How Do Vendor Customers Pay For Services?

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We’re back with more survey results from our friends in the vendor segment. If you’re a vendor or just a small business news junkie, I imagine you’ll find today’s results interesting.

We went to our vendor customers and friends with a simple question: How do their customers pay for their products? The answers were varied, but guess what? It turns out cold hard cash rules the day.

  • Cash: 31%
  • Financing From Vendor: 22%
  • Credit Card: 20%
  • Outside Finance Company: 18%
  • Bank Financing: 9%

The low incidence of bank financing speaks to both the lack of diversity in lending that banks have increasingly been offering, as well as a very real drop in the level of trust for major banks. These days, customers are more confident in vendors themselves or lenders like Direct Capital who their vendors recommend and trust. Hard to blame them.

How to explain the prevalence of cash transactions? It’s likely along a similar vein, plus the fact that credit card and debit card companies aren’t faring as well in the trust department.

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