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January 27, 2017

Free membership in a shopping club is a winning feature for business credit cards for small businesses, according to a recent survey by  Phoenix Synergistics entitled, Expanding Small Business Card Programs. Nearly seven in ten small businesses report using business or corporate credit cards and more than half of both current business card users and nonusers indicate interest in a new or an additional business credit card.  One of the top business credit card features wanted by these prospects is a free membership in a shopping club such as Costco, Sam’s Club, or Amazon Prime.  Only zero liability for fraudulent transactions received a higher response.  In general, the top 10 features small businesses want to include a variety of fraud protection, shopping, travel, and customer service features.

William H. McCracken, CEO of Phoenix Synergistics stated, “The small business credit card market is characterized by intense issuer competition, and these players are vying for share in a crowded marketplace.  Business or corporate credit card usage is strong among small businesses, but our findings indicate there are opportunities for further growth.  To stand out from the crowd and attract small businesses, issuers will need to offer the features and services small businesses most want on a business credit card.   A free membership to Costco, Sam’s Club, or Amazon Prime was found to elicit strong interest among prospects.  On the whole, small businesses want a wide variety of features encompassing liability and fraud protection, shopping, travel and customer service features.  Those associated with shopping and purchasing will have broad appeal among small businesses – all small businesses have shopping and purchasing needs but not all have travel needs.”

These are among the findings from Phoenix Synergistics study, Expanding Small Business Card Programs, featuring 600 online interviews with owners/executives of small businesses with annual sales of $50K to $5M.  This study examines small business usage of business credit and debit cards, as well as reaction to reward programs, value-added card services, and account management options.

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