Download the study: Real-time Payments Barometer for Small Businesses: Hospitality Edition
Instant payments have become a mainstay for small and medium-sized businesses (SMBs) in the hospitality industry.
For example, more and more small businesses in the hospitality industry are using instant PayPal to make payments rather than traditional methods like clearing house direct deposit, credit card, or check. The speed of transactions is just one of the many benefits cited by small businesses in the hospitality industry.
Despite this, nearly six in 10 small businesses in the hospitality industry still cite non-instant payment options as their most commonly used payment method.
New research from PYMNTS Intelligence finds that misconceptions are impeding adoption, and instant payments have huge growth potential, especially for providers who can address those concerns.
These are some of the findings detailed in the joint PYMNTS Intelligence and The Clearing House study, “Small Business Real-Time Payments Barometer: Hospitality Edition,” which explores the adoption of instant payments among hospitality SMBs, including the key drivers behind payment preferences. The study is based on insights from a survey conducted Jan. 31-April 1 among 693 businesses with annual revenues of $10 million or less.
This report explores the key information providers need to know to capture more market share.
The Hospitality Real-Time Payments Barometer for Small Businesses includes:
How many hospitality SMEs use immediate payments? What payment methods hospitality SMEs prefer when making payments? What payment methods other than immediate payments remain popular? How immediate payment preferences compare to traditional payment methods in the hospitality industry? How immediate payment preferences relate to revenue performance? How hospitality SMEs benefit from immediate payments? How the use of immediate payments relates to balance sheet strength? How hospitality SMEs use immediate payments compared to SMEs in the healthcare, transportation & logistics, and restaurant industries? Misconceptions among hospitality SMEs that are limiting the adoption of immediate payments
Hospitality SMBs are poised to increase their use of instant payments. Download the report to learn more about the future of payments for hospitality SMBs.
Read more: Featured News, Hospitality, Hospitality Payments, Hospitality Small Business, Instant Payments, News, PYMNTS Intelligence, PYMNTS News, PYMNTS Research, Real-Time Payments, Small Business Payments, Small Business, The Clearing House
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