DLX Research Shows Reliability Is Key in Most Choosing Digital Payment Solutions

Rhea-AI Summary

Deluxe (NYSE: DLX) has released findings from its DLX Small- and Mid-Sized Business Accounts Payable Study, revealing insights into the U.S. accounts payable market. Surveying over 400 decision-makers, the study highlights the importance of reliability (82%) and security (79%) in digital payment solutions. Deluxe Payment Exchange was recognized as a top solution for reliability and customer service. The research indicates that businesses are expected to continue purchasing digital payment solutions in the coming year, reflecting a shift in the business-to-business payments landscape.

Positive

• Deluxe Payment Exchange ranked top three for most recognized and top two for most purchased digital payment solutions.
• 82% of respondents prioritize reliability, while 79% value enhanced security in payment solutions.
• The study indicates ongoing demand for digital payment solutions among small and mid-sized businesses.

Negative

• None.

Century-proven payments and data company leads the way in reliability, customer experience, and trust

MINNEAPOLIS--(BUSINESS WIRE)-- Deluxe (NYSE: DLX), a Trusted Payments and Business Technology™ company, today announced the findings of its DLX Small- and Mid-Sized Business Accounts Payable Study, offering detailed and comprehensive analysis for the U.S. Accounts Payable (AP) market. The study asked key decision-makers in the space, who confirmed that they are seeking solutions that are reliable, secure, easy to integrate, and capable of improving the payee experience.

Capturing data from more than 400 respondents, the study shares top challenges financial professionals experience when looking for a digital payment solution. The Deluxe Payment Exchange, the company’s proprietary accounts payable solution, ranked top three for most recognized solution in the space; top two most purchased solution; and, ranked highest in reliability, with respondents citing excellent customer service and trust as main contributors.

“It’s no surprise to us how important reliability and ease of use are when choosing a digital payments solution,” says Michael Reed, President of Payments for Deluxe. “As a Trusted Payments and Business Technology™ company, we’ve staked our claim in listening to what our customers want and delivering on that, time and time again. For more than 100 years, we’ve remained committed to providing new, modern, and reliable payment solutions for our customers.”

The study surveyed hundreds of U.S. employees in organizations ranging from 5-249 employees, with decision-maker authority for the purchase of disbursement vendors/software. Deluxe found that accounting and accounts payable directors, along with chief financial officers, are most involved in the decision-making process. Additionally, the key attributes these professionals consider when purchasing a digital payment solution include reliability, coming in at 82%, and enhanced security at 79%.

Key takeaways from the DLX Small- and Mid-Sized Business Accounts Payable Study:

• Professionals make a median of 1,300 payments to vendors/suppliers/customers per month and look for solutions that are reliable, secure, easy to integrate, and capable of improving the payee experience.
• Digital payment solution research is conducted online, with professionals focusing on information about important attributes, such as social media, online reviews, manufacturer websites, and webinars, among others.
• In the next year, professionals expect to purchase another digital payment solutions.

This study comes at a time when the business-to-business payments market is shifting at break-neck speed. As the market is constantly changing, this study explores key factors that contribute to its changing demands across markets. As a leader in the payments space, Deluxe continues to provide insights that help our customers pay, get paid, and grow.

To learn more about the digital payment solutions at Deluxe, visit https://www.deluxe.com/payments/digital/

About Deluxe

Deluxe, a Trusted Payments and Business Technology™ company, champions business so communities thrive. Our solutions help businesses pay, get paid, and grow. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world’s largest consumer brands, while processing approximately $3 trillion in annual payment volume. Our reach, scale and distribution channels position Deluxe to be our customers’ most trusted business partner. To learn how we can help your business, visit us at www.deluxe.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221024005338/en/

Cam Potts, Chief Communications Officer

651-233-7735

cameron.potts@deluxe.com

Source: Deluxe Corporation

FAQ

What are the key findings from Deluxe's Accounts Payable Study?

The study highlights that 82% of respondents prioritize reliability and 79% prioritize security in digital payment solutions.

How many respondents participated in the DLX Small- and Mid-Sized Business Accounts Payable Study?

Over 400 decision-makers participated in the study.

What is the significance of the Deluxe Payment Exchange according to the study?

It ranked as a top three recognized and top two purchased solution, known for its reliability and customer service.

What do professionals expect regarding digital payment solutions in the coming year?

Professionals expect to purchase more digital payment solutions in the next year.