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Real-time Payments Barometer for Small Businesses: Hospitality Edition
Instant payments have become a mainstay for small and medium-sized businesses (SMBs) in the hospitality industry.
For example, more and more small businesses in the hospitality industry are using instant PayPal to make payments rather than traditional methods like clearing house direct deposit, credit card, or check. The speed of transactions is just one of the many benefits cited by small businesses in the hospitality industry.
Despite this, nearly six in 10 small businesses in the hospitality industry still cite non-instant payment options as their most commonly used payment method.
New research from PYMNTS Intelligence finds that misconceptions are impeding adoption, and instant payments have huge growth potential, especially for providers who can address those concerns.
these are”Real-time Payments Barometer for Small Businesses: Hospitality Edition“, PYMNTS Intelligence and Clearing House Collaboration. This issue explores instant payment adoption among hospitality SMBs, including the key drivers behind payment preferences. It is based on findings from a survey of 693 businesses with annual revenues of $10 million or less, conducted between January 31 and April 1.
This report explores the key information providers need to know to capture more market share.
The Hospitality Real-Time Payments Barometer for Small Businesses includes:
- How many hospitality SMEs are using instant payments?
- What payment methods do hospitality SMEs prefer to use when making payments?
- Which non-instant methods are popular?
- Instant vs. Traditional in the Hospitality Industry
- The relationship between earnings performance and preference for immediate payment
- How instant payments benefit hospitality SMBs
- How using the instant method relates to balance sheet health
- How are hospitality SMEs using instant methods compared to SMEs in healthcare, transportation and logistics, and the restaurant industry?
- Misconceptions among hospitality SMBs are holding them back from adopting instant payments
Hospitality SMBs are poised to increase their use of instant payments. Download the report to learn more about the future of payments for hospitality SMBs.
