A survey by Zogby Analytics has revealed that 36% of small and medium-sized startups in the US accept crypto payments for their products and services. About 505 small and medium-sized companies, with less than $5 million in revenue were used for the study. The survey was commissioned by Hartford Steam Boiler (HSB).

It was found out that one-third of small and medium-sized companies accept cryptocurrency as a payment method. 59% of the studied companies have purchased crypto for their own use as well.

The companies that were accepting crypto payments were further grouped according to how long they have been operating. 47% of them had been in business for 5 years or less. Whereas only 21% had been operating for more than 20 years.

According to HSB’S vice-president, Timothy Zeilman, although crypto offer benefits such as lower processing fee and faster payments, it also has increased risks for cyber fraud and computer attacks. By the way, HSB is a leading provider of cyber insurance and services.

He added that a number of currency exchanges have been hacked or embezzled and huge sums of funds were lost. Zeilman claims smaller businesses can’t afford to be cheated, especially those who are just starting out.

Zeilman therefore urged small business owners to acquire in-depth knowledge about the technology before accepting cryptocurrency. He advised them to ensure good security systems and insurance policies to protect against cyber fraud and financial losses respectively.

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