US small businesses show strong interest in e-payment services from their banks - survey

The January 2011 survey, conducted by US-based money transfer services provider CashEdge, has examined the behaviour and preferences US small businesses show regarding their overall payables and receivables processes.

Therefore, the survey found that while most US small businesses still rely on manual, spreadsheet and paper-based systems for their account payables (AP) and receivables processes, most of them are interested in e-payment services. Thus, 60 percent of polled small businesses in the US claimed that they would use an ACH receivables service for getting paid electronically if it did not require sharing account information.

Additional survey findings have pointed out that US small businesses in the survey were shown to report strong loyalty to their banks and online banking usage. Thus, 69 percent of the interviews were shown to hold both their personal and business accounts at the same institution, while 76 percent of polled businesses in the US were found to use online banking for their small business .

Commissioned by CashEdge in January 2011, the survey polled 405 small businesses, as defined by USD 1 million or less in annual sales revenue.