Bank of America: Small business optimism growing

It's important for vendors to always be cognizant of their customers' spending habits. At times, it may be prudent to adjust payment method acceptance policies to comply with the changing needs of the customer base. Small to midsize businesses are of major interest because of their nature. Vendors have a responsibility to protect SMB customer information because, as this blog has pointed out in the past, these types of companies are tremendously vulnerable to criminal attacks.

Moreover, the success of small businesses has such an impact on the economy that all vendors must be careful while conducting transactions with them. Whether they are accepting a new payment solution or protecting their information as they try to attain PCI compliance, vendors must always make sure they are catering to the needs of their SMB customers.

However, there is good news on the horizon for SMBs. According to the Fall 2012 Bank of America Small Business Owner Report, over half of the respondents plan on growing or sustaining their business in the next 12 months. Meanwhile, 34 percent are confident that the national economy will improve and 38 percent say they believe their local market will be healthier within the next year. This information coincides with an earlier report that the current political situation has increased SMB outlook. 

Dean Athanasia, preferred and small business executive at Bank of America, said in the report that small business optimism is encouraging, but those working with these companies must do what they can to assist with their efforts.

"Small businesses are critical to the growth of economy," Athanasia said. "Heading into 2013, small business owners have a high level of confidence in their ability to build and sustain a successful business. We must continue to fuel this confidence by providing the specialized services and support small business owners need to stay focused on thriving in an uncertain economic environment."

Vendors can work with a B2B payments provider to ensure they have the right solutions to cater to their small business customer needs in regards to payment method and information security.


 

by Ty Hardison

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