What offer works best to get an SMB to buy a payment solution? It depends on the size of the SMB. Very small businesses (VSBs, with fewer than 20 employees) and small businesses (SBs, with 20 to 99 employees) are most swayed by a free trial, followed by a price reduction. Midsized businesses (MBs, with 100 to 500 employees) are the most, and equally, motivated by two things: a demonstration of a payment solution’s security features, and help from a provider in making a case to their executive team.
These insights are from a recent Bredin payment solutions survey of 500 U.S.-based SMB principals.
When it comes to channel preferences for payment solutions purchases, SMB leaders prefer to buy directly from a vendor (e.g., AutoBooks, Clover, FreshBooks, QuickBooks, Square, Toast or Zoho). Banks that have partnerships with these kinds of vendors are the second most popular channel. The third choice varies by company size: VSBs favor online vendors such as Amazon or Walmart, while SBs and MBs choose a tech consultant or managed service provider (MSP).
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