36% of US SMEs Accept Cryptocurrency Payments

Tarulika  |  Jan 17, 2020

About one-third of US-based small and medium enterprises (SMEs) or 36 per cent of the SMEs accepts digital or cryptocurrency. At the same time, a significant (59%) per cent of those companies buy digital currency for their use as well. According to the survey conducted by Hartford Steam Boiler (HSB), an American insurer, small and mid-sized firms of US (US SMEs) are actively accepting cryptocurrency as a medium of payment for their goods and services.

US SMEs Welcomed Cryptocurrency

The survey observed that recently set up companies are highly engrossed to adopt the transaction and trade in digital assets. Categorically, 47 per cent of companies(which have been set up nearly around five years or less) are accepting cryptocurrencies as compared to 21 per cent of companies which are older than two decades.

Timothy Zeilman, Vice President of HSB noted that digital currency is considered as the fastest mode of payment which involves lower transaction fees. Timothy also deciphered that the transaction of digital tokens involves various risks like that of cyber fraud and computer attacks. HSB is up to date on the matter of cybercrimes as it is engaged in providing cyber insurance services.

Robust Data Security is a Necessity

Since the transactions involving digital currency bypass the banking system (as they are decentralised), trade worldwide and operate with negligible regulation, a small business owner need to learn about the technology safeguard before accepting the currency.

According to Zeilman, business people of SMEs must be well aware of the reliable security of data and insured to safeguard themselves against cyber fraud and financial loss. But along with secured cyber networks, the digital currency can be promoted as the hassle-free mode of transaction.

The survey was conducted by HSB and performed by Zogby Analytics which involved around 509 US SMEs across the country.

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