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.
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