How U.S. SMBs are investing in payment technology
Paysafe’s newly released Balancing the Books report uncovers how U.S. SMBs are adopting emerging payment technologies to drive performance.
Consumer expectations are evolving rapidly, especially when it comes to payments. Now, customers demand choice, convenience, and security at checkout. For small and medium-sized businesses (SMBs), failing to deliver on these expectations can result in lost sales and diminished customer loyalty.
Recognizing this, an overwhelming 96% of U.S. SMBs are investing in enhancing their payment setup over the next year. With thin margins and limited resources, these businesses understand that strategic decisions in payment technology can be key to driving growth.
To understand which payment technology has captured the attention of SMBs across the United States, we surveyed 1,000 senior decision-makers (including owners). Providing a wealth of insights into SMBs’ challenges and future plans, the findings highlight four areas of payment technology dominating SMBs’ focus over the next 12 months.
1. Mobile and contactless payments
In the United States, accepting mobile and contactless payments has quickly gone from a nice-to-have to a baseline requirement. Nearly 90% of U.S. consumers now use contactless payment methods, and by the end of this year, over 60% of all in-store transactions are projected to be contactless.
The growing consumer preference for tap-to-pay cards and digital wallets like Apple Pay and Google Pay is driving investment, with 52% of the SMBs surveyed planning to upgrade their ability to accept mobile and contactless payments within the next 12 months.
By integrating modern payment terminals capable of accepting mobile and contactless payments, SMBs can enjoy the benefits of a seamless, expedited checkout process and a payment setup that meets changing consumer preferences.
2. Mobile POS (mPOS) capabilities
For many SMBs, the ability to accept payments on the go can directly translate into more sales and happier customers. Yet, until recently, many businesses have relied on fixed checkout counters or bulky equipment to process transactions.
Lightweight, mobile POS (mPOS) devices allow businesses to accept payments wherever their customers are. And thanks to advancements in payment technology, mPOS solutions are more accessible and can be as straightforward as downloading an app onto a smartphone.
Given that the tech is affordable and easy to implement, it’s unsurprising that 47% of SMBs are planning to invest in mPOS solutions in the coming year. Supported by the technology, businesses can take payment from wherever their customers are, whether a local farmers’ market or a client’s home.
3. Integration with other core systems
Efficient business operations depend on seamless data flow between systems. Payment solutions integrated with other core business tools enable SMBs to reduce manual tasks and gain deeper insights into their performance.
The survey revealed that 47% of SMBs plan to integrate their payment systems with other platforms over the next year. Moreover, many businesses have already made good progress with integrating their payment solution: 82% have successfully integrated their payment and accounting systems, and 72% have connected their customer relationship management (CRM) tool.
The benefits of these integrations are clear to business managers — 96% of those that have integrated at least one system with their payment solution say it has helped their company grow.
4. Security enhancements
Payment security is a critical concern for SMB decision-makers, with 77% expressing worries about potential threats and 37% saying their business had experienced fraud in the past year.
To stay a step ahead of fraudsters, 47% of SMBs plan to enhance payment security over the next 12 months. When asked which payment security features are most important, two features mattered most to respondents: strong authentication checks and real-time alerts for suspicious transactions. For SMBs, technology that accurately authenticates the legitimacy of a transaction and instantly alerts them if something’s amiss is key.
The initial financial loss from fraud is only part of the problem; the subsequent erosion of customer trust can lead to long-term damage. Investing in robust payment security solutions helps SMBs mitigate risk while building a reputation for reliability.
The importance of payment technology in driving growth
As technology grows more advanced and consumer preferences shift, investing in the right payment technology is critical. By focusing on convenience, integration, and security, small and medium-sized businesses are improving the customer experience and optimizing their operations for growth.
Curious about how SMBs are preparing for financial success in 2025? Read the full Balancing the Books report for more in-depth insights and strategies.