85% of sellers are interested in accepting crypto

Acquiring new customers and eliminating intermediaries are the two main reasons why sellers are interested in accepting cryptocurrency or expanding payment options for cryptocurrency, according to “Pay with cryptocurrency”, a PYMNTS and BitPay collaboration based on a survey among 2334 consumers and 202 sellers.

Get the report: Paying with cryptocurrency

The survey found that 85% of sellers say that the ability to get new customers is a reason for their interest in accepting crypto at checkout, and 82% say the same about the ability to eliminate intermediaries.

Another important reason for their interest is a better cross-border transaction experience, which is quoted by 60% of the salespeople surveyed.

These motivational factors change among companies of different sizes.

Sellers in the smallest revenue category identified in the report – those with revenues below $ 250 million – are most interested in a better cross-border transaction experience.

Sixty percent of these companies say that there is a reason for their interest in accepting crypto at checkout.

The second most common reasons for these sellers are the ability to gain new customers, the ability to eliminate intermediaries and a reduction in declined transactions. Each of these reasons is cited by 40% of sellers in the smallest income category.

Among sellers in the two largest revenue categories, on the other hand, the ability to gain new customers and the ability to eliminate intermediaries are the main motivations, with a better cross-border transaction experience as only the third most cited reason for their interest in accepting checkout.

At the same time, most sellers acknowledge that using crypto as a payment method and expanding its use will require them to overcome some significant obstacles.

Some of the key factors that prevent sellers from accepting cryptocurrencies are difficulty implementing cryptocurrency wallets, cryptocurrency volatility and difficulty tracking payments. These reasons are cited by 68%, 66% and 56% of sellers who do not accept crypto, respectively.