500 small to medium-sized businesses (SMBs) across the US have spoken up about their biggest payments needs and challenges. What do they look for in a payments provider? How well do banks address their needs? What are the hurdles of growing their business internationally? Our survey of SMBs across multiple industries reveals 4 key themes and concerns of enterprises; some surprising, some not so surprising.
Our findings show that security is a top priority for businesses in the US, and their #1 requirement when choosing a payments provider. SMBs also stressed the need for better customer service in their banking relationships. The data shows that a large number of American businesses are interested in growing internationally and need more support. Lastly, they’re interested in new technologies offered by FinTech.
Almost 50% of American SMBs reported that banks don’t fully understand their needs, a gap that FinTech companies like World First are quickly filling. Banks often have static processes and are slower to innovate, while FinTech is more nimble by definition. Utilizing technology at the forefront, FinTechs like World First are addressing clients’ needs and leading the way in the ever-changing landscape of global finance.
The four key themes that participants identify, represented in the infographic below, are pillars of the World First promise: great customer service, industry-leading technology, business expansion support, and faster and more secure payments. Learn more.