A PYMNTS.COM REPORT U.S. TRENDS AFFECTING SMALL TO MEDIUM BUSINESSES PERCENT PERCENT PERCENT PERCENT PERCENT FOURTH QUARTER 2015

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44

PERCENT

SAY THEIR COMPANY IS "VERY CAUTIOUS" IN ADOPTING NEW

PAYMENT TECHNOLOGIES

42

PERCENT

WORRY ABOUT PAYMENT SECURITY

52

PERCENT

28

PERCENT

60

PERCENT

4

PERCENT

ACCEPT EMV CARDS USE AUTOMATED ACCOUNTING TOOLS COMPLETELY AUTOMATE THEIR INVOICING PROCESS USE TECHNOLOGY FOR PAYROLL SMBs ACCOUNT FOR MORE THAN 60%

OF ALL JOB GROWTH .1

50% OF THE WORKING POPULATION IN THE U.S. WORKS FOR A SMB.2

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OVERVIEW OF THE INDEX

Small to Medium Businesses (SMB) come in all forms: non-profits, those selling direct to consumers either online or face-to-face, and those offering services to other businesses (aka B2B). But these businesses have one thing in common: payments. It’s an element that’s crucial to a business’ success. Payments are the flow of money throughout the daily, weekly and monthly cycle of a business.

There are a plethora of payment technology options available for invoicing, accounting, accepting/making payments, and financial forecasting to help streamline the process and keep the cash, well, flowing.

Given the rapid growth of technology solutions which can help these businesses create differentiation in the marketplace, PYMTNS.com and Sage decided to measure the rate of adoption of these technologies in SMBs across the United States. Are companies using these technologies to expedite payments? Which technologies are they most likely to adopt in the future? Are businesses ready for the recent EMV liability shift?

The PYMNTS.com Small Business Technology Adoption

IndexTM, powered by Sage will answer all of these questions

and more. Through an in-depth survey with these businesses across the country, we have developed insights on where these companies are positioned vs. their large counterparts

with regards to payment acceptance, what concerns they have about managing their own cash flow or frankly, whether payments are a priority or not.

We surveyed people who participate in making decisions at companies with just a few employees to those with a staff of 100+ across the United States to track technology adoption related to payments.

What did we learn? Overall, SMBs in the United States are relatively slow to adopt new and existing technologies that enables them to pay vendors, get paid and manage money. In fact, the highest area of adoption is using technology to generate and/or pay payroll, and that’s only 60% of those surveyed. This suggests that small merchants are focused more on their primary business than on payment technology. But, there are many interesting insights to be gleaned. This report will delve into which areas are of greatest importance to these businesses and what might be a strategy to reach them. Where are their pain points? What keeps them up at night?

We are interested in your feedback on this report, the survey and where we take it over time. Please send us your thoughts, comments or questions at smbtech@pymnts.com.

ARE SMALL TO MEDIUM BUSINESSES RACING

TO ADOPT NEW TECHNOLOGIES?

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Small to Medium Businesses are no different than their very large counterparts. They build products or offer services, manage inventory, pay employees, collect payments from customers and, hopefully, make a nice profit.

The only difference is a matter of size – capital, resources, structure, etc. This can have implications on how a business makes decisions. What is important? Where do the dollars available need to be invested?

The results of the survey are enlightening. While most respondents give their company an “average” score on overall use of technology for payments, many are very positive. Over 30% rated their firm 8-10 (on a 10-point scale) for extensive use of technology when it comes to paying others or receiving payments.

That’s not bad.

There are clear areas of movement with regards to technology adoption – from slow to slightly faster.

But overall, there appears to be a lack of strong momentum creating a sense of urgency to cause them to implement new technologies. Perhaps the guarded interest in adoption can be attributed to a few elements:

The survey covered three areas of payments: receiving customer payments; paying suppliers and employees; and overall financial accounting and cash management. Results yielded the following topline conclusions.

OVERALL INDEX RESULTS

28% 6-7 4-5 24% 2-3 10% 10% EXTENSIVE 10 8-9 21% LIMITED 1 7%

HOW EXTENSIVELY DOES YOUR COMPANY USE TECHNOLOGY FOR PAYMENT?

(PERCENT OF SMBs BY RATING)

61%

of SMBs don’t have an issue with

their current system/process

44%

of those surveyed state their company is very cautious when it comes to adopting new technologies for managing payments

42%

worry a lot about security when it

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The introduction of EMVTM-enabled cards (Europay,

MasterCard, and Visa) is meant to better define who is liable for fraudulent debit and credit card transactions. October 1, 2015 marked the liability shift, placing the responsibility for fraudulent charges made with EMV-enabled cards on the least secure entity.

Some SMBs have implemented EMV in time for the liability shift, but the majority have not made moves in this direction. Only 28% claim they accept EMV cards for debit or credit transactions. Meanwhile, 64% of respondents who are not currently prepared to accept EMV cards have no plans to do so.

According to Visa, there are more than 152 million Visa chip cards in circulation in the U.S. The United States is slowly adopting EMV, and it’s likely that the U.S. will see more EMV cards in circulation later this year and early next year as consumers receive updated cards. As more cards are introduced, will it create greater urgency to implement the technology by merchants?

B2B companies have higher frustration with money flow issues, but they don’t have plans to implement technology to help with the issue. Our research reveals that electronic invoicing is still not hugely supported by SMBs, as only 4% of those surveyed believe they have a completely automated invoicing process. Are there solutions which would make it easier for these businesses to adopt? Results suggest there is an opportunity for vendors who can provide easy-to-use automated payments that could also help expedite payments for services.

ELECTRONIC INVOICING

Although cloud-based technology solutions are becoming popular options for online storage, file sharing and productivity apps, SMBs in general are not adopting cloud-based financial reporting tools. However, larger B2B businesses are more likely to make the migration. Perhaps smaller entities need more exposure to the value cloud-based solutions can bring, such as mobility?

While companies may be slow to adopt electronic invoicing, many use financial reporting tools. Over half (52%) of those surveyed use automated accounting tools to assist with financial reporting. However, larger SMBs are frustrated with the limited flexibility and reporting features found in financial reporting tools. Similarly, small businesses highly value ease-of-use and an integrated solution that offers flexibility when it comes to implementing financial reporting tools.

ADOPTION TO THE CLOUD

OVERALL INDEX RESULTS (CONT’D)

NEW PAYMENT TECHNOLOGY

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When it comes to purchasing items or services, there’s no deficit when it comes to payment options. Face-to-face businesses generally accept most forms of traditional payment such as debit or credit card, check, cash, gift cards and ACH. They are even starting to adopt some of the “newer” forms of payment, albeit slowly.

So, where do they stand regarding new technologies? Are they investing to improve cash flow? Are only face-to-face businesses starting to accept more forms of electronic and mobile payments?

KEY FINDINGS

PAYPAL DEFERRED PAYMENT PLANS APPLE PAY ANDROID PAY ACH PRIVATE LABEL GIFT CARDS

PAYMENT TYPE ACCEPTANCE - FACE-TO-FACE ENVIRONMENT

PERCENT OF SMBs 4% DEBIT CARDS CHECKS CASH CREDIT CARDS

100%

0%

10% 20% 30% 40%

50%

60% 70% 80% 90% 1% 2% 9% 10% 11% 54% 71% 84% 92% 30%

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October 1st marked the date for the EMV (Europay, MasterCard, Visa) liability shift. Prior to October 1, 2015, generally speaking, if fraud occurred, the card issuer was held responsible. Now, the liability goes to the merchant. The introduction of EMV-enabled cards is meant to help better

define this. In short, if a person makes a fraudulent purchase using an EMV-enabled card and the merchant doesn’t have an EMV card reader, the liability for the purchase will be the responsibility of the merchant.

KEY FINDING 1

THE CHICKEN AND EGG GAME OF PAYMENT ACCEPTANCE

The majority of SMBs have not made moves to implement EMV in time for the October 1st liability shift. Overall, only 28% claim they accept EMV cards for debit or credit transactions. This is greater for B2C companies than B2B.

1

SMBS SLOW TO HOP ON THE EMV BANDWAGON

10% 20%

0% 30% 40%

B2C 38%

B2B 25%

ALL SMBS 28%

PERCENTAGE OF SMBs ACCEPTING EMV CARDS

10% 50%

0% 20% 30% 40% 60% 70%

8% MAYBE SO YES, WITHIN THE NEXT 7-12 MONTHS3%

YES, WITHIN THE NEXT 4-6 MONTHS 4%

14% I DON’T KNOW

PROBABLY NOT 64%

YES, WITHIN THE NEXT 3 MONTHS 7%

DO YOU PLAN TO IMPLEMENT EMV? (PERCENT OF SMBs WHICH CURRENTLY DO NOT ACCEPT EMV) According to the Smart Card Alliance, 47 percent

of worldwide credit card fraud originates in the U.S. EMV cards are designed to help combat fraud and put the liability for those types of charges on the least secure entity. When merchants accept EMV cards without using the appropriate EMV card reader, the responsibility for the charge will be theirs. However, in a recent survey of small businesses, roughly 23 percent think it’s unnecessary to invest in chip-enabled terminals because it’s too expensive to adopt, otherwise outweighing the benefits.

Currently, Visa predicts that it will be between four to five years before the U.S. reaches 90 percent chip card transactions. But to receive the benefits,

merchants must upgrade to EMV card readers. Since the U.S. market isn’t currently flooded with EMV cards, the investment required to upgrade terminals may not appear to make sense for some of these businesses. Additionally, at this point, the benefit of EMV cards is focused on face-to-face purchases, which is only part of the equation for some SMBs. As a result, 64% of respondents who are not currently prepared to accept EMV cards have no plans to do so. This suggests that, currently, there may be a gap with the remaining SMBs in understanding security risks associated with not accepting EMV transactions.

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KEY FINDING 1 (CONT’D)

THE CHICKEN AND EGG GAME OF PAYMENT ACCEPTANCE

Interestingly, there are two categories which deviate a bit from the average with regards to EMV adoption in the future. First, B2C businesses are far more predisposed to EMV at 41% vs. the average response of 22%.

1

SMBs SLOW TO HOP ON THE EMV BANDWAGON (CONT’D)

10% 20%

0% 30% 40% 50%

B2C 41%

B2B 13%

ALL SMBS 22%

SMBs WITH LIKELY PLANS TO ENABLE EMV IN THE FUTURE*

* INCLUDES ALL "YES" AND "MAYBE SO" RESPONSES.

The landscape will continue to change as the liability shift continues with MasterCard ATM cards in October 2016 and Visa ATM cards in October 2017. If consumers become more educated, will they start requesting cards (instead of waiting for one to arrive in the mail) thus increasing the amount of EMV cards in circulation?

Will more cards create more urgency on behalf of merchants to implement terminals? Will it help push SMBs over the edge and substantiate the business case? We will continue to ask businesses each quarter to understand if responses are changing quickly, slowly or not at all. Only time will tell.

10% 20% 0% 30% 10% NON-PROFIT SERVICES 28% GOODS 27% ALL SMBS 22%

SMBs WITH LIKELY PLANS TO ENABLE EMV IN THE FUTURE*, BY BUSINESS CATEGORY

* INCLUDES ALL "YES" AND "MAYBE SO" RESPONSES.

Secondly, it doesn’t even seem to be on the radar screen for non-profits. A mere 10% claim that they will consider or plan to implement it within the next 12 months.

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KEY FINDING 1 (CONT’D)

THE CHICKEN AND EGG GAME OF PAYMENT ACCEPTANCE

In general, SMBs are slow to adopt new payment technologies such as Apple Pay and PayPal. Though consumers have been using mobile devices for shopping online, paying in-store is another matter. Android Pay was just introduced in September of 2015 and Apple Pay, which is a little older, rolled out October 2014. Despite the popularity of the iPhone platform, there are still plenty of users who aren’t using Apple Pay. As of October 2015, 83.4% of iPhone 6 and iPhone 6 Plus users still haven’t tried Apple Pay.

We see this limited acceptance evident in low

numbers of our survey, with Apple Pay hovering

at 2% and Android Pay barely measurable, at approximately 1%.

However, PayPal, having over a decade of experience and 170+ million active accounts, is clearly more accepted. Still not staggering, but significantly higher among acceptance at SMBs.

2

MOBILE IS STILL THE NEW KID ON THE

BLOCK, BUT NOT QUITE THE DARLING

PAYPAL DEFERRED PAYMENT PLANS APPLE PAY ANDROID PAY ACH PRIVATE LABEL GIFT CARDS

PAYMENT TYPE ACCEPTANCE - FACE-TO-FACE ENVIRONMENT

PERCENT OF SMBs 4% DEBIT CARDS CHECKS CASH CREDIT CARDS

100%

0%

10% 20% 30% 40%

50%

60% 70% 80% 90% 1% 2% 9% 10% 11% 54% 71% 84% 92% 30%

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KEY FINDING 1 (CONT’D)

THE CHICKEN AND EGG GAME OF PAYMENT ACCEPTANCE

2

MOBILE IS STILL THE NEW KID ON THE BLOCK,

BUT NOT QUITE THE DARLING (CONT’D)

The difference in acceptance is noticeable among some distinct categories. For example, the average acceptance rate among all companies for PayPal is 9%. However, this rises dramatically to 22% for all companies less than 5 years old. Size matters as well. Acceptance specifically for PayPal increases to 23% for companies with revenues over $25 million.

0-5 6-15 0% 16-25 26-50 50+ 30% 20% 10%

SMBs ACCEPTANCE OF PAYPAL, ANDROID PAY AND APPLE PAY, BY AGE OF THE COMPANY IN YEARS

22%

10% 12%

6% 9%

PAYPAL ANDROID PAY APPLE PAY

$0-1MM $1-2MM 0% $5-10MM $2.5MM $10-25MM$25+MM 30% 20% 10%

SMBs ACCEPTANCE OF PAYPAL, ANDROID PAY AND APPLE PAY, BY TOTAL REVENUES OF THE COMPANY

23%

PAYPAL ANDROID PAY APPLE PAY

12%

7%

4% 4%

18%

Not surprisingly, PayPal is also a more accepted form of payment in non-face-to-face environments.

PERCENTAGE OF SMBs THAT ACCEPT PAYPAL

9

PERCENT

FACE-TO-FACE

ENVIRONMENT

13

PERCENT NON-FACE-TO-FACE ENVIRONMENT

Finally, when considering technology SMBs use to accept payments, the results are a bit more favorable toward new methods.

Of all respondents, 20% are using mobile devices to accept payments - either mobile phones (13%) or tablets (7%). A surprising number, 12%, are also enabled for NFC technology, thus demonstrating their willingness to try new methods – if they meet their needs. 10% 20% 0% 30% 40% 50% 60% 7% MOBILE TABLETS MOBILE PHONE 13% NFC 12% CHECK-SCANNING MACHINES TRADITIONAL POINT-OF-SALE 18% 21% OTHERS TRADITIONAL TERMINAL 51%

TECHNOLOGY USED TO ACCEPT PAYMENTS

(PERCENT OF SMBs)

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Electronic invoicing takes the middleman out of the invoicing process by generating an invoice from the vendor’s system and sending it directly into the customer’s accounts payable (AP) system. This should ensure that the invoice doesn’t

get lost in the mail or buried in someone’s inbox in the AP department. While some SMBs use electronic invoicing, many are not yet receiving direct payments as a result of the process yet.

KEY FINDING 2

ELECTRONIC INVOICING GAINING ADOPTION

When it comes to issuing invoices, SMBs believe they have a ways to go with automation. Just 16% of responders believe their company has a “completely” or “very” automated invoice process.

1

HALFWAY THERE

10% 20% 0% 30% 40% 50% SOMEWHAT AUTOMATED 45% 10% N/A NOT AT ALL AUTOMATED 29% VERY AUTOMATED 12% COMPLETELY AUTOMATED 4%

HOW AUTOMATED IS YOUR PROCESS FOR ISSUING INVOICES TO CUSTOMERS?

(PERCENT OF SMBs)

INVOICE ELECTRONICALLY VS. INVOICE ISSUED VIA ACCOUNTING PACKAGE

(PERCENT OF SMBs)

31

PERCENT YES

46

PERCENT NO ELECTRONIC INVOICING

46

PERCENT YES

34

PERCENT NO

INVOICES ENABLED VIA AN ACCOUNTING PACKAGE

The majority (46%) of businesses issue an invoice via an accounting package, compared to 31% of SMBs that use electronic invoicing.

Of those companies that electronically issue invoices, 20% can also accept payments electronically. This compares well with the responses for “completely” or “very” automated. For the rest of the population, automation of the ecosystem remains untapped potential.

20% 40%

0% 60% 80% 100%

I DON’T KNOW 2%

NO, BUT WE’RE THINKING ABOUT IT 4%

NO 74%

YES 20%

HAVE YOU ENABLED A TECHNOLOGY WHICH ALLOWS YOUR CUSTOMERS TO PAY ELECTRONICALLY FROM INVOICES ISSUED ELECTRONICALLY?

(PERCENT OF SMBs)

Results also show fairly limited implementation of autopayment through ERP or accounting-based solutions.

20% 40%

0% 60% 80% 100%

I DON’T KNOW 11%

NO, BUT WE’RE THINKING ABOUT IT 3%

NO 76%

YES 11%

HAVE YOU ENABLED A TECHNOLOGY WHICH ALLOWS YOUR CUSTOMERS TO PAY ELECTRONICALLY FROM THEIR ERP/ACCOUNTING SOLUTIONS?

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KEY FINDING 2 (CONT’D)

ELECTRONIC INVOICING GAINING ADOPTION

When it comes to customer problems with payments, the biggest frustration for SMBs is that they aren’t getting paid on time. The level of frustration tends to grow as a company matures. It is also more frustrating for B2Bs (43%) than consumer-oriented companies (35%).

2

THE CHECK IS IN THE MAIL

HOW ANNOYING DO YOU FIND THE FOLLOWING? RESPONSES BY FRUSTRATION LEVEL FOR

“NOT GETTING PAID ON TIME”

31

PERCENT VERY

14

PERCENT FAIRLY

38

PERCENT SOMEWHAT

Further, respondents cited not getting paid as the MOST annoying thing related to payment. Interestingly, only 10% say the cost of payments is most frustrating, while 31% find dealing with technology frustrating. This suggests that if technology was easier to use and could resolve getting paid on time, cost might not be a barrier to adoption. 10% 20% 0% 30% 40% 50% 31% DEALING WITH TECHNOLOGY COST OF PAYMENTS 10% BILLING ACCOUNTS RECEIVABLE 8% GETTING PAID ON TIME 46% OTHER 5%

WHAT’S THE MOST FRUSTRATING/ANNOYING THING RELATED TO RECEIVING PAYMENTS FROM CUSTOMERS? (RESPONSE CITED BY SMBs (%)) * OPEN ENDED RESPONSES

HOW ANNOYING DO YOU FIND THE FOLLOWING? RESPONSES FOR “NOT GETTING PAID ON TIME”

BY TYPE OF CUSTOMER

43

PERCENT BUSINESSES

35

PERCENT CONSUMERS

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When it comes to financial reporting services, this is where we see a more active adoption of technology. More than half of our responders have implemented some form of accounting tool to assist with financial reporting.

However, the companies we surveyed are more interested in getting the most from the accounting tools

KEY FINDING 3

CLOUD OPPORTUNITIES YET TO BE REALIZED

In general, SMBs aren’t actively using cloud-based technology solutions for payment aspects of their business. Currently, 67% of those surveyed have no plans to change to a cloud-based solution.

1

UP IN THE AIR

10% 20%

0% 30% 40% 50% 60%

28%

NO NO, BUT WE’RE THINKING ABOUT IT 3%

I DON’T KNOW 2%

YES 52%

N/A 14%

PERCENT OF SMBs THAT HAVE AUTOMATED ACCOUNTING TOOLS TO HELP WITH FINANCIAL REPORTING

PERCENTAGE OF SMBs WHICH USE CLOUD-BASED SOLUTIONS FOR PAYMENTS

6

PERCENT CUSTOMER PAYMENTS

4

PERCENT SUPPLIER PAYMENTS

7

PERCENT EMPLOYEE PAYMENTS 10% 50% 0% 20% 30% 40% 60% 70% YES, 6 MO - 1 YEAR YES, > 1 YEAR3% 3% NO PLANS 67% WE ARE CLOUD-BASED NOW YES, < 6 MO 2% 2% I DON’T KNOW 23%

DO YOU PLAN TO CHANGE ANY OF YOUR LOCAL SOLUTIONS TO CLOUD-BASED SOLUTIONS?

However, there are other segments that are favorably inclined to implement these types of solutions. They tend to be significantly larger in size – both in terms of revenue and employees. This may imply larger firms more clearly see the benefit of cloud-based availability and usability. $0-1MM $1-2MM 0% $5-10MM $2.5MM $10-25MM$25+MM 15% 10% 5% 25% 20%

PERCENT OF SMBs THAT PLAN TO ADOPT CLOUD-BASED SOLUTIONS BY ANNUAL REVENUES

0 1-4 0% 10-24 5-9 25-49 50-99 100+ 15% 10% 5% 25% 20%

PERCENTAGE OF SMBs THAT PLAN TO ADOPT CLOUD-BASED SOLUTIONS, BY NUMBER OF EMPLOYEES

2

ACCOUNTING TOOLS SHOW

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Small to medium sized businesses that use a technology solution to manage the money flow of their business tend to be loyal to their providers, but also tend to know what they require in a financial reporting package and want something that’s easy to use. 48% of those surveyed use one technology supplier to handle accepting payments, payroll, issuing invoices and accounting. Of those that have one supplier, 42% do so because they respect the brand, while 28% find the solution easy-to-use.

3

FLEXIBILITY MATTERS

42

PERCENT WE KNOW AND RESPECT THE BRAND/ COMPANY

28

PERCENT THE SUPPLIER’S TECHNOLOGY SOLUTIONS ARE EASY TO USE

24

PERCENT THE SUPPLIER’S SYSTEM IS FULLY INTEGRATED SO EVERYTHING WORKS TOGETHER

6

PERCENT WE GET PRICE BREAKS FROM THE SUPPLIER

REASON FOR USING ONE SUPPLIER FOR ALL PAYMENT SOLUTIONS PERCENT OF SMBs INDICATING THEY USE ONE SUPPLIER

KEY FINDING 3 (CONT’D)

CLOUD OPPORTUNITIES YET TO BE REALIZED

Of the 34% of respondents that use two to three suppliers for their financial technology solutions, 54% do so to get exactly what they want. Given these responses, it would appear that companies providing flexible, integrated solutions with “end to end” functionality have an opportunity with this loyal customer base. Price is not necessarily the primary consideration, but respecting and knowing the supplier is key.

35

PERCENT

10

PERCENT WE DON’T KNOW OF ONE

54

PERCENT THE ONLY

REASON FOR USING MULTIPLE SUPPLIERS FOR PAYMENT SOLUTIONS PERCENT OF SMBs INDICATING THEY USE MULTIPLE SUPPLIERS

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While Small to Medium-sized Businesses aren’t currently at the height of technology adoption when it comes to payments, they aren’t dinosaurs either.

With regards to customer payments, they are getting into the game with using mobile formats – from mobile phones to tablets. They have even started to incorporate NFC. EMV adoption is early, with the majority of those haven’t yet implemented EMV continue to question if they will in the future. However, we will monitor the progression quarter over quarter and see if that changes over time.

Full electronic automation of invoice and payment receipt remains a bit elusive with invoices being a higher adoption rate than payment. This results in “not being paid on time” continuing to be the highest frustration for small businesses. Finally, this group values solutions. Solutions that are flexible, highly integrated, but simultaneously address the necessary requirements. If one respected supplier can deliver the “one stop shop”, they appear to be willing to listen.

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WHAT IS THE INDEX?

PYMNTS.com created a confidential online survey for small and medium businesses across the United States, covering all aspects of payments technology and implementation. This included customer payment and acceptance, purchase order management and paying suppliers, paying employees and financial accounting, and cash flow analysis.

We received over 800 responses to the survey. After removing incomplete responses, there were 684 which were included in our analysis. These responses were categorized based on the age of the business, the type of product or service offered, customer focus, annual revenues and total number of employees.

Survey responses included were selected based upon the completeness of the answers.

Demographics

• Age: company age ranged from startup to over 50 years in business, with an average age of approximately 30 years in business

• Employees: the average number of employees was about 25

• Average revenues were approximately $5.7 million per year

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Sage—the market leader for integrated accounting, payroll, and payment systems, supporting the ambition of the world’s entrepreneurs.

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