Boosting Small Businesses: Real-Time Payments as a Growth Catalyst

• Real-Time Electronic Payments: Boosting Small to Medium-sized Businesses in the U.S.
• Evolution of Digital Consumer Behavior
• Real-Time Payments: A Catalyst for Business Growth
• The Risks of Without Real-Time Payments
• Role of Real-Time Payments in the Success of Small Businesses
• Payment Orchestration is Key

Real-Time Electronic Payments: Boosting Small to Medium-sized Businesses in the U.S.

According to a recent report by prominent fintech corporation Nuvei, real-time electronic transfers are transforming the landscape for small businesses in America. The study sheds light on how these burgeoning and small-scale operations are staying a step ahead in the rapidly evolving digital payments field.

Evolution of Digital Consumer Behavior

Purchasing power has witnessed a significant shift with the advent of cashless payments, bridging the gap between consumers and small businesses. Now, consumers can shop their favorite products directly via Instagram Direct Messages, or other social media platforms that offer a blend of popularity and convenience.

Real-Time Payments: A Catalyst for Business Growth

Real-time payments are changing the game for small businesses, enabling them to expedite sales as compared to traditional cash transactions. This trend is not only promising for scalability, but it also has potential to trigger an unprecedented transformation in the payment landscape.

The Risks of Without Real-Time Payments

According to ZeusX Founder and CEO Alex Tay, the absence of real-time payments could potentially lead to a sharp 30% dip in sales for small and medium-sized businesses. As per Tay, payments have always been a key strategic element - removal of a favored payment method could result in a significant monthly sales drop.

Role of Real-Time Payments in the Success of Small Businesses

Real-time payments currently serve as a crucial support system for small businesses, enabling them to flourish regardless of the circumstances. With a vast global consumer base on social media, driving traffic remains the primary challenge for these businesses.

Payment Orchestration is Key

Payment orchestration plays a significant role in fostering small businesses. Of the ten companies interviewed during the study, six had over five payment providers in their stack, with three having more than ten. Some even use as many as 20 different payment providers. As Franco pointed out, consolidating data from these providers can pose an increasing complexity for merchants, underscoring the immense importance of payment orchestration.

Edited by Jonathan Stoker