Trust in alternative payments providers to deliver payment functions is low, such as a telecoms company (11%), a social media provider (6%) or an alternative online payment provider (40%), ibsintelligence.com reports.
Yet, only 30% of owners are completely satisfied with the range of options available. This rises to 40% of sole traders and satisfaction levels decrease as company turnover rises, according to research conducted by Visa Europe, involving 750 businesses, the source cites.
56% sole traders use online banking to make payments and a third make payments via debit card online but only 9% of this group accept online card payments to their own business from customers. Similarly, 36% of SMEs use debit cards for their business but only 22% accept payments this way.
Banks were listed more often than alternatives, such as internet providers, as the “preferred partner” for transaction services. 46% of SMEs described their bank as the “ideal” provider for these services.
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