Amex survey finds payment flexibility to be critical for SMB owners & financial decision makers

By Pavithra R

American Express to further understand business owners’ needs and challenges, and the pros when it comes to payment flexibility, has surveyed U.S. small- and mid-size business (SMB) owners and financial decision-makers about their business spend for this holiday season, end-of-year housekeeping and 2021 business spend plans.

Key findings of the Amex Trendex: Holiday Business Spend Survey include:

• 78% SMB owners and financial decision-makers said payment flexibility is important during this holiday season, with a majority (54%) planning to focus their spending on technology, protective equipment (40%), and office supplies (38%);
• The three biggest challenges SMB owners and financial decision-makers currently face are finding new customers (40%), adapting to new technologies (38%) and cash flow (38%);
• 50% of respondents said the most helpful card benefit for their business is flexible payment terms, and a majority (86%) believe flexible payment options would help them better manage their evolving cash flow needs;
• Among those who believe payment flexibility would help them better manage their cash flow needs, 44% of SMB owners and financial decision-makers said it would help them reinvest back into their business (44%), cover the gap as they wait for incoming payments (43%) and continue to keep customers and employees safe (38%).
• Looking ahead to 2021, 59% of respondents expect technology to be their top business spend expense, followed by protective equipment (36%) and office supplies (36%).
• Over the next year, over (57%) of SMB owners and financial decision-makers plan on FinTech or IT equipment purchases, (45%) on enhancing their company’s online presence, and (42%) on investing in marketing to attract new customers.

As announced earlier, Amex’s U.S. Green, Gold and Platinum Business Card Members will have access to Pay Over Time, giving SMB owners payment flexibility at a time when they may need it most. 

Established since 1850, American Express is a global services company, providing customers with exceptional access to products, insights, and experiences that enrich lives and build business success.