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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.
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Why the ability to accept online payments will lock in and transform small business relationships at your institution

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.

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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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