Don’t miss another episode of Truth In Data! Data for today’s episode is provided by Mercator Advisory Group’s report – U.S. Small Businesses are Reeling as a Result of COVID-19 Small Business Payment Methods Are Changing:
- Business credit cards are still the dominant transaction type (56%), but a host of transaction types are gaining popularity.
- Small businesses’ use of PayPal jumped from 18% in 2019 to 26% in 2020.
- Direct transfers increased from 16% in 2019 to 20% in 2020.
- Business debit card use (42%) increased 8% from 2019, as did business charge card use (31%).
- Use of personal debit cards increased 8% in 2020, up to 26% from 18% in 2019.
- Business checks declined in use from 41% to 39%.
- Petty cash for small purchases also decreased from 12% in 2019 to 9% in 2020.
