SMB Payments and Millennials: Millennials Expect More

Eighty-four percent of millennial-operated SMBs either are already using or have considered using alternatives to traditional banks to run their finances.  

March 2, 2022 – From cards to receivables and all manners of digital payment services, younger generations have been critical in driving innovation and in turn creating new revenue streams for payment providers. Millennials are aging, and this generation is making up an increasingly critical share of the workforce. As these younger generations—with different expectations of how payments should be able to help their organizations—continue to mature across businesses of all sizes, the trends seen now will become ubiquitous for the broader payments sector.

This Impact Report provides an overview of how millennial-run small and midsize businesses (SMBs) use payments within their organizations, what they expect from their providers, and where they see value in the latest generation of payment technologies. Aite-Novarica Group conducted an online survey of 1,002 U.S.-based small businesses in Q3 2021, and analyzed the results according to the age cohorts of primary financial decision-makers (business owners or senior management) within these businesses.

This 30-page Impact Report contains 16 figures and one table. Clients of Aite-Novarica Group’s Commercial Banking & Payments service can download this report and the corresponding charts.

This report mentions, Olive Garden, PayPal, Venmo, and Zelle.

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