DLX Research shows reliability is key to most digital payment solution choices

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MINNEAPOLIS–(BUSINESS WIRE)–Deluxe (NYSE: DLX), a Trusted Payments and Business Technology™ company, today announced the findings of its DLX Small and Midsize Business Accounts Payable Study, providing a detailed and comprehensive analysis of U.S. accounts payable (AP) market. The study interviewed key industry decision makers, who confirmed that they were looking for solutions that were reliable, secure, easy to integrate and capable of improving the beneficiary experience.

Collecting data from over 400 respondents, the study shares the top challenges faced by finance professionals when looking for a digital payment solution. The Deluxe Payment Exchange, the company’s proprietary accounts payable solution, ranked in the top three for most recognized solution in the space; the two most purchased solutions; and, ranked first in reliability, with respondents citing excellent customer service and trust as key contributors.

“We’re not surprised how important reliability and ease of use are when choosing a digital payment solution,” said Michael Reed, president of Payments for Deluxe. “As a Trusted Payments and Business Technology™ company, we’ve claimed our willingness to listen to what our customers want and respond to it, time and time again. For over 100 years, we’ve been committed to delivering new solutions modern and reliable payment methods to our customers.

The study surveyed hundreds of US employees in organizations ranging from 5 to 249 employees, with decision-making authority for purchasing disbursement vendors/software. Deluxe found that accounting and accounts payable managers, as well as finance managers, are the most involved in the decision-making process. Additionally, key attributes these professionals consider when purchasing a digital payment solution include reliability, at 82%, and strong security, at 79%.

Key Findings from the DLX Small and Medium Business Accounts Payable Study:

  • Professionals make an average of 1,300 payments to vendors/suppliers/customers per month and are looking for solutions that are reliable, secure, easy to integrate and able to improve the beneficiary experience.

  • The search for digital payment solutions is conducted online, with professionals focusing on information on important attributes, such as social media, online reviews, manufacturer websites, and webinars, among others.

  • Over the next year, professionals expect to buy another digital payment solution.

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

To learn more about Deluxe’s ​​digital payment solutions, visit https://www.deluxe.com/payments/digital/

About luxury

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 trusted our solutions and platforms at all stages of their lifecycle, from startup 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 make Deluxe our customers’ most trusted business partner. To find out how we can help your business, visit us at www.deluxe.com.

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Elaine R. Knight