Report

Real-Time Payments and SMBs: The Need for Action

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Small businesses aren’t using real-time payments to the degree most observers would expect, given the available benefits.
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All real-time payments usage remains low compared to other payment types, and while push-to-card and Zelle Small Business have seen considerable growth, the RTP network appears to be underutilized. However, SMBs want all of the benefits that real-time payments provide. Financial institutions should take action to close the understanding gap between SMBs and real-time payments.

This report explores current trends in real-time payments usage among SMBs and assesses the capabilities that SMBs currently seek in their payments solutions. The report also explores why SMBs are not more actively using the RTP payments network through their primary FI and provides recommendations for FIs seeking to increase RTP usage and cross-sell opportunities with their SMB clients. This report is based on a Datos Insights quantitative survey conducted in Q1 2023 of 1,006 small and midsize businesses with between US$100,000 and US$20 million in annual revenue.

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

This report mentions The Clearing House.

About the Author

Erika Baumann

Erika Baumann

Erika Baumann serves as Director of the Commercial Banking & Payments practice at Datos Insights, focusing on payables and receivables technology and solutions. She has over 10 years of experience in the wholesale banking space, bringing expertise from both banking and fintech vendor positions. She has worked extensively with both U.S. and international banks, vendors, and the clients of each to identify...

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