Furthermore, the Europe-wide research commissioned by the financial infrastructure provider revealed that nearly a quarter (23%) needed the additional funding to cover payroll, and a further 26.5% to cover regular business costs. Whilst needing to access extra funds is a fact of life for many businesses, the Banking Circle research highlights the gap in how easily and quickly funding can be accessed – which will be all the more crucial in the current climate.
Just under a quarter of respondents had to wait between three and four weeks to receive the cash they needed to cover essential costs, yet 26.4% felt that without access to new cash they would be forced to let employees go. And almost a quarter (24.4%) believe their business would ultimately fail if they were unable to access new finance.
Key findings:
Cross border banking is a challenge
Banking services used by online merchants
Accessing finance – how long does it take?
Online merchants reported that accessing business finance had taken them as much as 6 months:
The opportunities for fintechs and payments businesses
Approximately one in four respondents dissatisfied with their bank gave each of the following reasons for their dissatisfaction:
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