ROMIR Research: More than 70% of SMEs Reported Increased Sales When Using Additional Payment Methods

A study by the ROMIR Institute of Man showed that bank installments, BNPL services (payment in installments), electronic wallets, points and cashback systems have a positive effect on business development in small and medium-sized enterprises (SMEs).

The study examined the impact of both long-standing and relatively new payment methods on sales conversion, average bill, customer acquisition and loyalty. The first group includes electronic wallets (used by 55% of respondents), bank installments (40%), points or cashback systems (38%), and the second group includes BNPL services (38%), which appeared on the market only three years ago.
About 98% of surveyed users speak positively about bank installments and BNPL services, and 88% of respondents reported their impact on sales growth.

Almost all BNPL users noted an increase in the average bill, of which about half were able to increase the amount by 11-25%. 94% of BNPL users confirm an increase in conversion, and a fifth of SMEs managed to increase conversion in the range of 25-50%. Bank installments helped to increase the average bill and conversion of 97% of users. Electronic wallets helped with the average bill of 95% of respondents, conversion to sales increased for 90% of SMEs. Businesses using cashback increased the average bill and conversion to sales in 92% of cases.

Despite the novelty of BNPL for the Russian market, for 39% of companies the share of sales using payment in installments amounted to 20 to 35% of all sales. With bank installments, which are more familiar to businesses, the percentage of purchases can reach 50% or more - this was reported by 19% of SMEs.
“Several of the most well-known tools to consumers, which are actively used by large businesses, and in recent years, SMEs have also begun to use, were selected for the study. The results show that small and medium-sized enterprises are actively using the capabilities of various fintech tools to attract customers and offer alternative payment methods. Judging by the prevailing share of effective use, they can be considered in demand,” comments Margarita Abramkina, Director of Customer Service at ROMIR.
Taking into account the demand from users, businesses are optimistic about the prospects for the development of new tools. BNPL services received the highest rating - 80% of respondents expect their use to grow. 76% and 74%, respectively, believe in the great prospects of bank installments and points/cashback, while only 66% see e-wallets in the future.

Among the barriers and risks to the development of additional payment methods, companies noted insufficient customer awareness, difficulties with integration and purchase processing. The main problem for all categories is insufficient customer awareness. This was reported by 54% of SMEs that have connected an e-wallet, 46% of entrepreneurs using BNPL, 35% offering points accumulation or cashback, and 30% of companies offering bank installments.

The majority of respondents do not consider the current regulatory regime a barrier. The companies that have connected points or cashback and BNPL services are the most satisfied with the legislation. However, 27% of companies working with BNPL note that sales volumes may decrease with stricter regulation. 30% fear that business costs and prices for consumers will increase significantly.

The study was conducted in September-October 2024. Business owners, sales managers, and general directors from eight federal districts took part in the study. The researchers received 91% of responses from microenterprises and small businesses, 9% of respondents considered themselves medium-sized businesses.