Why SMBs Switch Payments Solutions

What motivates SMBs to change their payment solution? What do they look for when they are evaluating a new solution? To find out, we recently surveyed 500 U.S. SMB principals.

The top reasons very small businesses (VSBs, with 1-19 employees) seek a new payments solution are to get paid faster and reduce expenses. For small businesses (SBs, with 20-99 employees), the top motivators to switch are reducing expenses and getting faster access to funds. Midsized businesses (MBs, with 100-500 employees) are most likely to switch because of customer requests, to cut costs, and to increase team productivity.

What Motivates SMBs to Switch Payments Solutions

We also asked SMBs about the features that are most important when they are evaluating new payments solutions. VSBs prioritize reliability and availability, followed by fast payment and security/fraud protection. SBs also place a premium on reliability, followed by low costs and fast payment. MBs look first for security and customer service, followed by fast payment and an easy customer checkout experience.

Most Important Features in a New Payment Solution

Looking for more actionable SMB insight? Bredin’s global research gives you high-value insights to improve your go-to-market and product strategies. We also generate uniquely valuable data for high-impact content, PR, social, and sales support programs.