Data Brief: 6 in 10 SMBs Say All-in-One Payments Systems Save Time

Small and medium-sized businesses (SMBs) recognize that adopting an all-in-one solution could simplify accounts receivable (AR) management. Six out of 10 SMBs believe an all-in-one solution would save them time on tasks, according to a recent PYMNTS survey.

The study also found that 52% of SMBs pointed to easier cash flow management and 41% identified simplified receivables tracking as the top benefits gained from an all-in-one solution to receive payments. Other benefits SMBs identified include having a choice of how to be paid, cited by 40%, automatic data reconciliation, cited by 37% and improved working capital, cited by 32%.

The study results are featured in the “AP/AR Quick-Start Guide: How All-In-One Payment Platforms Can Transform B2B Transactions,” a PYMNTS and Plastiq collaboration, that reviews the differences between payor and supplier payment expectations and how platforms used by B2B clients can optimize transaction processes and user experiences.

This guide is based on a survey of 500 SMBs in the consumer goods, eCommerce and eRetail, transportation, logistics or shipping and wholesale trade industries with annual revenues between $500,000 and $50 million.

Platform Priorities

We also surveyed executives at business payment platform companies about their views on the frictions SMBs face. While the magnitude of executives’ responses is unsurprisingly greater about the potential of their solutions, their ranking of priorities is similar to SMBs.

For example, saving time is ranked by 78% of payment platform executives as the top benefit of their solutions, as is the case with their potential SMB customers.

Gap Analysis

However, there were some notable gaps between the two groups surveyed:

Ability to receive payments instantly was ranked seven out of eight benefits by SMBs, while platform companies ranked it fourth.
Easier cash flow management was ranked second by SMBs, but only seventh by platform firms.

Eighty-two percent of platform companies believe SMBs are extremely or very interested in all-in-one payment solutions. These gaps may be opportunities for dialog between sellers and buyers of both systems to better understand benefit priorities or educate SMBs about features of such systems and their corresponding benefits.

Get your copy: AP/AR Quick-Start Guide: How All-In-One Payment Platforms Can Transform B2B Transactions