March 21, 2023

Study: 36% of US SMEs accept cryptocurrencies

According to a survey published by Hartford Steam Boiler (HSB), about a third of US Small and medium-sized companies accept cryptocurrencies as payment.

The study also found that new companies intwice as often accept cryptocurrency payments. In particular, 47% of enterprises that accept digital currencies exist for five years or less. At the same time, only 21% of companies operating for more than two decades are ready to accept crypto assets.

Overall, a study conducted by a companyZogby Analytics commissioned by HSB in October last year showed that 36% of small and medium-sized enterprises accept cryptocurrencies, and 59% of such companies previously purchased cryptocurrencies for their own use.

The survey involved 509 small andmedium-sized businesses from the United States. 75% of the companies surveyed have an annual income of less than $ 5 million and less than 100 employees. The final sample included 41% of enterprises with less than 25 employees. Zogby states that the confidence level is 95% and the margin of error is 4.4%.

HSB Vice President Timothy Zeilman (TimothyZeilman) claims that companies take advantage of cryptocurrencies, including fast payments and low fees. However, there are a number of risks, especially with regard to cyber fraud and computer attacks. HSB is well aware of these issues as it provides cyber insurance related services.

“Cybercriminals come to those industries wherethere is money, and fraud can be a serious problem. Several cryptocurrency exchanges were hacked or compromised, and millions of dollars were lost. Small business, especially in the early stages of work, cannot afford to be deceived, ”said Zeylman.

According to him, cybercriminals usevarious schemes for hacking small and medium enterprises, including computer attacks, malware infection and phishing. The cryptocurrency industry is little regulated and in the event of fraud, small and medium-sized businesses must act independently. Zeilman noted:

“Owners of small and medium-sized businesses should“learn everything that technology can do before you start accepting cryptocurrency, and make sure that they have a reliable security system and insurance to protect against cyber fraud and financial losses.”

Burger King's division earlier this monthVenezuela began to accept cryptocurrencies for payment, and in November the British travel company Alternative Airlines entered into a partnership with the Swiss service Utrust to pay for cryptocurrencies of airline tickets. In addition, in September, the Luxembourg branch of Deloitte began to test payment for employees' lunches in bitcoin.