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Crypto or Cash?

 

Crypto or Cash? Nearly 40% of Small Businesses Accept Virtual Payments

 
Virtual Payments Do You Take Crypto-Currency? If so, you’re in a growing group of small- and mid-sized businesses in the U.S. leaning into the cryptocurrency phenomenon.

A new survey released by specialty insurer Hartford Steam Boiler and Insurance Co. (HSB) shows that 36 percent of small- and mid-sized businesses accept the digital currency as payment for goods and services.

Also, more than half of those companies reportedly purchased cryptocurrency for their own use, the survey says.

Cryptocurrencies are not issued by governments. Their blockchain technology quickly transfers payments with a clear record of the transactions.

HSB’s survey, conducted by Zogby Analytics, relied on a survey in October of 505 U.S. small- to mid-sized businesses.

Other findings show that younger companies are more inclined to accept cryptocurrency. For example, 47 percent of businesses accepting cryptocurrency had been operating five or less years, and 21 percent had operated for more than two decades.

A potential carrot for businesses using cryptocurrency includes lower processing fees and quicker payments, but there are significant drawbacks, according to HSB Vice President Timothy Zeilman.

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