Why the ability to accept online payments will lock in and transform small business relationships at your institution
- Out of necessity, small businesses are searching for an easier way to accept payments and make deposits. Non-banks are capitalizing on this opportunity — and supplanting FIs in the process.
- To remain relevant, financial institutions must expand their business platforms and offer the same digital payment capabilities as the non-bank disruptors.
For obvious reasons, 2020 changed the way we buy and pay for goods. Several eye-opening statistics have confirmed the reshaping of consumer payment behavior.
According to data analyzed from the U.S. Department of Commerce, consumers spent $861.12 billion online with U.S. merchants in 2020. This is a 44% year over year increase, the highest annual U.S. e-commerce growth in two decades — and nearly triple the 15.1% jump in 2019.
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