Survey: One-third of US small and medium-sized enterprises willing to accept cryptocurrency payments

According to a survey commissioned by the U.S. insurance company Hartford Steam Boiler (HSB), cryptocurrency is gaining wider acceptance among the general public, with about one-third of small and medium-sized businesses in the U.S. willing to accept cryptocurrency as a payment option for their goods and services.

Startups More Crypto-Friendly

A study conducted by Zogby Analytics found that startups are twice as likely to accept cryptocurrency payments and digital credit transactions compared to traditional companies. 47% of businesses operating for less than 5 years accept cryptocurrencies, while only 21% of those operating for over 20 years do.

Furthermore, 36% of small and medium-sized enterprises have a favorable attitude towards cryptocurrencies, with 59% of these companies having previously purchased cryptocurrencies.

HSB Vice President Timothy Zeilman believes that businesses can benefit from cryptocurrencies, such as faster payments and lower costs. However, some risks need to be considered, especially internet fraud and hacker attacks. Zeilman pointed out:

Things related to money often come with serious issues like internet crime and fraud. Hackers target small businesses with elaborate cyberattacks or simple malicious emails. Smaller businesses, especially startups, cannot afford the burden of losses.

Zeilman also mentioned the impact of regulatory uncertainty in various countries. Since cryptocurrencies are mostly unregulated, small and medium-sized enterprises must take action themselves in cases of internet fraud. Zeilman advised:

Small and medium-sized enterprises should learn all about the technology before accepting cryptocurrencies. Ensure that your business has strong data security and insurance to prevent internet fraud and financial losses.

Crypto Assets Popular Among Millennials

This survey was commissioned by HSB and conducted by data research firm Zogby Analytics at the end of last year, targeting 509 small and medium-sized businesses across the United States.

75% of the surveyed businesses had annual revenues below $5 million and fewer than 100 employees. 41% of the companies had fewer than 25 employees. Zogby Analytics claims the survey has an accuracy rate of 95% with a margin of error of ±4.4%.

Additionally, a previous ABM report found that Bitcoin is highly favored by the younger generation in the United States. The survey was conducted in April 2019 when Bitcoin was hovering around $5,000, yet most young Americans expressed a strong willingness to purchase cryptocurrencies within the next 5 years.

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