30% of high street businesses plan to add digital wallets
Main Street businesses’ investment and upgrade plans suggest they intend to capitalize on new opportunities to win and serve customers.
Just over half of those companies plan for future growth by investing in equipment, according to “The Main Street Index,” a PYMNTS and Melio collaboration that surveyed more than 750 U.S. businesses.
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The survey found that 51% of Main Street businesses are “very” or “extremely” likely to buy or upgrade equipment in the next six months. In addition, more than a third of these companies plan to increase their staff salaries, increase advertising expenditures and increase the number of employees in their company.
Among companies in four of the five sectors included in the survey, purchasing or upgrading equipment is the plan cited by the largest proportion of respondents. Fifty-five percent of those in food, entertainment and accommodation; 55% of those in personal and consumer services; 50% of those in construction or utilities; and 44% of those in professional services say they are likely to invest in equipment.
Companies in the retail sector are slightly more interested in advertising, with 45% of these companies saying they are likely to increase their spending on advertising and 43% saying they expect to increase their spending on equipment.
Businesses of all ages have equipment at the top of their list, although the younger the business, the more likely they are to plan such an investment.
Electronic payment systems are another priority for Main Street businesses. While many are already using front-office systems that support electronic payments and improve payment flexibility, the number is expected to grow significantly.
Thirty percent of businesses surveyed plan to add the ability to pay with digital wallets, 26% plan to add the ability to pay with contactless cards, and 21% plan to add the ability to pay with a stored card.