SMEs to miss out GBP 7.5 bln yearly by not offering alternative payments - report

Tuesday 17 June 2014 10:42 CET | News

Only 42% of UK SMEs currently offer customers the option of paying by card, recent findings indicate.

According to a research from global payment solutions provider Barclaycard, SMEs are losing out on GBP 7.5 billion each year by not offering customers alternative payments. Despite three-quarters (74.5%) of all retail transactions across the UK now being carried out via cards, three in five (58%) SMEs are not currently able to take card payments.

Of these, a quarter admits this has resulted in lost sales opportunities. At present, only four out of ten (42%) offer customers the option of paying by credit or debit card. Of the 58% that don’t, over a quarter (28%) choose not to because they believe this would entail significant cost, and one in ten (11%) think it will be too complicated and wouldn’t know where to start.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: SMEs, alternative payments, report, payments , UK, cards, card payments
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce

Industry Events