Enhancing the SMB Payment Experience

5 Pages

The June 2024 report finds that over 60% of small businesses seek payment services beyond their primary FI, risking banks’ and credit unions’ ability to be their main partner. SMBs want a broad range of payment types, with 79% desiring more options, along with greater transparency, status updates, and improved reporting. Real-time payments are now expected, with 33% willing to switch providers for them. To stay competitive, FIs should expand payment options, ensure user-friendly experiences, offer advanced management tools, and provide multichannel access.

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Enhancing the SMB Payment Experience

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