Post on 11-Aug-2014
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© 2013 Mintel Group Ltd. All Rights Reserved. Confidential to Mintel.
Top Six Trends Driving OpportunitiesSMALL BUSINESS CARDS:
© 2014 Mintel Group Ltd. All Rights Reserved. Confidential to Mintel.
Andrew Davidson, SVP Mintel Comperemedia
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1. Optimism
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According to the NFIB optimism is back up to 2007 levels due, in part, to slightly easing credit standards.
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2. RatesThe Federal Reserve has committed to low rates through the end of 2015 according to recent statements.
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3. GrowthThe small business sector is growing rapidly with the number of small businesses up 49% since 1982 according to the SBA.
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4. Checks A survey from the Association for Financial Professionals (AFP) found that, despite declining usage, checks still account for half of B2B payments.
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5. Consumer CardsMany small business owners still use a personal credit card for business expenses when business cards typically have a lower APR, higher credit line and offer business benefits and apps that allow owners to allocate expenses.
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6. RegulationsConsumer cards are now more tightly regulated than business cards which means issuers can charge higher fees (plus interchange has always been higher too).