Why Small Business Owners Won't Adopt Mobile Payments, December 2014 [CHART]
As consumers slowly open up to mobile payments, small businesses are following suit. According to a December 2014 study by Rocket Lawyer, 60.4% of US small-business owners (SBOs) said they would consider adopting mobile payments, such as Apply Pay, Google Wallet or Square, in 2015. Just over one-fifth had no interest, while about 17% weren’t sure.
Mobile payments aren’t a good fit for every company. SBOs not interested in mobile payments were most likely to say it just didn’t make sense for their businesses (46.4%), and more than three in 10 didn’t think their customers would use it. Lack of knowledge wasn’t a huge issue, with fewer than one-fifth of nonadopters saying they were unfamiliar with how mobile payments worked, and neither was security, cited by 14.4%.
Interestingly, SBOs in this group didn’t necessarily think credit and debit cards were a more convenient form of payment—only 8.8% said that was holding them back from adoption—and just 4.4% didn’t want to be the first to try new technology.