. finance and accounting professionals employed with B2B companies on a full-time basis.
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