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2018 Pace: The Millennials Are in Charge

May 14, 2018

Small-to-midsized businesses (SMBs) are eager to accept digital payments—and they’re more than willing to invest to offer such options, according to the FIS 2018 PACE (Performance Against Customer Expectations) research.

In the U.S., SMB acceptance of online, person-to-person (P2P), and mobile app payments is up a whopping 38 percent, collectively, from 2017. Consumers—millennials especially—want convenient, fast payment options, whether they’re online, at the point of sale or on the move. And with most businesses now started/run by millennials, there’s a clear understanding of and willingness to accommodate this.

Currently, eight percent of SMBs look outside their banks for help processing digital payments. However, for businesses that bank with community banks, one in four (25 percent) are forced to rely on a third party to process digital payments.

Tags: Digital Innovation, Payments, SMB