Veem Survey Finds 55% of U.S. SMBs List Financial Challenges as Primary Barrier During the Pandemic

Veem, the online payment network for small and medium-sized businesses, released its quarterly report, "State of Small Business," today. The survey of over 960 small business owners in the United States focused on their prospects for the economy in 2021, the top problems they encountered as a business owners in the previous year, and their insights on various aspects of their banking and payments experience.

The following are some of the most key findings:

Small business owners are divided on their economic forecasts for 2021; 50% have more trust in the economy, while 42% are uncertain. Their optimism in their ability to repay small business loans is reflected in their economic outlook: 51% expect to repay their loans, while 33% are uncertain.

Financial difficulties were cited by 54.5% of small business owners as the most difficult problem they encountered during the pandemic. The speed (36%) and affordability (43%) of their banking and payment services were the two things that changed the most during the pandemic.

The top reported banking experience pain points for small business owners were high fees (47%) and lack of customization for SMB needs (40%)

Traditional payment methods such as bank wires and checks are still used by small business owners to make and receive payments, but the pandemic may speed up the decline of these services. Nearly half of the small business owners (46%) claim they use bank wires sometimes, but 36% say they "never" use checks to make payments.

About half of the small business owners do not plan to use Cryptocurrency as a payment method and do not plan to pay for expenses in Bitcoin. Many small business owners, on the other hand, are uncertain of these technologies. This demonstrates an opportunity to change their perceptions after obtaining more knowledge on how this sort of payment partner will benefit them.

"Small business owners are disappointed by clear points in their banking and payment experiences, especially around fees, after a tough year in which they had to ensure that every dollar they invested worked towards their bottom line. However, as vaccines continue to rise around the world, many people are hopeful about the economy's recovery "Veem's CEO, Marwan Forzley, said. "It would be fascinating to see how emerging technology opens up doors and have options for small business owners, and we're rooting for these gutsy businesses to overcome all of the challenges they've encountered to have a more prosperous 2021."

About Veem
Veem makes it easier for businesses to send and receive money around the world. Veem is a payment processing provider trusted by over 260,000 businesses in over 100 countries to establish and strengthen partner and supplier relationships. Veem's safe, trackable transactions, along with seamless integrations with popular business apps, enable companies to save time and money while minimizing the chances of international funds transfers. Veem is regulated and licensed in every nation and state where it serves.