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How Small Business Payment Methods Are Changing

How Small Business Payment Methods Are Changing

August 28th, 2020

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.

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