HSB Survey: 36% of U.S. Small & Medium-Sized Businesses Accept Cryptocurrency

 

 

 

 

 

A recent HSB survey of small and medium-sized enterprises across the United States found that 36 percent of those businesses now accept cryptocurrency payments for their goods and services. In a press release, HSB also confirmed that 59 percent of respondent companies said that they’ve even purchased cryptocurrency.

The survey results revealed that newer SMEs are far more likely to welcome cryptocurrency use than their more established peers. 47 percent of respondents that claimed to accept digital currency payments have been in operation for no more than five years. Among companies that have been operating for more than two decades, only one-in-five accept cryptocurrencies.

The survey was conducted by Zogby Analytics, a well known research firm. Of the 505 SMEs surveyed, 75 percent were companies with fewer than 100 employees and revenues below $5 million a year.

HSB vice president Timothy Zeilman noted the benefits digital currency payments can provide for small and medium-sized enterprises, including faster transactions and reduced costs, but urged SMEs to become familiar with the risks before they adopt the technology:

“Small business owners should learn all they can about the technology before accepting cryptocurrency. And make sure they have strong data security and insurance to protect against cyber fraud and financial loss.”

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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