Report: iPhone and ApplePay Are Opening the Financial Services for Small Business Market to a New Realm of Mobile Point-of-Sale

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Mar 30, 2015, 08:08 ET

ROCKVILLE, Md., March 30, 2015 /PRNewswire/ -- There are more than 28 million small business owners in the United States, some 80% of whom are non-employers. Small business use of mobile devices—in particular "smart" devices—opens up a world of opportunity, much like it has done in the consumer marketplace. As mobile technology and payments continue to converge, more and more small businesses will look to their smartphones to make payments and meet their financial services needs, according to market research publisher Packaged Facts in the recently released report Financial Services for Small Businesses in the U.S., 3rd Edition.

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ApplePay provides a case in point. Many payments industry observers view Apple's ApplePay mobile wallet as the first product with the potential to push payments into the realm of mobile point-of-sale, which has thus far had difficulty gaining mainstream traction.

Small business participants may make especially strong targets for this payments solution, notes Packaged Facts research director David Sprinkle. For one, they are more likely than average to have an iPhone, especially small business managers: while some 24% of all adults have an iPhone, 36% of small business managers have one. The report further reveals that small business owner/managers having iPhones are twice as likely to have an American Express business card as those who don't.

Financial Services for Small Businesses in the U.S., 3rd Edition assesses the small business financial services market, by identifying and trending small business participants (owners, self-employed, etc.); employment and firm size; business challenges; and use of credit (trade credit, loans, and credit cards). For more information on the report, please visit: http://www.packagedfacts.com/redirect.asp?progid=87286&productid=8133978.

About Packaged Facts – Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, consumer packaged goods, and pet products and services. Packaged Facts also offers a full range of custom research services.

Please visit Packaged Facts on LinkedIn for more culinary, food packaging, food retailing and foodservice insights. Follow us also on Twitter and Google+.

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SOURCE Packaged Facts