back Back

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

By Pavithra R

November 03, 2020

  • Amex
  • USA
Share

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.

Previous Article

November 03, 2020

CFTC and South African Reserve Bank join hands to promote FinTech innovation

Read More
Next Article

November 04, 2020

Credit Kudos to power digital mortgage app for Koodoo

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Amex

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 24, 2024

Capital on Tap partners with Plaid in the UK

Read More

May 24, 2024

PPRO and Afterpay team to bring BNPL solution to US consumers

Read More

May 24, 2024

Boodil launches innovative Travel Payments Platform

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023