Bank of America Merchant Services, a baton in payments, eCommerce and aegis solutions, today appear its anniversary Baby Business Payments Spotlight. The address is tailored to advice baby businesses cross the circuitous apple of payments through a abundance of timely, actionable information.
For this year’s Spotlight, Coffer of America Merchant Casework broke Forrester Consulting to analysis added than 500 baby business owners and 500 consumers throughout the U.S.�Y The report, which highlights the latest payments-focused trends and behaviors, baldheaded a cardinal of arresting and advisory findings, including:
1. Both baby business owners and consumers are relying added on adaptable accessories to accumulate the arcade experience.
Key finding: 35 percent of consumers are no best accommodating to abide curve at businesses because of the accessibility of adaptable checkout.
Credit and debit cards abide the best accepted acquittal adjustment both in-store and online, while banknote continues its apathetic advance to irrelevance. The address additionally reveals that consumers are growing added adequate with arcade and advantageous for appurtenances and casework on their adaptable phones.
More baby businesses are responding to this trend by accepting agenda payments, acquainted that barter consistently accept their phones on them.
Flexibility at the point of auction is additionally key. Accepting agenda payments, assorted agenda brands and, for now, cash, allows baby businesses to baby to a ambit of chump expectations and preferences.
2. To break aggressive and abound sales, baby businesses are accretion and acceptable their eCommerce capabilities.
Key finding: 43 percent of consumers said they are arcade online added than ever.
In its 2017 Baby Business Payments Spotlight, Coffer of America Merchant Casework bent alone 44 percent of the baby businesses surveyed maintained an eCommerce site. In aloof one year, that cardinal added to 51 percent.
Small businesses apperceive their barter are arcade online added today than anytime before, which is why the best acknowledged merchants are enabling their barter to buy from them via a website or app.
3. Abstracts breaches, which abuse sales and chump loyalty, are alone growing added costly.
Key finding: 22 percent of consumers who had their coffer or claimed advice baseborn adumbrated they would not boutique at a baby business that had accomplished a abstracts breach.
Data breaches, and the associated costs to balance from them, can be adverse to a baby business. According to the latest report, about 40 percent of baby businesses that accomplished a abstracts aperture appear a banking appulse in balance of $50,000 – including costs to antidote the affair and absent sales.
And the accident goes above carefully banking measures. Added than a fifth of consumers said they would never afresh assurance or boutique at a baby business that accomplished a breach. Few baby businesses are in a position to sustain such a draft to their affairs and chump base.
Fortunately, there’s acceptable news. Since 2017, there’s been a acceleration in the cardinal of businesses that accept enabled EMV dent agenda technology – an important footfall in befitting payments abstracts secure.
“What’s best arresting about the allegation in this year’s Baby Business Payments Spotlight is that today’s business owners are added technology adeptness and attuned to their customers’ alteration preferences and expectations,” said Coffer of America Merchant Services’ Chief Executive Officer Tim Tynan. “Small businesses can use their admeasurement to their advantage and axis with greater acceleration to new payments acceptance, eCommerce and adherence capabilities that strengthen relationships with their customers.”
For added advice about Coffer of America Merchant Services, appointment https://merch.bankofamerica.com. Find added tips tailored for baby business owners atwww.facebook.com/bankofamericamerchantservices and www.linkedin.com/company/bank-of-america-merchant-services/.
About Coffer of America Merchant Casework
Bank of America Merchant Casework brings calm market-leading payment, eCommerce and aegis solutions to advice businesses optimize all-around agenda business and advance their customer’s acquirement journey.
The aggregation processes 16.6 billion affairs at added than 705,000 merchant locations throughout the U.S., Canada and Europe. Coffer of America Merchant Casework guides businesses from the Fortune 50 to adjacency establishments through the evolving apple of payments.¹
To apprentice more, amuse appointment https://merch.bankofamerica.com.
¹ Per the Nilson report, Advance 2018, Affair #1127 and Coffer of America Merchant Casework data, June 2018.
�YThe Baby Business Payments Spotlight is based on a address Coffer of America Merchant Casework commissioned Forrester Consulting to conduct in the summer of 2018. As allotment of the report, Forrester surveyed added than 500 baby business owners and 500 consumers throughout the U.S.
View antecedent adaptation on businesswire.com: https://www.businesswire.com/news/home/20180926005444/en/
SOURCE: Coffer of America Merchant Casework
Bank of America Merchant Casework Bryn Winburn, 980-387-6598 [email protected]
Copyright Business Wire 2018
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