In a report published Wednesday, JP Morgan analyst Rod Hall noted a survey by Phoenix Marketing International concluded that Apple Inc. (NASDAQ: AAPL) is facing "hurdles" at the checkout counter.

According to the study, Apple's new mobile-payment system is failing to capture all of its potential business, with two-thirds of the 3,000 respondents reporting problems using the service at the checkout counter. Fifty percent of respondents indicated they couldn't use the service at all because the location wasn't actually accepting the system or ready to do so despite the store being listed as an Apple Pay merchant.

Hall commented that his own experience has been "very good" with the service. The analyst added, however, that very few stores are prepared to take it and some that do allow for contactless payment still require "convoluted" signature processes that should not be required with Apple Pay.

Related Link: The New Apple Pay Survey Investors Are Reading Today

Bottom line, Hall expects the issues to "fix itself" over the course of the next 18 to 24 months. In the meantime, the hurdles represent a "slight negative impact" to Apple's business.

Shares of Apple closed Tuesday at $124.43, down 1.5 percent.

Latest Ratings for AAPL

View More Analyst Ratings for AAPL
View the Latest Analyst Ratings

See more from Benzinga

• Deutsche Bank Just Met With Visa's CEO, Says Business Is 'Healthy'

• RBC Is Raising Apple Estimates Because Of The iPhone

• Cantor Analysts Tour The Far East; Here Is What They Say About Apple And Corning

© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.