Study Shows More Small Businesses Using Instant Payment Apps For One-Off Transactions

Small-business owners prefer getting money they’re due as fast as possible–who doesn’t? But not all modestly sized companies have the in-house tech staff or the budget to hire outside services to build payment platforms into their online sites.

As a workaround, a growing number of those firms are using third-party systems to accelerate some transactions up to real-time speed, paying fees similar to those charged for credit card processing, about 2 to 3 percent of the purchase value.

A new study by payment data analysis and research group PYMNTS measured the migration of small- and medium-sized businesses to widely accessible and easily used outside processing services for what are numerous sales from non-recurring clients…Story continues…

By: Bruce Crumley