Small businesses show no signs of slowing down and nonbank providers have historically provided the best payment solutions to help them grow. However, the market demand has not been solved yet.
Finding a fast and easy way to receive payments remains a top priority for these businesses. And yet, they are frequently left out of the industry’s faster payments conversation.
Most banks and credit unions are having executive-level discussions about Zelle and P2P payments, but only a few leaders are actively putting plans in place for small businesses. By neglecting this market opportunity, bankers are forcing their existing customers to seek financial help from nonbank providers such as Square, QuickBooks PayPal, which have dominated this space to date.