Swift Prepaid study shows SMBs moving away from traditional lenders
Swift Prepaid Solutions has released a study showing that small and medium-size businesses are moving away from traditional lenders, with speed of payment and more favorable interest rates as key factors in their final decision.
The company, which specializes in prepaid corporate disbursements and payments, found that these factors outweigh others, such as flexibility of a line of credit, ease of application, referral, credibility and lender reputation.
The study showed that SMBs prefer loan payout using a prepaid account, followed by ACH payments to bank accounts. A much smaller set of respondents preferred PayPal, checks and pushing funds to a bank account.
The study showed that a majority of SMBs find their lender using a Google search, followed by referral, social media, online reviews, advertising and other methods.