When it comes to running a small business, offering convenient and diverse payment options is essential. While digital wallets and credit cards dominate the global online payment landscape, it’s important to understand the preferred payment methods of small business owners.
By aligning with customer preferences, small businesses can enhance their sales and customer satisfaction. Let’s explore the top payment options accepted by small businesses.
Which are the best payment options for small businesses in 2023?
- Online payments:
- Over 92% of small businesses in the United States accept online payments, with an additional 5% planning to introduce this option in the near future. The growing trend of global ecommerce sales and the increasing number of online shoppers make accepting online payments a highly advantageous choice for small businesses.
- Credit cards:
- Accepted by 87% of small businesses, credit cards remain a popular and widely used payment method. Consumers in North America especially prefer credit cards for online purchases, with 31% of them utilizing this payment option.
- Real-time payment services:
- About 52% of small businesses accept real-time payment services. These services enable quick transactions, often concluding within seconds, even outside of traditional banking hours.
- Buy now, pay later (BNPL) services:
- BNPL services have gained popularity among consumers, and 36% of small businesses currently offer this payment option. An additional 23% plan to introduce BNPL services in the near future, recognizing its potential to attract customers and boost sales.
- Cryptocurrency payments:
- Cryptocurrency acceptance is on the rise, with 28% of small businesses currently accepting it as a form of payment. Furthermore, 27% of small businesses plan to introduce cryptocurrency payments in the coming year, acknowledging the increasing interest in digital currencies.
For small businesses, embracing the right payment options is crucial for meeting customer expectations and maximizing sales. Online payments lead the way, followed closely by credit cards, real-time payment services, BNPL services, and cryptocurrency payments.
By offering a variety of payment methods that align with customer preferences, small businesses can enhance customer satisfaction, attract a broader customer base, and drive growth in the increasingly digital business landscape.