59% Of Small Businesses Would Switch to Cheaper Payment Processors

Main Street Health Q3 2023: Leading Payment Processors’ Satisfy SMBs, but Less Popular Providers are Vulnerable

Even though Main Street SMBs are highly satisfied with their current payment processor, 59% would switch for lower transaction fees. What makes for the best deal is in the eye of the beholder, however, and extends beyond price. PYMNTS Intelligence’s latest study of 509 Main Street SMBs explores which industry segments are likely to switch and what features most appeal to them. Read more in “Main Street Health Q3 2023: Leading Payment Processors’ Satisfy SMBs, but Less Popular Providers are Vulnerable,” a collaboration with Enigma.

Inside the September Report
  • 30%: Portion of Main Street SMBs currently working with less frequently used processors that would consider switching providers
  • 72%: Share of Main Street SMBs citing ease of use as an important factor in choosing a payment processor
  • 49%: Portion of Main Street construction SMBs that cite ease of use as a motivating factor to switch processors

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