1 in 9 small businesses will accept mobile or crypto payments in 2017

Highlights:

  • Consumers are driving the transition from cash to digital payments
  • Small businesses have historically been slow to adopt new payment methods
  • New Womply study reveals modest intent for local merchants to add new payments and technology in 2017

The world is changing quickly on Main Street. For small businesses, one of the key indicators of this rapid change is the gradual disappearing act of paper money in favor of digital payments. According to the Federal Reserve’s longitudinal payments study, debit card, credit card, and ACH payments are on the rise while paper checks have been declining for more than a decade.

The data all point to a cashless — or, at least, cash-lite — future, and small businesses are racing to keep pace. Small businesses have traditionally been slow to adopt emerging payment methods like mobile and EMV, with many holding tightly onto antiquated payment methods. Turns out, however, that some small businesses are starting to move into the Digital Age as it relates to payments.

In fact, 1 in 9 small businesses (11%) will accept new payment methods like mobile or Bitcoin in 2017, according to new data from Womply. That’s a key finding from our new survey of thousands of local business owners in all 50 states. The study also reveals general optimism, top worries, political and policy concerns, and intentions (like hiring, expansion, etc.) for American small businesses.

Regarding digital payments and technology adoption, merchant intentions change based on their overall business sentiment and age. Taken as a whole, the report illustrates that general technology adoption is tracking ahead of digital payments adoption for Main Street entrepreneurs, but optimism and Millennial enthusiasm for innovation are likely to drive greater adoption moving forward.

Take a look at the full report below.

Blog

Should I get more reviews or a higher star rating? (shocking data)

In this 4-minute read: Is it better to get more reviews or improve my star rating? Why you don’t necessarily […]

Read More

How much do fake reviews hurt or help my business?

In this 6-minute read: How to spot and remove fake reviews How much do bad reviews (even fake ones) really […]

Read More

How to market your business on LinkedIn (includes important tips!)

In this 5-minute read: Why is LinkedIn good for marketing (particularly B2B)? How to create a LinkedIn company page Tips […]

Read More

How to create a business email account (and important tips)

In this 6-minute read: Why use a business email address How to create a business email account Tips for using […]

Read More

7 best free receipt tracking apps (review, features, pros, and cons)

In this 6-minute read: Best free receipt tracking apps, with features, pros, and cons Any business owner’s receipt pile can […]

Read More

5 top promotion ideas for your restaurant (and how to get started)

In this 7-minute read: What are promotions? Top promotion ideas for restaurants Ways to announce your restaurant promotions Creating promotions […]

Read More

See why Womply is the #1 marketing and CRM solution used by 500,000+ businesses.

By submitting this form you agree to Womply’s Terms of Service.