1 in 5 SMBs Interested in Adopting All-In-One Payment Solutions

To keep payments flowing smoothly during business-to-business (B2B) transactions, accounts payable (AP) and accounts receivable (AR) executives and small- to medium-sized businesses (SMBs) are showing interest in business payment networks. 

These payment hubs, or all-in-one payment solutions, allow transactions to happen seamlessly by prioritizing payment preferences for both sides of the transaction, as reported in “The AP/AR Quick-Start Guide,” a PYMNTS and Plastiq collaboration. 

Get the report: The AP/AR Quick-Start Guide 

The survey found that 82% of the executives think their SMB customers are “very” or “extremely” interested in using business payment network services to receive payments, and 72% say the same of making payments. 

The smaller the firm, the more likely the executives are to believe their SMB customers are interested in using business payment network services. Those at the smallest firms included in the study — those with annual revenues between $500,000 and $1 million — believe 86% want to use those services to receive payments and 77% want to use them to make payments. 

The PYMNTS research also found that about one in five SMBs that do not use an all-in-one payments solution would be interested in using one to make or receive payments. 

In fact, 18% of these SMBs said they are “very” or “extremely” interested in using all-in-one payment solutions to receive payments in the next three years, and 23% said the same of using them to make payments. 

This interest is highest in the eCommerce and eTail industry, where 23% of SMBs are interested in using all-in-one payment solutions to receive payments, and 33% are interested in using them to make payments. 

SMBs’ enthusiasm for platforms or services that offer an all-in-one payment solution is not just lip service. Recent PYMNTS research revealed that a majority of SMBs would be willing to pay to use an all-in-one payment solution if the fee was offset by time saved, loyalty rewards or tax deductions as a business expense.