Small-Business Payment Disruptors

How Merchant Services Players Can Tap Into Changing Competitive Dynamics and Tech Innovation

Executive Summary

The combination of increasing payment and operational digitization and rising merchant services satisfaction among small and medium-sized businesses (SMBs) is forcing banks, acquirers, and fintechs to evolve their offerings. To compete in the crowded market—and earn the volume and revenue opportunity this customer base presents—merchant services players will need to ramp up innovation across payments, value-added services, and outreach and marketing.


  1. How will merchant services providers be affected by changes in the SMB landscape?
  2. Which classes of providers are best positioned to succeed and meet the specific needs of SMB owners?
  3. What are key areas of innovation and best practices across payments, value-added services, and outreach?

WHAT’S IN THIS REPORT? Based on data and interviews with key industry figures, we evaluate the major groups of providers competing to serve small businesses, examine wholesale changes in the approach to SMB merchant services, identify specific areas of investment set to dictate innovation in 2022, and spotlight best practices for payment service providers (PSPs).

KEY STAT: Nearly 7 in 10 small businesses rank interoperability as “very” or “extremely” important, underscoring the benefits of an ecosystem-driven approach for merchant services providers competing for share of the market.

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    Table of Contents

    1. Executive Summary
    2. Key Points
    3. Introduction
    4. The Shifting Opportunity in Small Business
    1. The Competitive Landscape
    2. How Providers Can Best Serve Small Businesses in the Current Climate
    3. Insider Intelligence Interviews
    4. Read Next
    1. Sources
    2. Media Gallery

    Interviewed for This Report

    Brad Brodigan
    JPMorgan Chase
    Managing Director and Global Head of SMB Payments
    Interviewed March 4, 2022
    Brian Dammeir
    President, North America
    Interviewed February 28, 2022
    Jeff Dickerson
    Head of Clover Solutions
    Interviewed March 2, 2022
    Aparna Khurjekar
    President, Verizon Business Markets
    Interviewed March 7, 2022
    Saumil Mehta
    Head of Point-of-Sale
    Interviewed March 4, 2022
    Mark Monaco
    Bank of America
    Head of Enterprise Payments
    Interviewed March 3, 2022
    Kathryn Petralia
    Interviewed March 4, 2022
    Afshin Yazdian
    CEO, US Acquiring
    Interviewed March 1, 2022

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    Jaime Toplin


    Tyler Brown
    Senior Analyst
    Daniel Decea
    Researcher, Financial Services
    Reuben Loewy
    Director, Report Editing
    David Morris
    Principal Analyst