The Strawhecker Group (TSG), in collaboration with the Electronic Transactions Association (ETA), is pleased to share findings from a recently conducted survey of over 350 small to medium sized businesses (SMBs) in the U.S. market.
The survey focused on understanding the impact COVID-19 has had on U.S. SMB operations, specifically including payments fraud, chargebacks, sales, and methods of payment acceptance. Each of these areas was further examined by industry.
Quick-Hits
- SMBs that are still open during the pandemic have a 10% higher debit/credit card payment acceptance rate than those that are closed
- 47% of travel and hospitality SMBs surveyed have seen more attempted fraudulent payments and more chargebacks
- Two-thirds of healthcare SMBs surveyed have experienced an increase in sales, while the nonprofit, education and public administration SMBs surveyed have been hit the hardest
- Among retail SMBs that are still open, 26% have experienced a decrease of over 50% in sales since the pandemic
Notes: TSG surveyed 361 owners/managers of U.S. based SMBs between March 27th and March 30th, 2020. All results are from the perspective of the merchant. The survey represents SMBs across U.S. regions and industries. Additional data cuts may be available, please contact TSG with questions.