Uphill Climb for Alternative Payment Providers in the UK

by Tim Sloane 0

This article in Startups provides statistics from a small business survey conducted by Visa in the UK that indicates they distrust alternative payments providers:

“The survey of 750 UK small business owners found that 59% trust their bank or building society as their payment provider, with alternative providers such as telecoms companies (11%), social media providers (6%) and online payment services (40%) lagging behind.

Only 30% of respondents claimed to be “completely satisfied” with the range of payment options available, increasing to 40% amongst sole traders.

Sole traders are the most comfortable with alternative payment methods, with 56% using online banking and 32% using their debit card online to make online payments.

Despite this, just 9% of these sole traders said they accept online card payments from customers, with 36% of all small businesses using debit cards to make payments but only 22% accepting such payments in return.”

While Europe has lead the way in creating regulations that enable broader access to financial markets by alternative suppliers, it appears small businesses remain wary.

Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group

Read the full story here