According to the third annual Bank of America Payments Spotlight survey and annual report published today (September 9, 2019), small businesses are quickly turning to e-commerce and expanded payment options.
Changing consumer preferences are driving change. The convenience, security and richness of product information available online also play a key role in the changing landscape of payment options for merchants and customers, alike.
The survey was conducted by Forrester Consulting and sponsored by Bank of America Merchant Service. The survey covered 500 small business owners and 500 consumers in the US. UU.
Small business buyers continue to seek convenience
Key finding: digital wallets and third-party payment services doubled their use in the past two years.
Digital wallets (think of Apple Pay, Google Pay, Paypal) used by small businesses in a brick and mortar store continue to grow.
11% | In 2017, digital wallets were used in approximately 11 percent of customers
27% | In 2019, digital wallets were used by approximately 27 percent of customers
The cost of data leaks continues to grow more expensive, both for the end result of a small business and customer loyalty  Key Finding: Almost 30 percent of consumers indicated that they would not buy from a small business that had experienced a data breach.
31% | In 2017, the annual percentage of small businesses that pay more than $ 50,000 t or solve problems related to data breaches
41% | In 2019, the annual percentage of small businesses that pay more than $ 50,000 to solve problems related to data breaches
Small businesses continue to adopt e-commerce to stay competitive and increase sales
Key finding: 44% of consumers under 30 use their mobile device while shopping more frequently today than five years ago.
70% | Percentage of small business buyers who engage in electronic commerce through a third-party website, application or market
source smallbusiness .com