Main barriers to all-in-one payment solutions
An all-in-one payment platform is good for businesses, but many small and medium-sized businesses (SMBs) have reservations about adopting the technology, according to “The Future of Business Payables Innovation,” a PYMNTS and Plastiq collaboration based on a survey of 500 SMEs.
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An all-in-one payment platform automates how businesses make and receive payments and manage cash flow.
Such a solution takes the form of an integrated financing offer in platforms and marketplaces, and allows multiple ways to pay any supplier via any payment method, regardless of how the supplier wishes to accept payment.
An all-in-one payment platform is beneficial for businesses because it digitizes the back office, even though customers and suppliers may get stuck in paper-based processes, and it enables business purchases by credit card, even to providers who do not accept cards. Payments.
Despite these advantages, there are several understandings of these platforms that prevent companies from engaging with them.
Among SMBs that don’t want to use an all-in-one payment solution to make payments in the next three years, the top three reasons are that they think it complicates payment processes, it’s too complicated to implement in financial operations and that it costs too much. These reasons are cited by 57%, 57% and 55% of SMEs respectively.
Among SMBs who don’t want to use an all-in-one payment solution to receive payments in the next three years, the top three reasons are that they think it complicates payment processes, it’s too complicated to implement in financial operations and that this increases data protection concerns. These reasons are cited by 58%, 57% and 50% of SMEs respectively.
A lack of understanding of the benefits of new technologies can often hinder their adoption. Still, that doesn’t mean most SMBs will resist an all-in-one payment platform once they understand how it works.