Why SMBs Look for New Payments Solutions

What motivates SMBs to upgrade or buy a new payments solution, and what offer works best to close the sale? To find out, we recently surveyed 500 U.S. SMB principals.

Very small businesses (VSBs, with fewer than 20 employees) and small businesses (SBs, with 20 to 99 employees) are most likely to start looking for a payments solution because their customers request it. The second biggest motivator is to receive payments faster. For VSBs, that is followed by wanting to save time; for SBs, to increase productivity.

The top motivator for midsized businesses (MBs, with 100 to 500 employees) to look for a new payments solution is to save time, followed closely by receiving payments faster and increasing productivity.

Why SMBs Look for a New Payments Solution

We also wanted to understand what offer works best to make the sale. A free trial is most effective for VSBs and SBs, followed by assisting with installation, integration, and user training.  For MBs, a price reduction is most compelling.

SMB Payments Solution Offer Preferences

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