Electronic payments on the rise among SMBs
June 12, 2013

Accepting debit and credit cards through integrated payment processing is increasing among small- and medium-sized businesses, which continue to look toward purchasing platforms to provide customers with their preferred transaction method. According to a recent study, more SMBs are turning to electronic payment solutions to provide consumers with enhanced purchasing systems within the next 12 months.

SMBs migrate to advanced payment systems 
According to a survey of U.S. SMBs by Greenwich Associates, a consulting firm, small companies are moving away from accepting only cash at the point of sale and toward electronic payment solutions. The study found SMBs are making the transition to improve customer financial information security and drive sales. 

Thirty-five percent of micro businesses, or companies with revenues less than $1 million in revenue, said they plan to make the migration within the next month. Forty-three percent of SMBs, or organizations earning up to $10 million, and 55 percent of companies making up to $500 million said the same. 

The study highlighted the increasing importance of providing enhanced purchasing platforms for customer satisfaction and retention. Advanced payment processing capabilities are an integral solution for SMBs in the digital age.

Chuck Rogers, commercial payments practice leader at Greenwich Associates, said the survey shows SMBs are adapting to new technology and that the POS may change in the future.

"Companies are motivated by the ability of electronic payments to increase cash flow, improve security, and lower costs through enhanced operational efficiencies," Rogers said.

By investing in advanced payment processing, SMBs boost customer satisfaction, which leads to stronger sales. Electronic payment solutions ensure customers are able to utilize the latest technology, such as mobile payments, while keeping their financial data secure.

Consumers continue to look toward solutions to safeguard their monetary information. Mobile payments that offer end-to-end encryption, such as that provided by Sage Mobile Payments, ensure customer data security from the POS. According to CFO.com, companies that embrace integrated payment processing with security benefits help customers protect their financial information.

While data breaches do occur, solutions with end-to-end-encryption scramble the information during each transaction, significantly decreasing the possibility of data being stolen. Payment systems, such as Sage Payment Solutions, offer enhanced security so consumers feel safe and SMBs are able to confidently accept debit and credit cards at the POS. As more customers reach for plastic to purchase products or services, SMBs can turn to electronic payment solutions to ensure consumer satisfaction. 

Nexus: G-WEBCD1