Payment Method Changes for Small Business

According to Bank of America Merchant Services’ 3rd Annual Small Business Payments Spotlight, the number of consumers at bricks-and-mortar businesses that pay with digital wallets—Apple Pay® and Google Pay®–has doubled in 2 years (from 5% to 10%). For online shopping, third-party payment methods (e.g., PayPal®) are gaining even more, with usage increasing from 11% in 2017 to 27% in 2019. Debit card usage is down, but still an important payment method.