2023 Small Business PaymentsInsights: U.S.: Small Business Operations & Use of Business Credit Cards

Small businesses rely on their financial institutions to meet financial needs and support operations. Banks provide a variety of solutions, including lending and cash management functions, payment acceptance support, and financial coaching.

Cash flow continues to be a major concern for small business owners. As businesses deal with rising inflation, supply chain issues, and uncertain economic conditions, daily operations will become even more difficult. When cash flow becomes strained, small businesses rely on financial institutions for credit products, particularly business credit cards.

Small business credit cards cards give businesses easy access to a small credit line for procurement and operations as well as indirect spend use cases, such as travel, meals, and entertainment. Economic features such as cash back rewards and no annual fee rank high in importance, but the highest ranked category this year was customer service. This finding underscores the importance of relationship building with your customers, especially considering that many small businesses use the same bank as they do in their personal lives.

Highlights of the research report include:

• Small Business Operations
• Business Credit Cards