SMEs back cryptocurrency payments on the High Street
35% of UK SME owners expect cryptocurrency payments to become a reality on the High Street within two years, according to research from Paymentsense. 21%, meanwhile, predict that cryptocurrency will start appearing within one year.
The study of 504 companies also revealed hesitation to take the plunge and start accepting the payment method. Only one in ten small business owners said they already take cryptocurrency payments (13%). The recent volatility of Bitcoin doesn’t seem to have discouraged SME owners when it comes to their own investment, however. 59% said they’d consider investing in it, with 18% already doing so.
46% of SME owners, meanwhile, accept alternative currencies, with 27% involved in schemes such as the Bristol, Liverpool, Brixton and Lewes pound. A further 15% said they accept national bartering schemes such as Bartercard, with 11% taking regional gift vouchers. Guy Moreve, Head of Marketing at Paymentsense, says: “It’s clear that cryptocurrencies are moving swiftly towards the mainstream. However, small business owners considering cryptocurrency as a payment option should be clear about how they can integrate it with their existing financial arrangements. Will suppliers or staff accept it? Can they pay local and national government agencies with it?"
“Also, the value of unregulated cryptocurrency changes fast. This has significant implications for an SME’s revenue security. Using a trusted payment processor or merchant service provider can help guard against this by allowing a swift currency exchange, and improve security processes. For entrepreneurs in emerging sectors it might be worth the risks involved, but for others in more established or slower-moving areas it could be wiser to wait and see how things evolve over the next six to 12 months.”