Furthermore, 82% have announced plans to change how their business sends and receives payments. Citing difficulty with cash flow and collecting payments, half of the respondents added a new digital service for collecting funds while one in four transitioned to electronic invoicing.
With 68% saying cash and check deposits take too long, small businesses decreased their use of cash and checks more than any other payment types during the pandemic.
Citing speed, security, and transparency, more than half (57%) of small businesses say they have increased their use of digital services for business-to-business (B2B) payments since the start of the pandemic.
To address these challenges, 64% of small businesses say they are actively trying to steer clients away from using cash and checks. Findings from the new Mastercard study show:
The research was conducted from July 13 to 17, 2020, when over 1000 small business owners in the United States and Canada were interviewed online.
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