How SMBs Research and Buy Payments Solutions

How do SMBs learn about and decide on payments solutions, and who do they prefer to buy them from? To find out, we recently surveyed 500 U.S. SMB principals.When SMBs are looking for a payments solution, they are most likely to use search. After that, their media preferences vary by size:

• Peers are second for very small businesses (VSBs, with fewer than 20 employees), followed by YouTube.
• For small businesses (SBs, with 20 to 99 employees), rating or review sites are second, followed by vendor (i.e. your) sales representatives.
• Midsized businesses (MBs, with 100 to 500 employees) are equally likely to use YouTube and review sites.

Top Payments Solution Information Sources

Once they have found a payments solution, SMBs prefer to buy it from their bank. Their second choice is directly from the vendor. For VSBs, the third choice is an online retailer; for SBs, an IT consultant or MSP; MBs, a tie between online retailers and office supply stores.

SMB Payments Solution Channel Preferences

Looking for deeper insight into your target SMB?  Bredin’s global research gives you high-value insights to improve your go-to-market, product, pricing, UX, and other strategies. We also generate uniquely valuable data for high-impact content, PR, social, and sales support programs.