Business debit cards are essential equipment for women small business owners, according to a recent survey by SYNERGISTICS Research entitled, Women Small Business Owners: Market Insights. Six in ten women-owned small businesses with checking accounts indicate having a business debit card. This is slightly higher than the incidence among male-owned small businesses, which is indicated by half. Women small business owners are also more frequent debit card users than men, reporting an average monthly frequency of 16.3 (median = 5.0) vs. 9.1 (median = 5.0) for men. Nine in ten women small business owners with debit cards indicate receiving their business debit card when they opened their business checking account.
Genie M. Driskill, COO of SYNERGISTICS, stated, “As one of the fastest-growing segments of the small business market, financial services providers are reaching out to women-owned businesses in an effort to capture and grow relationships with this attractive group. The financial services usage of women-owned small businesses is very similar to that of small businesses owned by men. However, there are subtle behavioral differences that need to be addressed by financial institutions when designing and implementing small business programs and strategies. Findings from our survey reveal that business debit cards are widely used by women-owned small businesses. In fact, women small business owners are slightly more avid users of business debit cards than men. This significant usage suggests that debit cards should be considered as standard business checking account offerings alongside checks.”
These are among the findings from SYNERGISTICS study, Women Small Business Owners: Market Insights, featuring online interviews with 448 women small business owners and 152 men small business owners with annual sales of $50K-$5M. Industry categories include manufacturing, wholesale, retail, and services. This study examines the financial profile of women-owned small businesses, including experience with relationship managers and the extent of overlap of business and personal provider relationships. In addition, usage of delivery channels and response to marketing tactics are measured.