Small businesses are flexible and adapt to technology quickly. Unfortunately, this flexibility has not included payment options. Why is that?
According to the payment firm Viewpost, “Forty-one percent said their own suppliers don’t accept electronic payment! Lack of hidden fees, familiarity and a paper trail were also reasons given.” Although smaller firms can adapt quickly, if customers still utilize checks, these organizations have no choice but to accept payment terms.
In the end, the “good news is that almost half of small merchants now accept the chip-enabled credit cards (a big increase from earlier in the year) and many small merchants are prepared to adopt new payment technologies when their customers want them to.” So when larger businesses make the change, small business will be ready.