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WePay Survey Reveals SMBs Struggle with Cash Flow Management, Customer Payment FraudREDWOOD CITY, Calif., May 17, 2017 /PRNewswire/ -- New national research from WePay, the provider of integrated payments for online platforms, highlights just how challenging it is for U.S. small businesses to manage money and payments. The WePay SMB & Money Survey shows 41% of businesses report having experienced cash flow challenges and 16% have experienced payment fraud - just in the last year. The cash flow issues hit particularly hard: A majority (59%) say the financial impact is highly consequential or consequential. Small business owners and operators also report significant pain beyond their bank accounts: 56% said the emotional impact is highly consequential or consequential, and 44% said the same of the administrative impact. More findings on payments challenges:
The research indicates technology can help SMBs. For example, those small businesses that process all of thir customer payments directly within the software platforms and apps they use to manage their business - like Shopify, Square, and Zoho - report a 15% lower incidence of cash flow management issues and especially lower administrative consequences. SMBs handling their payments online also indicate a variety of other benefits, like rarely, if ever, needing to visit their banks, whereas respondents overall reported frequent bank visits that often take them away from their primary work. "It's disheartening to see how many, and how much, small businesses are distracted by challenges related to collecting their hard-earned money" said Tina Hsiao, WePay's Vice President of Risk and Chargeback Operations. "Yet it's also encouraging to see how software platforms with integrated payments processing are starting to fundamentally change the game." Deeper payments findings:
Deeper business management software / apps findings:
This survey was conducted in April 2017 by Survata, an independent research firm, on behalf of WePay. Survata completed 505 online interviews with US-based small business owners and operators. About WePay WePay helps online platforms embed more revenue with integrated payments processing under their own name. The company has uniquely enabled Constant Contact, GoFundMe, Meetup, and more than 1,000 other platforms to incorporate payments without compromising on their user experience or taking on risk and regulatory exposure. WePay has earned recognition on the Inc. 500 fastest growing private US companies list and various Best Places to Work lists. For more information, visit wepay.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/wepay-survey-reveals-smbs-struggle-with-cash-flow-management-customer-payment-fraud-300458778.html SOURCE WePay |