Report: 70% of SMBs Want to Pay Online

Oct. 31, 2013

Small businesses are clamoring to take advantage of online payments as consumers have, according to a new report from online bill pay provider Mineral Tree. Nearly 70 percent of small and midsize businesses said they would be interested in implementing an online payment system that eliminates their need to write checks. The report found that, as consumers’ use of online payments has increased in the past decade, small and midsize businesses have been writing more and more checks for their payments—53 percent more than 10 years ago.

The report said banks are in a position to help businesses transition to an online system, but aren’t currently offering viable options.

“SMBs want to chuck their checkbooks, but their trusted business partners have nothing effective to offer,” said BC Krishna, president and CEO of MineralTree. “Banks are key partners to SMBs, and have the clear advantage—with built-up trust and arms-reach access to customers—but today, very few are offering SMBs viable electronic payment solutions. Today’s online bill pay offerings are not the answer—they just don’t meet business needs.”