The newly released Small Business Payments Spotlight from Bank of America Merchant Services surfaces a trove of valuable insights for small business owners navigating the complex world of payments through a wealth of timely, actionable information.
This year’s report details three key findings:
1. Both small business owners and consumers are relying more on mobile devices to streamline the shopping experience. In fact, 35 percent of consumers leverage mobile devices to ease shopping.
2, To stay competitive and grow sales, small businesses are expanding and enhancing their eCommerce capabilities. Forty-three percent of consumers surveyed said they are shopping online more than ever before.
3. Data breaches, which threaten sales and customer loyalty, are becoming more expensive. Twenty-two percent of consumers who had their bank or personal information stolen indicated they would not shop at a small business that had experienced a data breach.
About Bank of America Merchant Services
Bank of America Merchant Services brings together market-leading payment, eCommerce and security solutions to help businesses optimize global digital commerce and improve their customer’s purchase journey.
The company processes 16.6 billion transactions at more than 705,000 merchant locations throughout the U.S., Canada and Europe. Bank of America Merchant Services guides businesses from the Fortune 50 to neighborhood establishments through the evolving world of payments.
To learn more, please visit https://merch.bankofamerica.com
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