Rising costs and changing trade conditions are compelling many small UK businesses to reassess their operations. For some, this means exploring new payment methods and financial management strategies, with cryptocurrencies playing an increasingly significant role. Recent research from VistaPrint reveals that one in four small UK businesses have utilized cryptocurrencies to support their growth. This figure surges to over 60% among businesses with 10 to 49 employees.
For many business owners, the primary motivation for accepting cryptocurrencies is to provide customers with more payment options. Approximately half of small businesses report that they have either already accepted or are currently accepting cryptocurrency payments. Nearly a third state that cryptocurrency has expedited transactions, particularly with international customers.
Confidence in cryptocurrencies appears to be linked to business size. Owners of larger teams tend to be more comfortable with cryptocurrency—70% of businesses with 10 to 49 employees express confidence in using it, compared to 39% of smaller firms, which typically have a lower risk appetite.
Some business owners are also leveraging cryptocurrencies as an investment vehicle. Over a third have invested surplus funds in digital currencies. While the stock market and bonds remain popular investment choices, 30% now prefer cryptocurrency, rising to 57% among owners of larger small businesses.
Many anticipate continued growth in cryptocurrency usage. Half of all small businesses expect to utilize cryptocurrency within the next year or two, increasing to 67% when considering the next five years.
However, concerns persist. The top worry is a lack of understanding, with 38% of business owners stating they don’t feel confident navigating the cryptocurrency space. Market volatility and unclear regulations are also significant concerns.
Some business owners believe the government could provide more support. Over half desire better information, while nearly half would like to see more incentives or support to facilitate their transition to cryptocurrency.
Sabine Levellier, VP of Marketing at VistaPrint, commented, “Technology has been transforming the way we do business for years, and it shows no signs of slowing. While cryptocurrencies may not be suitable for all small businesses, some find they offer a way to streamline payments, reduce transaction costs, and reach more customers, thereby unlocking new growth opportunities and boosting confidence to invest in their businesses and increase revenues.”
