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Data for today’s episode is provided by Mercator Advisory Group’s report — Payment Cards and B2B Payments: Riding a Wave of Positivity.
The most & least important business card features for small business owners:
- The MOST important feature for small business owners with their business card is good customer service (72%)
- On the heels of most important – small business owners have little tolerance for annual fees (70%)
- Bringing up the 3rd and 4th most important features are a generous credit line and low APR
- The least important feature for a small business credit card is ‘Airport lounge access’ (39%)
- Offering travel insurance and a travel booking tool are almost equally unimportant – both 42%
- Cashback rewards are 5th most valued as noted by 63% of small business owners
- But airline/travel rewards are tied for 2nd LEAST important, mentioned by only 42% of small business owners
About the report
Mercator Advisory Group’s new Insight Summary Report, Payment Cards and B2B Payments: Riding a Wave of Positivity, reveals that U.S. small businesses are largely positive about the prospects for the future of their respective firms with regard to revenues, profitability, and employment. The report is the first of three from Mercator’s annual Small Business Payments and Banking Survey Series, a part of Mercator’s Primary Data Service. It is based on findings from Mercator Advisory Group’s online survey of 2,002 U.S. small businesses fielded in March and April 2019.
The survey’s charts show the primary payment methods used by type, and they reveal attitudes toward cash flow and line of credit. The findings include small businesses’ criteria for choosing a new credit card for the business, which differ by size of firm and indicate the average number of cards held per company.