Small businesses incline towards electronic payments

A new survey conducted by Market Platform Dynamics and commissioned by PaySimple has revealed that very soon small businesses will conduct their transactions by means of e-payments.  So, going into figures, the researches said that about 70% of the polled businessmen said that  in the coming 2 years they expect that 50% of their payments will be made online.

Today about 78% of companies are dealing with paper cash and checks, and 66% use paper checks as a primary method of payment. About one quarter of SMBs favor cash and 28 percent choose electronic payments, except for the retail and travel industries, where electronic is overwhelmingly preferred, according to the survey.

The survey has covered more than 500 small businesses with annual revenues of up to $5 million. The most part of them are on the market for 10 years already.

"At the end of the day, these businesses want to make it as easy as possible for their customers to transact with them, and consumers are demanding more efficient payment options," said Jeff Gardner, President  of PaySimple.. "Electronic payments are slowly displacing the more traditional payment methods as these companies react to customer demands and find solutions that are reasonably cost-effective, flexible and easy to deploy."

"End customers have a strong influence, and therefore, the payment needs of small businesses are growing as consumers want more convenience in their payment options. As demand increases, owners are getting more sophisticated about their options for satisfying their customers' needs for online payments solutions," commented Karen Webster, president of Market Platform Dynamics,