Small businesses are adapting to the changing consumer payments payment behaviors. As consumers increase their usage of card payments, small businesses are modifying their acceptance to include options such as mobile wallets and contactless technologies.
BOSTON (PRWEB) September 17, 2020
Mercator Advisory Group’s new Insight Summary Report, 2020 Small Business PaymentsInsights, Payment Acceptance - The Payments Shift, reveals that U.S. small businesses are starting to see a shifting payments environment among their customers. The report is the second of three from Mercator’s annual Small Business PaymentsInsights Survey Series, a part of Mercator’s Primary Data Service. It is based on findings from Mercator Advisory Group’s online survey of 2,000 U.S. small businesses fielded in March and April 2020.
The report is a detailed look at the way small businesses in the U.S. accept payments. Topics covered include; sales channels, payments accepted, and the payment vendor relationship.
“Small businesses are adapting to the changing consumer payments payment behaviors. As consumers increase their usage of card payments, small businesses are modifying their acceptance to include options such as mobile wallets and contactless technologies,” states the author of the report, Pete Reville, Director of Primary Data Services including Small Business PaymentsInsights Survey Series at Mercator Advisory Group.
The report is 65 pages in length. Below is a representative graph:
Highlights of this report include:
- Since 2018, fewer respondent have a physical store, while mobile apps as a sales channel are increasing and the use of field sales reps is decreasing.
- With regard to the online sales channel, more small businesses are relying on third party web sellers, such as Amazon and eBay, than they were last year.
- Small business satisfaction with their primary payment services provider is quite high (82%) although it has decreased from 88% in 2018.
- EMV acceptance seems to have plateaued at around 70% for the last three years.
- More firms are offering a discount for the use of cash than last year (33% vs. 25%).
Companies mentioned in the report include: Alibaba, American Express, Apple, Chase , UnionPay, Clover, Discover, First Data , Google, LevelUp, Mastercard, PayPal, Revel, Samsung, Shopify, Shopkeep, Square, Stripe, Verifone, Visa, WeChat
Members of Mercator Advisory Group Small Business Survey Series have access to this report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.
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About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.