Article

Data from a new small business survey reported that 87% of small- to medium-sized businesses view digital tools as very important or essential to powering their business — a 15% year-over-year increase. This aligns with the rapid growth of payments technology over the last few years.

Of those surveyed, 8 in 10 small- to medium-sized business owners prefer their financial institution to provide digital solutions for banking, payments, and operations. This is an opportunity for credit unions to help their SMB customers consolidate their solutions with a banking partner they trust.  

Owners also have preferences in terms of how they pay their bills and manage cash flow. More than 85% agree it’s important to have the flexibility to pay by either bank account or credit card. Offering card products built for businesses is critical to managing their day-to-day operations, as well as offering superior business-focused rewards, reporting, and dedicated support. 

In addition to a rapidly evolving digital payments landscape, more than half of small business owners are over age 55. This indicates a significant shift ahead as they transfer ownership to younger, digital-first, demographics.

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