As businesses innovate and accept crypto payments, merchants and companies alike have seen this as an avenue to attract more customers.
In an effort to better understand the trends around participant expectations for digital currencies and their impact on payments and businesses, data platform PYMNTS worked with Bitpay to survey merchants on crypto payments.
According to the “Paying With Cryptocurrency” report, 85% of companies with a $1 billion annual revenue are using cryptocurrency payments to attract and retain new clients.
On the other hand, 82 percent of all the businesses that took part in the poll stated that they accepted cryptocurrency because it cut out middlemen.
In addition to these, the findings revealed that 77 percent of the surveyed businesses were lured to crypto because of lower transaction costs. The fees for processing cryptocurrency transactions are estimated to be roughly 1%, according to the study. This is significantly less expensive than the typical costs of 1.5 percent to 3.5 percent levied by other forms of payment, such as credit cards.
While the majority of the survey presents positive viewpoints on cryptocurrencies, some business owners indicate that technological obstacles and difficulties continue to prevent them from accepting cryptocurrency payments. 68 percent of businesses that do not yet accept cryptocurrency cited difficulties implementing the technology at the checkout as the reason for this.
Despite the crypto cold, a survey released in June by Cointelegraph Research revealed that many businesses from a variety of industries have already adopted crypto payment methods.
The crypto ecosystem keeps growing as widespread usage occurs, from entertainment services like those to platforms for booking vacations.
In the same month, Ben Caselin, a trading company AAX executive, told Cointelegraph that despite the negative market, the adoption of Bitcoin (BTC) and Metaverse development is still moving forward. Caselin believes that this is a wonderful chance for companies wishing to enter the cryptocurrency market.
