2021 Small Business PaymentsInsights: Payment Acceptance Support Services

A look at small businesses in this time of "build back"  and the level of payment acceptance support received from credit card payment service providers.

Mercator Advisory Group’s most recent small business survey analysis report, 2021 Small Business PaymentsInsights: Payment Acceptance Support Services, from its annual Small Business PaymentsInsights series, highlights payment acceptance practices that includes coverage of card payment processing, debit, credit, and prepaid card acceptance, and the utilization of mobile card readers by small enterprises.

The report is based on an online small business survey administered between June 9th and July 16, 2021, across 2,007 U.S. Small Businesses with 2020 annual revenue between $100K and $10 million. The report also provides insight into companies that provide small businesses with support services to accept credit and debit cards, processing fees that the card services providers typically charge to small businesses, indicators of satisfaction level regarding services and support, and what small businesses consider as their top criteria in selecting a payment service provider during the onboarding process.

“Building loyalty between business partners happens during the most challenging times, as we’ve seen in the past few years. As small businesses work hard toward building back from the economic hardship caused by the pandemic, payment processors who have shown support to these entrepreneurial ventures will secure their spot for the long term. In contrast, those that have not may be easily replaced.” -Amy Dunckelmann, Vice President, Research Operations, Mercator Advisory Group.