Enhancing the SMB Payment Experience

More than 60% of small businesses are going beyond their primary institution for payment capabilities.

The small-business customer segment remains a challenging one for financial institutions to win over. Despite greater investment and efforts to better meet their needs, gaps continue to exist between what small businesses want and what their banks and credit unions are offering. This is especially troubling as winning a company’s payment business is typically central to becoming its primary banking partner.

This report explores ways in which banks and credit unions can enhance their payment capabilities to better align with small-business expectations and position themselves for greater success. The report is based primarily on the results of a Q1 2024 Datos Insights online survey of 1,004 U.S.-based small businesses.

Clients of Datos Insights’ Commercial Banking & Payment service can download this report.

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