SMBs in a Pandemic World: The Race to Reopen
The Strawhecker Group (TSG), in collaboration with the Electronic Transactions Association (ETA), is pleased to share findings from a recently conducted survey of small to medium sized businesses (SMBs) in the U.S. market. This is a follow-up to TSG/ETA's first SMB survey in March.
Focused on understanding how COVID-19 is currently impacting U.S. SMBs' operations and payments acceptance, TSG and ETA prepared an infographic covering the key points as the country starts to reopen.
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- 61% of SMBs surveyed reported that they closed at some point during the pandemic. Of these SMBs that reported closure at some point, 82% have reopened in some capacity and 16% plan to reopen.
- In ETA and TSG’s March 2020 survey, 47% of SMBs reported a decrease in sales; in June 53% reported lower sales than pre-COVID-19 levels.
- Most SMBs that utilize eCommerce have seen an increase of eCommerce/online sales of 10%-24%
- In June, approximately twice as many merchants reported experiencing attempted fraud and chargebacks when compared to March.