Electronic transfers as real-time payments are a boon to small and medium-sized businesses in the U.S. The newly published report from Nasdaq-listed fintech company Nuvei reported that real-time payments are revolutionizing small businesses in America. The research highlights the ways new and small-operated businesses are staying ahead of the curve as digital payments advance. Consumers can now buy products through Instagram DMs and other social apps that are most liked yet convenient to use.
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The development bridges the gap between consumers and small businesses making cashless payments add more purchasing power. The evolving trend of real-time payments makes small businesses generate quicker sales compared to cash settlements. The scope for small and medium businesses to scale up is tremendous and could lead to a new payment revolution.
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Sales of Small Businesses Could Drop 30% In a Month Without Real-Time Payments: Dats Shows
Alex Tay, the Founder and CEO of Singapore-based ZeusX, a digital gaming marketplace for global users said that sales for small and medium businesses could see a sharp decline of 30% if real-time payments are stopped. “From day one, payments have been a strategic factor. If we remove a popular payment method, we can see a 30 percent drop in a month,” he said to SCM.
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Real-time payments are now the lifeline of small businesses and help them thrive under any circumstances. Consumers are plenty on a global scale on social media and driving traffic is the only concern for small businesses.
“Of the 10 companies interviewed, six had more than five payment providers in their stack, with three having more than 10 payment providers, highlighting the huge importance of payment orchestration. Some organizations utilize up to 20 different payment providers in their payment stacks. Consolidating the data from these providers can become increasingly complex for merchants,” Franco said.