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Data for today’s episode is provided by Mercator Advisory Group’s Report: 2021 Small Business PaymentsInsights: Consumer Purchasing Options
Top Reasons Businesses Don’t Accept Payment Cards:
- 31% of businesses that do not accept payment cards say it is too complicated to do so.
- 30% of businesses that do not accept payment cards say fraud costs are too expensive.
- 28% of businesses that do not accept payment cards say terminal costs are too expensive.
- 25% of businesses that do not accept payment cards say their application for card acceptance was declined.
- 24% of businesses that do not accept payment cards say there is a lack of customer demand for card payments.
About Report
Mercator Advisory Group’s most recent Small Business survey report, 2021 Small Business PaymentsInsights: Consumer Purchasing Options, from its annual Small Business PaymentsInsights series, examines not only specific sales channels that consumers use to access small business products and services, but also types of payments accepted and various types of short-term financing options offered to consumers.
The report is based on an online small business survey administered between June 9th and July 16, 2021, across 2,007 U.S. Small Businesses with 2020 annual revenue between $100K and $10 million. The report also provides insight into the perspectives from small businesses on various consumer purchasing options that include BNPL, Cryptocurrency, and essential items such as chargeback prevention tools that help small businesses prosper.
“It’s encouraging and exciting to see that most small businesses have such a positive perspective on alternative payment options, such as Cryptocurrency acceptance. As the payment industry continues to change with the growth of new technologies that impact the industry, it will be very interesting to see how consumer purchasing options evolve over time.” – Amy Dunckelmann, Vice President, Research Operations, Mercator Advisory Group.