Bank of America Merchant Services
September 26, 2018 07:35 AM Eastern Daylight Time
Bank of America Merchant Services’ Annual Small Business Payments Spotlight Highlights Key Trends to Help Small Businesses Thrive
CHARLOTTE, N.C.–(BUSINESS WIRE)–Bank of America Merchant Services, a leader in payments, eCommerce and security solutions, today released its annual Small Business Payments Spotlight. The report is tailored to help small businesses navigate the complex world of payments through a wealth of timely, actionable information.
“What’s most intriguing about the findings in this year’s Small Business Payments Spotlight is that today’s business owners are increasingly technology savvy and attuned to their customers’ changing preferences and expectations”
For this year’s Spotlight, Bank of America Merchant Services tapped Forrester Consulting to survey more than 500 small business owners and 500 consumers throughout the U.S.˟ The report, which highlights the latest payments-focused trends and behaviors, uncovered a number of intriguing and informative findings, including:
1. Both small business owners and consumers are relying more on mobile devices to streamline the shopping experience.
Key finding: 35 percent of consumers are no longer willing to tolerate lines at businesses because of the convenience of mobile checkout.
Credit and debit cards remain the most popular payment method both in-store and online, while cash continues its slow march to irrelevance. The report also reveals that consumers are growing increasingly comfortable with shopping and paying for goods and services on their mobile phones.
More small businesses are responding to this trend by accepting digital payments, noting that customers always have their phones on them.
Flexibility at the point of sale is also key. Accepting digital payments, multiple card brands and, for now, cash, allows small businesses to cater to a range of customer expectations and preferences.
2. To stay competitive and grow sales, small businesses are expanding and enhancing their eCommerce capabilities.
Key finding: 43 percent of consumers said they are shopping online more than ever.
In its 2017 Small Business Payments Spotlight, Bank of America Merchant Services determined only 44 percent of the small businesses surveyed maintained an eCommerce site. In just one year, that number increased to 51 percent.
Small businesses know their customers are shopping online more today than ever before, which is why the most successful merchants are enabling their customers to buy from them via a website or app.
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