Are Merchants Interested in Decentralized Payment Network — Why and What’s Standing in the Way?

What our long running survey has taught us..

About a year ago we started collecting data from merchants who come to visit GRAFT web site, trying to learn what we can about what’s driving their interest, what challenges they see with the current solutions, what features they care the most about. Given that we haven’t done any significant marketing and the link to the survey is buried inside the site, the fact that we got over 250 responses is telling in itself and allowed us to get some really good information about the market and network users. We thought it would only be fair to share the findings and information with our community and blockchain community at large.

What’s Driving the Interest

Out of the choices that were provided, appealing to new customers rated as #1, followed by fee reduction and marketplace perception.

One answer we didn’t include on the survey, but it came in as the top answer in “Other” was the dislike (more like distain) of banks (you can imagine the expletives)

Some other “freestyle” answers included limited options when it comes to available payment processing solutions due to the industry type and affinity for decentralization and progressivism.

Barriers to Adoption

Lack of integration with POS and Cryptocurrency fluctuations were cited as the top barriers to adoption, closely followed by transaction times and high fees.

Features Most Interested In

When asked what features they would most like to see, fiat payouts along with integration with payment terminals, POS, and e-commerce lead the pack.

WHO WERE THE RESPONDENTS

The breakdown of “brick-and-mortar” vs online vs hybrid is what you would expect and is consistent with the retail/e-tail overall industry breakdown (we’re not referring to locations here obviously, but the number of distinct entitites).

Industries

We didn’t start collecting industry data right away and when we did, we committed a cardinal sin of polling and mixed less specific categories (services and general retail) with more specific ones. Never the less, some of the data here is interesting providing a feel for the breadth of business profiles interested in accepting crypto.

Location

The geographic coverage of the the merchant interest and project reach has also been quite impressive, with list of respondent countries covering 49 countries in all continents.

Australia
Barcelona, Spain
Belgium
Bonaire
Brasil
Bulgaria
Canada
Croatia
Dương Thành Hiền
France
Germany
Greece
India
Indonesia
Iran
Italia
Latvia
Lilyfield 
Malaysia
Netherlands
New Zealand
Nigeria
Pakistan
Perth Australia
Philippines
Romania
Russia
Samoa
Singapore
Slovenia
South Africa
South Carolina
Spain
Switzerland
Taiwan (Republic Of China)
Tanzania
Texas Republic United States
Thailand
Tokyo Japan
Turkey
Uk
Ukraine
United Arab Emirates
United Kingdom
United States
Venezuela
Vietnam
ไทย

POS Software, Payment terminal, Payment Processor

When asked which software, payment processor, and payment solutions these merchants were using, the answers came back very diverse, which makes us glad we’ve chosen the abstracted network entry points for GRAFT that we did:

ACH, Paypal, bitpay, coinbase commerce
aloha POS
Aloha, Toast
Aqua
Authorize.net
bank mandiri
Big Commerce
cartão pré-pago
Cash only for firearms, other traditional methods for sporting goods
Classic bank terminal for accepting credit cards
Clover
CommBank / Woocomerce / Shopify
Crypto wallets
Custom
Custom Software 
Cutom android apps
Dejavoo pos terminal
DESKTOP iCT220 / i-bank POS
Ecommerce
ECWID webshop
EMR
Ethlend, graft, aelf, bytecoin
Eway 
Focus POS
I am not sure… Using SmartPhone is it ?
i banking
I use coinpayments but it’s doesnt allow credit cards to be processed 
I use shopify, my own website(WIX) EBAY, AND ALIBABA
Ibill payment. Bitcoin
ikhoka pos
Im not using at the moment.
Ingenico iWL255 Wireless, Ingenico iCT250 Dual Comm
internal build on laravel framework
IZettle 
Joomla virtuermarket 
Just EFT
Khác
Lightspeed Retail and Ecommerce
Local
Lularoe’s 
Magento
Magento 2
MindBody, Square
MOM/BigCommerce
Moneris 
MPOS
Naira
No POS currently > Use PayPal
Non-standardized
none
None currently as we are in Startup phase
None, Apps only
Nothing for now but in italy is just came out a law that make obligatory to have a POS and i need one, i wish to buy your one
Opencart
OpenCart+PayPal+BitPay
Pay Pal
Payment Terminal / POS / E-commerce system that you use
paypal
Paypal and Electroneum
Paypal Bitcoin
Paypal Here
paypal, braintree, revolut
PayPal, Shopify, BitPay, QuickBooks, Merchant Account
PCKasse.no
Pensopay
pos
POS Visa
POSKY with Personal PC
prestashop
Privat 24
qb
Quickbooks
Quickbooks Desktop Pro 2018
Rent Cafe
Salesvu
Salon Iris
SEPA
SePOS nexgen
shopify
shopify, weebly 
SPS
Square
Square / PayPal
Square and Restaurant POS
Square and stripe
Square POS Hardware
Square, paypal, venmo
square,stripe
SquareUp
Stripe
Stripe and paypal
SumUp
Swip
Terminal
Traditional Banking Systems and devices
TSYS Merchant Services — Incognito Terminal 
VEGA3000
verifone
verifone / lifesaver software
verifone omni vx520
Verifone VX 520
Verifone Vx520
veriphone vx805
VISA
Wallet
we used the tagcomercio similar to all other old terminals
WHMCS
wix.com, coingate, 
woocommerce
Zgbank

If you’re a merchant potentially interested in using an alternative payment network, TAKE the SURVEY