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after vaccines are widely available, according to Visa’s Back More than half of U.S. consumers expect to spend
to Business Study. Findings were based on a November additionally this year by “splurging or treating
2020, survey by Wakefield Research of 2,250 merchants themselves.” Among those who plan to splurge, about
and 5,000 adult consumers in nine countries, researchers half are “pandemic-fatigued” and plan to spend soon,
stated. “Small and medium-sized businesses represent particularly on discretionary items, such as apparel,
more than 90% of the world’s total businesses and more beauty and electronics, McKinsey said. The other half is
than half of global GDP, making them a vital contributor waiting for the pandemic to fully resolve, when they plan
to the world’s economy,” Visa researchers wrote. to splurge primarily on categories like restaurants and
travel.
“But the impact of Covid-19 left many small businesses
vulnerable to severe challenges, including permanent Square-Plaid combo eyes large tickets
closure, which can have real, lasting impact. The resilience Square and Plaid are partnering to offer businesses an ACH
of the SMB community, however, proved powerful as debit option that costs less than accepting credit and debit cards
many quickly adapted to new ways of doing business as and eliminates the need to hold onto sensitive bank account
a result.” information. Square noted that the arrangement will make its

America is getting back to business payment processing a better deal for online merchants selling
large-ticket items. The new ACH payment option is available
Consumer spending surged in March and held steady in through Square Invoices and can be used for business-to-
April, thanks to government stimulus payments and more business and consumer-to-business online payments.
Americans getting vaccinated against COVID-19. A survey
published by McKinsey and Co. in May 2021 revealed that There's also a Square Web Payments software development kit.
overall consumer spending is “on a path to recovery with Square developed a tokenized check system that uses Plaid to
monthly credit card spend showing shoots of growth and allow customers to securely connect their bank accounts for
smaller losses thus far in 2021.” bank payments. Square said it will charge a 1 percent processing
fee for ACH payments, dramatically undercutting its card
processing fees.

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