Cross-Border Payments Become a Loyalty Test for SMB Service Providers
Cross-border payments have become a core need for small and medium-sized businesses (SMBs), but providers face a serious loyalty challenge. More than one-quarter of active cross-border businesses are willing to switch providers, with settlement speed, currency coverage and localized support emerging as decisive competitive factors.
What are the key facts?
- 1Nearly 60% of U.S. SMBs have international procurement needs
- 2More than one-quarter of businesses may switch payment providers
- 3Settlement speed and localized support are key competitive factors
What happened?
PYMNTS research shows that nearly 60% of U.S. SMBs have international procurement needs. As cross-border operations expand, businesses are demanding more than basic money transfers from payment providers, including faster settlement, broader currency support and localized services. More than 25% of businesses currently say they are highly likely to switch providers.
What does this mean for cross-border sellers?
When choosing payment providers, cross-border sellers should focus on settlement speed and localization capabilities. Payment-channel stability directly affects supply-chain efficiency, so evaluate providers’ overall competitiveness based on business scale.