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).
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.
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.
Dương Thành Hiền
Taiwan (Republic Of China)
Texas Republic United States
United Arab Emirates
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
Cash only for firearms, other traditional methods for sporting goods
Classic bank terminal for accepting credit cards
CommBank / Woocomerce / Shopify
Cutom android apps
Dejavoo pos terminal
DESKTOP iCT220 / i-bank POS
Ethlend, graft, aelf, bytecoin
I am not sure… Using SmartPhone is it ?
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
Im not using at the moment.
Ingenico iWL255 Wireless, Ingenico iCT250 Dual Comm
internal build on laravel framework
Lightspeed Retail and Ecommerce
No POS currently > Use PayPal
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
Payment Terminal / POS / E-commerce system that you use
Paypal and Electroneum
paypal, braintree, revolut
PayPal, Shopify, BitPay, QuickBooks, Merchant Account
POSKY with Personal PC
Quickbooks Desktop Pro 2018
Square / PayPal
Square and Restaurant POS
Square and stripe
Square POS Hardware
Square, paypal, venmo
Stripe and paypal
Traditional Banking Systems and devices
TSYS Merchant Services — Incognito Terminal
verifone / lifesaver software
verifone omni vx520
Verifone VX 520
we used the tagcomercio similar to all other old terminals