Paymentsense surveyed 504 small and medium-sized businesses across the U.K. and Ireland about their views on cryptocurrency payments. The results show that more than a third—35 percent—expect digital
Paymentsense surveyed 504 small and medium-sized businesses across the U.K. and Ireland about their views on cryptocurrency payments. The results show that more than a third—35 percent—expect digital currency to become a standard payment method on Britain's high street within the next two years.
Some business owners hold even more upbeat views. One in five (21 percent) think cryptocurrency payments could arrive within a year. Another quarter (25 percent) remain skeptical and doubt it will happen at all. The disconnect between expectation and practice is sharp: only 13 percent of the small businesses surveyed accept cryptocurrency today.
Thomas Hal-Robson-Kanu, an international and Premiership footballer, runs a company called The Turmeric Co. that sells healthy shot drinks. He started accepting cryptocurrency payments toward the end of 2017. He sees the technology reshaping how businesses transact at all levels. "Instantaneous settlements with no need for centralised third parties and fees are a big plus," he said. "We're a forward thinking company with ambitious growth plans, so this flexibility is important to us. Cryptocurrencies are a really exciting payment option."
The survey uncovered other shifts in how British businesses handle payments. Around 46 percent of respondents said they accept multiple currencies. More than a quarter (27 percent) participate in local currencies like the Bristol, Liverpool, Brixton, and Lewes pound, which are designed to keep money circulating within communities.
Bitcoin fell to $6,000 in the market crash of early 2018, but entrepreneurs kept considering cryptocurrency. Close to 60 percent said they would look at investing in it. Around a fifth (18 percent) have put money in.
Guy Moreve leads marketing at Paymentsense. He cautioned that business owners should think about how cryptocurrency integrates into their existing financial arrangements, since digital currency values can change fast. "This has significant implications for an SMEs revenue security," he added. "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."
