SMBs Slowly Making the Shift into Digital Age, Says Survey
Recent facts and statistics on small and mid-sized businesses (SMBs) adaption to the digital age might surprise you. According to data from Payments Source, small and mid-sized businesses are adapting to digital payments slowly – much slower and for different reasons than big businesses. Unlike large enterprises, SMBs still rely heavily on cash and checks. (More than half of all SMB payments are either cash or check.)
As per the breakdown of all SMB payments: paper checks account for 44{77adcb1e69a3dc7e41c9865333e1aeb50abe74a98481e530a54b1dc2c938c16c} of payments, ACH electronic transfers at 30{77adcb1e69a3dc7e41c9865333e1aeb50abe74a98481e530a54b1dc2c938c16c}, cards at 17{77adcb1e69a3dc7e41c9865333e1aeb50abe74a98481e530a54b1dc2c938c16c}, wires at 6{77adcb1e69a3dc7e41c9865333e1aeb50abe74a98481e530a54b1dc2c938c16c} and cash coming in at 3{77adcb1e69a3dc7e41c9865333e1aeb50abe74a98481e530a54b1dc2c938c16c}. Aite Group defines SMBs as businesses that generate between $100,000 and $20 million in account revenue. The biggest motivator for SMBs to make changes for small and midsize businesses is cost, versus improving efficiency. Advances in digital payments technology and mobile apps are making it easier for SMBs to make the …