Jordan Owen of U.S. Bank and Elavon on why trusted guidance, not the lowest rate, is becoming the deciding factor in small business payments.
As someone who works closely with business owners across the United States, I’m continually inspired by their determination to grow despite the challenges they face. Rising costs, changing consumer expectations and concerns about access to capital have created a difficult operating environment.
Given the obstacles small business owners face, the results of U.S. Bank’s latest Small Business Perspective Survey are remarkable. More than nine in ten small business owners said they plan to take action over the next 12 months to grow their businesses, whether by adding staff, launching new products or increasing capital investment.
That optimism raises an important question: what’s holding small businesses back?
In many cases, it’s not a lack of ambition. It’s finding the right partners, tools and resources to help turn growth plans into reality.
This is especially true when it comes to payments. Business owners increasingly recognise that payments are about more than cost. Competitive rates matter, but they don’t solve business challenges. Business owners want tools that save time, improve cash flow and reduce friction, whether people are using them online, on mobile or in person.
They also want trusted guidance rather than one-size-fits-all solutions. At Elavon, that has meant bringing payments, software and services together into integrated experiences that help businesses operate more efficiently and serve customers more effectively.
The survey also asked respondents about their use of several digital financial and operational management tools, all of which increased from last year. The greatest increase was in payment processing and merchant services solutions, with 60 per cent of businesses saying they use them, up 20 percentage points from last year. When asked which features they would like their bank or financial partner to offer, 74 per cent emphasised the importance of being able to bundle banking, payments and credit cards in a single offering.
This spring, U.S. Bank and Elavon introduced point-of-sale demonstrations in more than 100 branch locations. What stood out wasn’t the technology itself; it was the conversations. Business owners wanted to understand how these solutions could help them operate more efficiently, better serve customers and create new opportunities for growth.
Ultimately, success in this space will be determined by service. The organisations that stand apart will be those that remove unnecessary complexity and create seamless experiences across every customer touchpoint. They will equip employees with the tools and information needed to serve customers whenever and however they choose to engage.
Every payment represents something bigger than a transaction. It reflects the ambitions of a business owner investing in their future, serving their customers and supporting their community. Financial institutions, payments providers and technology companies have an opportunity to help make those ambitions easier to achieve.
The organisations that succeed won’t be those offering the lowest rate. They’ll be the ones that earn trust by helping small businesses grow with confidence.
Jordan Owen is head of merchant, business banking at U.S. Bank and Elavon.
The post Why Trust Is the New Small Business Payment Advantage appeared first on The Fintech Times.
