Digital Payments and SMBs



In a recent study, 43% of SMBs said that digital payments are more important to their business now than before the COVID-19 pandemic. As SMBs begin to recover, 38% report an increase in sales since the beginning of the pandemic, and fewer SMBs are experiencing a decrease in sales (38% in 2021 vs. 47% in 2020). However, as with any new technology, there are cons, both literal and figurative. Consumer demand is driving usage, but there’s a divide between Gen Z users and Boomers. For the latter, ease of use is a paramount consideration. More tech-savvy (read: younger) users expect constant availability, and a transparent payment process. And in both cases, fraud is a constant concern. When rushing to complete your transaction, it’s easy to overlook the myriad ways in which your data can be compromised. Buyer beware!

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