Small Businesses Not Prepared for New Payment Technologies
SMBs are not ready for disruptive payment technologies, according to a survey conducted by CAN Capital.
In a survey of payments professionals conducted at this year’s ETA TRANSACT ’15 Conference in San Francisco, 70 percent of the respondents revealed that the most growth among merchant focused product offerings over the last 12 months has been in mobile payments.
Small businesses, however, are not adopting these technologies with much zeal. According to the CAN Capital Small Business Health Index, 87 percent of small businesses are not accepting mobile payments at the moment.
Also, 18 percent of small businesses are ready to adopt the new chip cards while the rest are not prepared for the transition.
Among the respondents, 40 percent saw mobile wallet usage as the most disruptive trend in the marketplace. Thirty percent of respondents viewed the move to chip cards, which will (hopefully) lead to major POS upgrades and card issuances in the US, as the most disruptive.
CAN Capital is determined to bring small businesses up to speed. Dan DeMeo, CEO of CAN Capital stated, “Whether it be mobile, EMV or the next payment trend, our mission is to help small businesses access the capital they need to invest in their futures.”
To remain competitive, small businesses must educate themselves and quickly adopt these new payment technologies.