From the creator and sharing economies to ecommerce and traditional brick-and-mortar businesses, 2024 is the year SMBs go global. For businesses of all sizes, the mindset has largely shifted beyond the local neighborhood to the global digital economy.
Nearly 4 in 5 SMBs (79%) cited selling across borders as a focus for their growth, and consumers are ready for it. Some 72% of consumers said they are comfortable buying from businesses in other countries.
Digital payments are transforming opportunities for SMBs to pay and be paid, making it possible to reach new audiences, easily accept secure payments, track and monitor spending, increase security and safety, improve efficiencies and grow like never before. And with payments innovations allowing for access to earnings in real-time, making it convenient to receive consumer and B2B payments, getting paid has never been easier. Payment solutions like virtual cards are also enabling SMBs with the cashflow, purchasing power and expense management capabilities needed to thrive in today’s digital-first world.