Episode 318: What types of payments did small businesses use in 2024?

This episode examines a recent report from the Federal Reserve Banks that was issued in December of 2024 titled “2024 Report on Payments: Findings from the 2023 Small Business Credit Survey.” For small businesses, customer payments are the primary source of available cash. Some of the key findings in the report include roughly four out of five small firms face challenges related to these payments, payment processing fees continue to be an issue, and main payment channels continue to be checks, cards, cash, and ACH. A link to the report is included below.

Link: 2024 Report on Payments: Findings from the 2023 Small Business Credit Survey