Mercator Advisory Groups Insight Summary Report, Small Business Payments Acceptance: More Payment Options Creeping In, based on the companys annual Small Business Payments and Banking Survey conducted in spring 2019, further reveals that 35% of respondents report that they are selling via a mobile app.
Other key findings:
small businesses are more likely to report that their preferred method of payment is from the card networks rather than cash or any other method;
the primary reason for preferring a certain kind of payment is the ease of handling (65%), 4 in 10 mentioning lower costs;
small businesses are mainly getting merchant services from their primary bank (70%);
many third-party providers offer smaller merchants ancillary services they need aside from core processing services, and many businesses are migrating to third-party providers for online and mobile services.
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