36% of U.S Small and Medium-Sized Businesses Accept Crypto Payments, Survey Finds

Francisco Memoria

A new survey has found that 36% of U.S. small and medium-sized businesses accept cryptocurrency payments for their products and services, and 59% of the surveyed have purchased crypto for their own use.

The survey, conducted by Zogby Analytics and commissioned by inspection and insurance company Hartford Steam Boiler (HSB), surveyed a total of 505 small and medium-sized businesses in the United States with less than $5 million in revenue and less than 100 employees.

It found that interest in cryptocurrency was somewhat widespread, and not in younger generations. Zogby Analytics divided the respondents into two groups, finding that nearly half of the businesses operating for five years or less were accepting cryptocurrency, while those running for 20 or more years appeared to be more skeptical, as only 21% accept crypto.

Timothy Zeilman, HSB’s vice-president, noted that volatility didn’t appear to be the main risk stopping businesses from accepting cryptocurrency payments, but instead it was the potential risk of falling prey to hackers. Zeilman was quoted as saying:

A number of currency exchanges have been hacked or embezzled and millions of dollars were lost. Smaller businesses, especially those starting out, can't afford to be cheated.

As CryptoGlobe reported, data from August 2019 showed that cryptocurrencies were seeing their popularity rise among merchants, with the most favored cryptos being bitcoin, ether, litecoin, and bitcoin cash. Traditional payment firms like Square, Skrill, and Revolut have been adding cryptocurrency options as well, allowing their users to buy cryptos on their platforms.

Debit cards like that of Coinbase let users spend their cryptocurrency anywhere Visa is accepted, which means anyone using these cards can either pay for goods and services with their crypto balance, or withdraw cash from ATMs. Coinbase’s card, for example, is only available in some European countries, including the UK, France, Italy, Spain, and Germany.

Featured image via Unsplash.