A recent survey by two payment startups, Invoiced and PaymentsNEXT, reveals that a mere 2% of B2B companies have adopted crypto. It comes across as rather surprising since cross-border payments are an important issue for B2B companies. Traditional methods of cross-border payments are time-consuming, costly, and inefficient. Compared to that, international transactions in cryptocurrency are way more smooth and inexpensive. On top of that, crypto also wins in the area of security. For all its merits, B2B companies have still not adopted crypto, and experts feel it is a blend of fear and unawareness.
The first reason companies stay away from crypto is fear. Assuming that B2B companies are more about cryptocurrency’s functioning than laypersons, they primarily deter its use out of fear. Apart from the numerous crypto-related scams that have taken place all over the world, authorities tend to be stricter towards companies that transact in crypto. In the case of international B2B transactions, the problem is more complicated since it involves both the receiving region’s authority and the sending region’s as well.
Unawareness, however, remains a major reason behind the fear of crypto. Even in places where crypto transactions are legal, many B2B companies prefer traditional methods. They do so despite the fact that payments become slower and more expensive. While different sectors have grown to adopt crypto-based transactions, B2B firms lag. As we see more transparent regulations and higher adoptions rates, we can expect to see more and more B2B companies use crypto in the future.