Commerzbank and Global Payments Team to Help German Small Businesses

Commerzbank and Global Payments teamed to offer digital payment solutions to German small- to medium-sized businesses (SMBs).

The companies have joined to form Commerz Globalpay GmbH, which is due to launch in the first half of this year and offer merchants a suite of omnichannel payment and software solutions, Commerzbank said in a news release Thursday (Jan. 11).

“Commerzbank brings the knowledge and customer relationships within the German small- and medium-sized business market, while Global Payments brings commerce enablement solutions and distinctive payment offerings,” the release said.

The partnership will offer SMBs digital payment capabilities, including Global Payments’ smartphone-based payment applications that enable merchants to accept mobile payments without a separate card reader, according to the release.

SMBs will also get access to cloud-based point-of-sale software, customer loyalty programs, and an analytics and customer engagement platform, the release said.

The partnership comes as SMBs feel negative about the coming year, at least on this side of the Atlantic.

The National Federation of Independent Business (NFIB) survey of small business optimism this week showed that SMBs — in the words of NFIB Chief Economist Bill Dunkelberg — are “very pessimistic” about their prospects for the year.

PYMNTS Intelligence, meanwhile, found that Main Street SMBs that rely heavily on eCommerce are more optimistic about their top-line prospects. While 38% of SMBs that sell mostly in physical stores said their revenues will grow in 2024, that figure climbed to 57% among those who sell mostly online.

Additional PYMNTS Intelligence research examined some of the things that are important to SMBs when choosing payment processors and found that ease of use is the most crucial, a factor cited by 72% of Main Street SMBs, followed by reliability at 60%.

“Additionally, the cost of processing fees hold significant sway, which 52% of small businesses consider important, while 45% of small firms prioritize diversity of payment options,” PYMNTS wrote earlier this week. “Other important factors considered include support and customer service, integration with other systems, customer preference, contract terms and security features.”