Survey Shows 82% of Small Businesses Accept Peer-to-Peer Payments

ETA/TSG Survey Finds Merchants Responding to Consumer Demand

WASHINGTON, D.C. – June 13, 2022 – A new survey of U.S. small businesses conducted by the Electronic Transactions Association (ETA) and The Strawhecker Group (TSG) found that 82% accept at least one digital peer-to-peer (P2P) payment option at their business and 92% of them are happy with their experience. Although a significant portion of merchants who provided feedback qualified as micro-merchants – making them uniquely predisposed to seeking out fast and freely available payment options – the findings underscore the importance of ease of use and keeping pace with the payment methods consumers prefer.

“Merchants are responding to consumer demand,” stated Jodie Kelley, CEO of ETA. “P2P payments were traditionally used for friends and family to pay one another. But as their usage grows, we find that consumers are interested in utilizing them to pay merchants.”

The survey found that merchants accepting P2P payments accepted 59% of their total payments through P2P methods on average. Many (44%) chose to leave a balance in their P2P business accounts rather than transferring funds received into a bank account. Merchants in the study reported the following reasons for accepting P2P payments:

  • Ease of use (including speed and convenience),
  • A desire to offer consumers a variety of payment choices,
  • Wanting to appeal to younger consumers’ preferences, and
  • Feeling their businesses were too small to invest in additional payment processing capabilities.

“The future of P2P payments looks bright – especially among newer establishments and gig workers,” said Jared Drieling, Senior Director of Market Intelligence and Insights at TSG.

In March 2022, TSG and ETA surveyed over 500 U.S. small businesses to understand the trends and usage of peer-to-peer (P2P) payments in trade. The survey represents small businesses across various U.S. regions and industries, and the margin of error is +/- 4.26% at a 95% confidence level.

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About ETA
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $7 trillion in U.S. total card payment volume and deploying payments innovation to merchants and consumers.

About TSG
The Strawhecker Group (TSG) is a globally recognized analytics and consulting firm that supports the entire payments ecosystem, serving over 1,000 clients from Fortune 500 leaders to more than a dozen of the world's most valuable brands. Trusted by industry leaders, TSG's strategic services, market intelligence, and analytics merge to empower clients with actionable and accessible information. Please visit TheStrawGroup.com.

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MEDIA CONTACTS
Riaz Ladha
ETA
[email protected]

Andrew Nuss
TSG
[email protected]