In the last Bredin Report, we continued our series on what small and midsized businesses (SMBs) want in the tools they use to accept payments from their customers. Today, we are using the data from our most recent SMB Pulse survey of 500 U.S.-based principals to assess the reasons SMBs begin to look for new payment solutions – whether to supplement or replace what they currently use.
The number one reason that small businesses (SBs, with 20 to 99 employees) and midsized businesses (MBs, with 100 to 500 employees) are motivated to look for a new payments solution is to receive payments faster. Accelerated payments is second for very small businesses (VSBs, with fewer than 20 employees). Faster payment options are important to SMBs because they generate the cashflow they need to pay their bills.
The leading motivator for VSBs (and third most important for SBs) to look for a new payment solution is customer requests – in other words, customers asking to use new payment forms, such as Venmo or Apple Pay. Reducing payments costs is also an important motivator; it is the second most important driver for SBs and third for VSBs. MBs are also significantly more motivated by time savings (such as expediting financial reporting); saving time is their second most important motivator.
Companies that provide payment systems to SMBs should keep two benefits in mind: speed and accessibility. Because across the board, SMBs are looking for solutions that make payments faster and more convenient for their company and customers alike.
In the next few weeks, we’ll continue our payment solution series with a look at what the leading purchase considerations are, how SMBs learn about and research payment solutions, who they want to buy from, and the offer that works best to close a sale.
Want to learn more about your SMB target? Place a few questions in Bredin’s monthly SMB Pulse omnibus survey, or let our experienced team design and execute a custom research project to uncover actionable insights to improve your go-to-market and product strategies.