Mercator Advisory Group new survey research finds small businesses are looking for advice from financial institutions, and rely more on personal instruments for better service and terms.
Boston, August 6, 2020 - Mercator Advisory Group’s
new Insight Summary Report, 2020 Small Business PaymentsInsights,
COVID-19 and B2B Payments & Cards - The Result of the Pandemic,
reveals that U.S. small businesses have a much less positive view of the future
than in previous years. The report is the first of three from Mercator’s annual
Small Business PaymentsInsights Survey Series, a part of Mercator’s Primary
Data Service. It is based on findings from Mercator Advisory Group’s online
survey of 2,000 U.S. small businesses fielded in March and April 2020.
The report details the ways COVID-19 has changed small businesses and their
outlook on the near-term future of their businesses. The report also provides
insight into how small businesses bank and pay for goods and services, their
banking relationships, how they view technology and their top business
concerns.
“Small businesses have been hit hard by the pandemic. In many ways, more than
their larger counterparts. Organizations that service small business have an
opportunity to help these firms as they try to come out of the COVID crisis,”
states the author of the report, Pete Reville, Director of Primary
Data Services including Small Business PaymentsInsights Survey Series at
Mercator Advisory Group.
The report is 56 pages in length.
Companies mentioned in the report include: Alipay,
American Express, Apple Pay, Chase Pay, Discover, Google Pay, Kabbage, Lending
Club, LevelUp, Mastercard, OnDeck Capital, PayPal, Prosper, Samsung Pay, WeChat
Pay.
Highlights of this report include:
- Two-thirds
of small businesses surveyed report that they have been negatively
impacted by the pandemic.
- One-half
are more pessimistic about their 2020 outlook than they were before the
outbreaks.
- Projections
for 2020 with regard to revenue, profitability and employment have nearly
halved compared to 2019.
- The
use of business credit cards by small businesses has increased from 52% in
2019 to 56% in 2020.
- There
is a significant gap between the issuers’ delivery of customer service and
credit lines relative and customer expectations.
Companies mentioned in the report include: Alipay, American
Express, Apple Pay, Chase Pay, Discover, Google Pay, Kabbage, Lending Club,
LevelUp, Mastercard, OnDeck Capital, Pay Pal, PayPal, Prosper, Samsung Pay,
WeChat Pay
Members of Mercator Advisory Group Small Business Survey
Series have access to this report as well as the upcoming research for the year
ahead, presentations, analyst access and other membership benefits.
Please visit us online at
http://www.mercatoradvisorygroup.com.
For more information and media inquiries, please call
Mercator Advisory Group's main line: 1-781-419-1700 or send email to
info@mercatoradvisorygroup.com.
For free industry news, opinions, research, company
information, and more, visit us at http://www.PaymentsJournal.com.
Follow us on Twitter @ http://twitter.com/MercatorAdvisor.
About Mercator Advisory Group
Mercator Advisory Group is the leading independent research
and advisory services firm exclusively focused on the payments and banking
industries. We deliver pragmatic and timely research and advice designed to help
our clients uncover the most lucrative opportunities to maximize revenue growth
and contain costs. Our clients range from the world's largest payment issuers,
acquirers, processors, merchants and associations to leading technology
providers and investors. Mercator Advisory Group is also the publisher of the
online payments and banking news and information portal PaymentsJournal.com.
Media Contact:
KAREN YETTER
MercatorAdvisory Group
Phone: 781-419-1700
Email: kyetter@mercatoradvisorygroup.com
Website: https://www.mercatoradvisorygroup.com/
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