2017 report shows that with so much at stake, small businesses must adapt to changes in the ways customers shop and pay
Bank of America Merchant Services 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.
Among the notable findings:
- 48% of consumers carry less cash than they did five years ago, but 38% of small businesses have not changed the types of payments they accept in the past five years.
- 53% of consumers are shopping online more than ever, yet only 44% of small businesses operate an eCommerce website.
- Consumers aged 18 to 29 and over 65 are the most likely to never trust a small business again following a data breach affecting that merchant.
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 (PDF) to explore what hundreds of small businesses and consumers have to say about payments today and tomorrow.