YouLend research highlights importance of card payments to side-hustlers

The new YouLend data found that 16% of all businesses are now side-hustles, and business owners with a separate main day job place more importance on online and cashless trade than other entrepreneurs. Most entrepreneurs accept remote payments, although side-hustlers are more likely to do so. 86% of side hustlers accept payments online, over the phone or via email/SMS, compared with 71% of all respondents to the YouLend's discoveries.

The cash flow advantages of card acceptance are also felt by side-hustlers, with 82% saying card acceptance has a positive impact on their cash flow, compared to 42% of all respondents. Selling online and accepting card payments also has advantages for side-hustlers when it comes to accessing finance for business growth, the embedded finance provider says.

YouLend study conducted in 2021 highlighted the shift in how SMEs that trade online are accessing the funding they need, and a shift that is particularly relevant for side-hustlers. Central to this transformation is the change in who businesses see as their key partners. Taking over from banks, payment service providers, and website/webshop providers are ranked as the most important business partners by SMEs.