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Small Business Payments Spotlight

Small business owners must adapt to changes in customer payment behavior

2017 report shows much is at stake for small businesses

Bank of America Merchant Services, a global leader in payments, eCommerce and security1, commissioned Forrester Consulting, one of the most influential research and advisory firms in the world, to conduct a study of payments-focused attitudes and behaviors among U.S. small business owners and consumers.

Topics addressed in the inaugural Small Business Payments Spotlight include merchant and consumer sentiments toward point-of-sale and digital payments, cash, credit cards, eCommerce, security and more.

Changing payment preferences

48% of consumers carry less cash than they did five years ago, but in the past five years 38% of small businesses have not changed the types of payments they accept.

eCommerce importance to small business

53% of consumers shop online more than ever, yet only 44% of small businesses operate an eCommerce website.

True cost of a data breach

Consumers 18 to 29 and over 65 are most likely to never trust a small business following a data breach affecting that merchant.

Small Business Payments Spotlight report

As the trusted payments provider for hundreds of thousands of small businesses across the U.S., Bank of America Merchant Services is pleased to share with you valuable insights in the Small Business Payments Spotlight.

Read the report and check out the infographics to explore what hundreds of small businesses and consumers have to say about payments today and tomorrow.

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