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Real-time Payments Barometer for Small Business: Hospitality Edition
Instant payments have become a mainstay for small to medium businesses (SMBs) in the hospitality sector.
For example, more hospitality SMEs are using PayPal instant to send payments than traditional methods, such as automatic transfers, credit cards, and checks. The speed of transactions is just one of the many benefits cited by hospitality SMEs.
Despite this, nearly 6 in 10 hospitality SMEs still identify non-instant options as their most used method for sending payments.
A new PYMNTS Intelligence study finds that misperceptions are holding back adoption. There’s strong growth potential for instant payments — especially for providers that can allay these concerns.
Following are some of the findings detailed in the “Real-time Payments Barometer for Small Business: Hospitality Edition,” A PYMNTS Intelligence And Clearing House collaboration. This edition examines the use of instant methods among hospitality SMEs, including the key factors behind payment preferences. It draws on insights from a survey of 693 companies with annual revenues of $10 million or less, conducted from January 31 to April 1.
This report explores crucial information that providers need to know to gain additional market share.
In “Real-Time Payments Barometer for Small Business: Hospitality Edition”:
- How many hospitality SMEs send payments instantly?
- What payment methods do hospitality SMEs prefer when sending payments?
- Which non-instant methods remain popular?
- How instant methods compare to traditional methods in the hospitality sector
- The relationship between revenue performance and instant payment preferences
- What are the benefits for hotel SMEs by sending payments instantly?
- How the use of instant methods relates to balance sheet health
- How do hospitality SMEs use instant methods compared to SMEs in healthcare, transportation and logistics, and restaurants?
- Misconceptions that hospitality SMEs have that limit their adoption of instant payments
Hospitality SMEs are poised to ramp up their use of instant payments. Download the report to learn more about what hospitality SMEs are planning to do.
