Small-Business Electronic Payment Adoption: What Banks Need to Know

According to Aite Group's survey, more than one-third of small businesses would be interested in using ACH if their banks offered it to them.

Boston, December 13, 2017 — Aite Group’s latest report, Small-Business Electronic Payment Adoption: What Banks Need to Know, explores the ways small businesses currently make payments and what banks can do to further grow their Automated Clearing House (ACH) business. Even though small businesses are showing an interest in electronic payments, almost all of those that use ACH use it to pay less than 20% of their monthly bills and invoices. It is in banks’ best interest to focus greater attention on selling ACH to their small-business customers; they may risk losing more of this business to non-bank competitors if their solutions are not enhanced.

“Status quo banking is no longer effective,” says Aite Group research director Christine Barry. “Banks must evolve their small-business strategies and electronic payment offerings to better meet the new needs of small-business customers.”

This report is based primarily on the results of a June to July 2017 Aite Group survey of 1,000 U.S.-based businesses generating between US$100,000 and US$20 million in annual revenue.

To request a press copy of this report or to speak with Christine Barry about this topic, please contact us at [email protected].

About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.

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