New Research Finds Most Business-to-Business Companies Opposed to Accepting Cryptocurrency as a Form of Payment
Exclusive Report Reveals 62% of Respondents Have Already Adopted or are Open to Adopting Cross-Border Payments; More Than One Third of B2B Companies Intend to or Have Already Implemented Virtual Card Acceptance; Speed and Effortlessness Top the List of Current Corporate Payment Acceptance Priorities.
AUSTIN, Texas, November 11, 2021 (Newswire.com) - A new survey conducted by Invoiced and PaymentsNEXT finds that 59% of U.S. finance and accounting professionals at business-to-business (B2B) companies are not open to the idea of accepting cryptocurrency as a form of payment. The new 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, entitled "The State of B2B Payment Acceptance," also reveals many new insights on plans and priorities for payment technologies such as:
- 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.
The full report can be downloaded for free here.
"Our new research suggests that B2B companies are largely aware of and in tune with the latest and greatest payment technologies and innovations," said Adam Weinroth, chief marketing officer for Invoiced. "But 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," he added.
"This latest research 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," Douglas Hall, publisher for PaymentsNEXT, said.
"The State of B2B Payment Acceptance" study was fielded in August 2021 and published in November 2021. The study is based on online survey responses from 269 U.S. finance and accounting professionals employed with B2B companies on a full-time basis.
Invoiced is an award-winning platform for helping businesses get paid faster, stop wasting time on collections and provide a better payment experience for customers. With thousands of customers in 92 countries and more than $50 billion in receivables processed, Invoiced is pioneering the field of accounts receivable automation. Based in Austin, Texas, Invoiced is the #1 rated A/R automation platform on G2, a 2021 Cloud Awards Finalist, an Inc. 5000 company and an official member of Forbes Finance Council. For more information, visit invoiced.com.
PaymentsNEXT provides breaking news coverage of the payment industry and offers insight into the rapid changes, new fintech innovations, the latest research, and what's on the horizon for industry leaders. We look for the payment trends, first movers, and new technologies disrupting the world of global payments. PaymentsNEXT reaches banking and financial industry leaders, e-commerce specialists, retailers, new fintech companies, startups, VCs, and investors worldwide. We're pleased to serve as the media partner for this latest Invoiced research report. For more information, visit paymentsnext.com.
Source: Invoiced and PaymentsNEXT