Despite the fact that most consumers (70 per cent) consider it the norm to be able to pay using a card, nearly half of SMEs in the UK (49 per cent) do not offer this payment facility, says Barclaycard.
According to the survey, UK SMEs are missing out on £8.8 billion annually by not accepting debit and credit cards, a rise of £1.8 billion since 2014.
Whilst 64 per cent of those SMEs surveyed do acknowledge that they are putting their business at risk by not accepting a range of payments, 21 per cent believe it to be too expensive to install electronic payment terminals and 11 per cent feel they will find it too difficult to set up and operate.
With the total monthly spend on cards in the UK reaching £52.6bn, statistics from The UK Cards Association show, and a year-on-year increase in contactless spending, paying with card is now the norm for the majority of consumers. It is therefore important that SME business owners remain competitive, by keeping up with the changing times and listening to and meeting the needs and expectations of their customers.
Our specialist business advisers at Beavis Morgan work closely with SME businesses across a range of sectors, helping them access new markets and expand their service offerings. Speak to Steve Govey or your usual Beavis Morgan Partner about how we can help you and your business.