For SMEs around the UK, it’s increasingly important to keep up to date with the latest payment trends. As customers, we have become normalised to speedy and convenient payment methods. So much so, that 50% of us would abandon the transaction all together if we couldn't pay by credit or debit card.
UTP is a merchant service provider that has been helping businesses succeed for the last 10 years. They have helped over 52,000 merchants accept credit and contactless payments, saving each customer up to 30% on transaction rates. Offering businesses products and services that can enhance their customers' experience is, and has always been, UTP's main priority. Here are some notable payment trends that your business can utilize this year by taking card payments with UTP.
Time-efficient digital payments
Speed continues to be a driving factor in a customer's overall satisfaction with a business, and with speed comes digital payments. In the last ten years, the use of cash has decreased by 40%. In fact, 23 million people in the UK barely use cash. Contactless payment is now a preferred payment method for many of us. We opt for the ease and efficiency that tapping to pay provides. The convenience of paying with a smart phone, a smart watch or just your bank card is so far unmatched. A 2023 Citi survey found that payment speed is a key consideration for many businesses. Data collected from over 100 participants found that speed is the second most important aspect, the first being cost concerns. For your business, fast payments can mean more than just satisfied customers. You can then see more customers and have a quicker table turnover, bringing in your business more money. For those in the hospitality industry, providing a pay-at-the-table service is a dynamic way to speed up payments. It eliminates queues formed by customers waiting to pay at a till, and with the use of additional card machines, can see more customers paying at once.
A favourite among UTP customers is the UTP Pro card machine. This card machine for business accepts contactless payments in four seconds. The UTP Pro can be used in and around an establishment, due to the multiple connectivity options.
eCommerce
A significant change for businesses is the shift to online payments. By shopping online, we can locate the best prices and see customer reviews before purchasing. We are also able to shop for a much larger range of products, in some cases, even overseas. As a business begins to ship products globally, it's imperative that security and efficiency remain at the same standard as when shipping within the country. For B2C eCommerce transactions, cross-border transactions are projected to increase at an annual rate of 27%.
UTP's eCommerce Payment Gateway gives you the ability to be open and serve customers 24/7/365. Orders can also be made from most countries around the world, enabling you to increase your geographical reach.
Security and fraud
Less of a trend, and more of an increase in awareness, is security and fraudulent payments. According to PwC's Global Economic Crime and Fraud Survey 2022, 40% of the fraud that organisations uncounted was platform fraud. Online stores are more susceptible to fraud. This is because personal identifiable information is now easier to access and manipulate. 62% of businesses say that reducing the amount of fraud is an urgent concern, larger than any other issue.
To combat and decrease the chances of fraud, UTP provides their customers with free anti-fraud protection. This is called UTP Shield, an antifraud software that detects suspicious transactions. It then notifies the business owner, who can then decide whether to accept or decline the transaction.
Real-time payments
As the cost-of-living crisis continues to hit the UK, more and more businesses are seeking fast payment solutions. Many businesses are faced with a 3-5 working-day funding delay. This can cause stocking delays and late penalty fees for businesses who have less disposable income. Another free service that UTP provides is Faster Processing. Businesses can decide if they want to get funded actual each transaction, hourly, or at the end of their working day. Since introducing this payment method, UTP has seen a 60% increase in processing volumes.
Payment trends are a great way for businesses to try new payment methods and see what works for you and your customers.
Source: Story.KISSPR.com
Release ID: 940732