Samsung Pay Small Business Survey: Fact Sheet
Samsung Electronics America recently commissioned a survey, conducted by Greenberg Quinlan Rosner Research, of small businesses across the country—even those as small as one employee –with the aim of identifying trends and assessing attitudes towards mobile payments.
An overwhelming majority of those surveyed said that customers want the choice to pay with their phones—and that they expected customers’ use of mobile payments to grow.
• 90% saw offering customers a way to pay with a mobile device as a competitive advantage;
• 89% expected more of their customers to use mobile payments in the future;
• 84% said customers increasingly want to use their smart phones to pay for services.
Yet, while small businesses want to accept mobile payments, they are concerned about the current mobile payment infrastructure.
• 81% worry about the cost of upgrading current payment systems;
• Only 59% had payment terminals that allowed Near Field Communications payments.
Because Samsung Pay supports both Near Field Communications (NFC) and Magnetic Secure Transmission (MST) technologies, it works almost anywhere you can swipe or tap a card. As such, small businesses see Samsung Pay as a convenient way to accept mobile payments.
• 91% of small businesses surveyed had heard of Samsung Pay and 68% of them have customers who have used Samsung Pay;
• 96% agree that the Samsung Pay transaction was easy for them;
• 93% found that the transaction was completed quickly.
What’s more – most merchants say that Samsung Pay is a customer-driven mobile payment solution:
• 95% said completing the transaction with Samsung Pay was the customer’s idea.
The survey, commissioned by Samsung Electronics America, was conducted online from August 10-13, 2016 and polled 500 small business owners or decision-makers in the top 10 United States media markets. Businesses surveyed include food services establishments, bars, retail, beauty and barber shops, contractors, and convenience and grocery stores that accept credit cards and primarily conduct business in person. The survey carries an overall margin of error of +/- 4.38 % at a 95% confidence interval, with the margin of error being higher among subgroups.