The more payment options you provide as a business, the more likely you are to increase sales. This is the conclusion of a new study from Paysafe carried out during the pandemic. Furthermore, the study revealed businesses that increased their online presence also weathered COVID-19 best.
For small business owners who are struggling to keep their enterprise up and running, the data in this study is hopeful. But to make it work, businesses must diversify their operation. The study says 80% of small and medium-sized businesses (SMBs) who chose to diversify online or improve their card-present payment options during the pandemic have seen a positive impact.
PaySafe Pandemic Payment Options Survey
Addressing this very issue in the emailed press release, Afshin Yazdian, CEO of U.S. Acquiring at Paysafe, says payment technology is an invaluable resource.
Yazdian goes on to say, “… having an online checkout, as well as diverse payments infrastructure, is crucial to allowing in-store SMBs to thrive amidst the pandemic and actually grow in this unprecedented environment. Using technology to maximize opportunities for revenue has never been more pressing for these businesses as they look to navigate a challenging Q4.”
The study was carried out between September 9 and 18, 2020 with the participation of 350 businesses in the U.S. and Canada. Some of the key takeaways are:
- 88% made at least one change to their checkouts during the pandemic and 39% reported the volume of business increased
- 64% of businesses attribute this increase to online sales through either a new or existing offering
- 23% launched an online card-not-present (CNP) checkout for the first time during the pandemic
- 17% of businesses without an online presence plan on adding an online checkout soon
- 44% are adding the acceptance of contactless payment on delivery and 44% adding card payment on delivery
- 35% of businesses have adopted curbside ordering and pickup
Challenges Moving Forward
Although small businesses are finding ways to keep their business running, it remains a challenge as the pandemic continues to linger.
Owners are refocusing with a larger digital presence or becoming an entirely online-only business.