Payment service providers competing to serve small and medium-sized businesses have a new opportunity to win them over with cutting-edge payment, cash flow, capital, and marketing tools.
Economic uncertainty has slashed small and medium-sized business (SMB) satisfaction with their payment service providers (PSPs). This is intensifying competition between acquirers and processors, banks, fintechs, and the vendors that serve them. Providers must enhance and simplify access to cutting-edge solutions that solve key pain points—or risk losing share.
Key Question: How can PSPs attract and retain SMB clients amid disruption in 2023?
KEY STAT: SMB expectations of their PSPs are ramping up as they demand new services—especially centralized account management (61%), new payment methods (59%), and optimization (57%).
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Table of Contents
Executive Summary
Economic uncertainty is changing SMB priorities—and throwing trillions of dollars of payment value up for grabs.
Providers must invest in all-in-one solutions that are both broad and customizable.
Three core groups of PSPs are competing to serve SMBs—and there’s room for more.
All-in-one solution innovation will focus on payments, cash flow access and management, verticalization, and marketing support in 2023.
Payment product innovation should focus on streamlining the checkout experience.
Cash flow management tools are more important than ever as SMBs grapple with the economy.
Solutions that improve access to capital and better financing can resolve SMBs’ cash flow crisis.
A comprehensive suite of plug and play, customizable solutions will satisfy the widest breadth of SMBs.
Integrated marketing support will be a PSP innovation frontier in 2023.
Once providers have built out their all-in-one solutions, they must ease SMBs’ access to them.
Vice President/Head of Marketing and Sales, Business Blueprint & Banking
Interviewed March 6, 2023
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Payment service providers competing to serve small and medium-sized businesses have a new opportunity to win them over with cutting-edge payment, cash flow, capital, and marketing tools.