Small businesses prefer card payments over cash, survey finds

Friday 11 October 2019 00:03 CET | News

A Mercator Advisory Group report has revealed that more small businesses prefer card payments over cash, with 59% selling online and 47% in physical stores.

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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Keywords: Mercator Advisory Group, card payments, cash, bank
Countries: World