2024 Small Business PaymentsInsights: U.S.: Small Business Technology Attitudes

How a small business approaches its business and technology initiatives will set the tone for the types of vendors and solutions it must incorporate into its broader strategy. Small businesses are the backbone of the U.S. economy and are often the first recipients of changes in consumer preferences, especially when it comes to payment preferences. Small businesses with partners that fully understand their technology and business needs can better adapt to changes in consumer preferences. 

Larger businesses exhibited a more curious attitude toward technology than their smaller counterparts. Nearly 60% of respondents with a small business netting more than $1 million in annual revenue considered themselves to be on the “cutting edge” when it comes to new technology—more than double those bringing in less than $1 million. 

In fact, businesses bringing in less than $1 million in annual sales exhibited a less positive view of technology overall. When asked to rate issues as pain points with selected services and support their small business received from payment service providers, companies with less than $1 million in sales reported a higher percentage across every solution. 

That is not to say that smaller companies are turning away from new technology. Small businesses—including those with less than $1 million in annual sales—want to enable customers to efficiently checkout and pay using whatever method they please. Nearly half of small businesses in this cohort plan to add acceptance for digital wallets in the next 12 months.

Highlights of the research report include:

• Business Attitudes
• Cryptocurrency
• Online Banking Capabilities
• PSP – Support & Services
• Mobile POS
• Payment Methods Not Currently Accepted