We conducted a survey for Macro Trends in Microbusiness: The Wave Report on Getting Paid 2021, in July 2021 for all-in-one money management solution Wave, asking 1008 US microbusiness owners about the challenges they have been facing. The study also found that a quarter of respondents had waited in excess of a year for payments, with others waiting longer still. In addition “While credit card payments remain the most popular way for customers to pay for small business services, with 91% of invoices paid by credit cards in 2021, bank payments — which involve sending money from one bank account to another — are on the rise, while credit card usage is slowly declining. Use of bank payments rose 23% from 2019 to 2021 (from 6.9% to 8.5%), and are a cost-efficient way to transfer money, offering security and speed without the higher fees that come with using credit card networks. This makes bank payments an appealing option for younger businesses who have not yet reached profitability.”

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Author Notes:

Jeffrey Henning

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Jeffrey Henning, IPC is a professionally certified researcher and has personally conducted over 1,400 survey research projects. Jeffrey is a member of the Insights Association and the American Association of Public Opinion Researchers. In 2012, he was the inaugural winner of the MRA’s Impact award, which “recognizes an industry professional, team or organization that has demonstrated tremendous vision, leadership, and innovation, within the past year, that has led to advances in the marketing research profession.” In 2022, the Insights Association named him an IPC Laureate. Before founding Researchscape in 2012, Jeffrey co-founded Perseus Development Corporation in 1993, which introduced the first web-survey software, and Vovici in 2006, which pioneered the enterprise-feedback management category. A 35-year veteran of the research industry, he began his career as an industry analyst for an Inc. 500 research firm.