Cryptocurrency usage is becoming more mainstream as more people are becoming aware of what cryptocurrency is. Many have started to notice a trend with enterprise-level merchants exploring the crypto industry in order to meet the increasing consumer enthusiasm for crypto.
However, smaller businesses are being significantly left out of the limelight in favour of the more prolific businesses, when it comes to their attitude towards cryptocurrency. As such, we will be focusing on the relationship between small merchants and cryptocurrencies.
The Strawhecker Group (TSG) has discovered that, out of the ~600 small business owners surveyed, a good majority of them still do not accept cryptocurrencies as viable mode of payment.
On the other hand, TSG also found that acceptance is growing. 65% of the small businesses that reported taking cryptocurrency have began to accept crypto payment in the past two years. 92% of the merchants that allows crypto payment reported owning crypto as a store of value, whereas merely 17% of the merchants that do not accept crypto payments own crypto.
It would appear that the common traits among those who do not currently accept cryptocurrency are active avoidance, low motivation to adopt, and low awareness. 28% of merchants reported that they have plans to adopt cryptocurrency in the future, proving that acceptance is still not a widespread priority now.
Jared Drieling, the Senior Director of Market Intelligence and Insight at TSG, said that some merchants that do not accept crypto have zero intention to start supporting the payment method and see it as something that only criminals use. Others generally lack awareness regarding the payment method but might consider accepting crypto once their customers start asking about it.