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Data for today’s episode is provided by Mercator Advisory Group’s report – U.S. Small Businesses are Reeling as a Result of COVID-19
Which Payment Types Are Winning Contactless Acceptance for Small Businesses?
- In 2018, 37% of small businesses accepted ZERO contactless payments; in 2020, 26% of small businesses accepted none.
- 50% of today’s small businesses accept Apple Pay, compared to 42% in 2018.
- 41% of today’s small businesses accept Android or Google Pay, compared to 34% in 2018 & 2019.
- Samsung Pay has seen modest gains in acceptance of 4% among small businesses between 2018 & 2020.
- Chase Pay barely improved on its 22% (2018 & 2019) small business acceptance rate, coming in at 24% in 2020.
- Contactless cards jumped to 16% small business acceptance in 2020, up from 8% in 2018.
- LevelUp, AliPay, WeChatPay, and proprietary payment app solutions saw little progress and are accepted by less than 10% of small businesses.
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.