Atlanta, Nov. 10, 2011 -- Debit card ownership has reached a majority among small businesses, according to a recent survey by SYNERGISTICS Research entitled, Optimizing Small Business Cards. In the survey, it was found that usage of business debit cards is reported by more than half of small business owners and executives (Exhibit 1). One-fourth of these debit card holders report they do not use their business debit cards in a typical month. One-fifth indicate very light usage of less than once a month. Overall, an average frequency of 9.0 transactions per month is reported, or a median of 5.0. In terms of the potential for growing usage, one-fifth of the small businesses in the survey were found to be prospects who expressed interest in obtaining a business debit card.
William H. McCracken, CEO of SYNERGISTICS, stated, "The role of debit or check cards in the small business market is an issue of great interest. This is particularly so for those financial institutions for which a debit/check card is their only small business card product. Determining how to compete with the credit and charge card offerings of major players is highly important. Findings show that small business checking account providers have been successful in getting debit/check cards into the hands of a majority of their small business customers. Expanding the pool of users and encouraging increased frequency of usage remain challenges. About one-fifth of small businesses express interest in business debit cards, highlighting the potential for growing the user base of this product. However, competing with business/corporate credit cards will require aggressive tactics such as reward programs or relationship pricing."
These are among the findings from SYNERGISTICS study, Optimizing Small Business Cards, featuring a national Internet survey of 606 small business owners and executives in manufacturing, wholesale, retail, and service organizations with annual sales of $50K to $5M. This study examines small business usage of business and corporate cards, as well as reaction to rewards, customized card services, and premium cards for small businesses.
SYNERGISTICS is the leading provider of multi-sponsor marketing research for the financial services industry. For information, contact Genie M. Driskill, COO/SVP-Research, or William H. McCracken, CEO, SYNERGISTICS, 2951 Flowers Rd. South, Suite 230, Atlanta, GA 30341. Tel: (800) 423-4229 or (404) 237-3373 * Fax: (404) 237-6470 * E-Mail: firstname.lastname@example.org *
Visit us online at www.synergisticsresearch.com .
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .
Source: Company press release.
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