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Only 42% of SMEs in Europe offer users the option to pay by card. And this despite the fact that the amount of funds spent using cards has almost doubled over the past 10 years. This is reported in a study by Barclaycard. How much do companies lose by rejecting card payments?
When it comes to UK companies, they lose an average of £ 7.5bn ($ 12.7bn) in potential revenue by not offering alternative payments to their customers. According to the study, about 74.5% of all retail transactions in the UK are carried out using cards, but three out of five businesses (58%) do not accept payment cards from their customers. For this reason, as the companies themselves admit, they have lost the lion's share of potential sales. Currently, only 4 out of 10 (42%) businesses offer customers to use a credit or debit card when making a payment. Of those who reject non-cash payments, more than a quarter (28%) believe that the introduction of accepting cards will entail significant waste, and another 11% find this process too complicated.
As a reminder, according to a recent study, credit cards remain the leading payment method in e-commerce in the EU.
When it comes to UK companies, they lose an average of £ 7.5bn ($ 12.7bn) in potential revenue by not offering alternative payments to their customers. According to the study, about 74.5% of all retail transactions in the UK are carried out using cards, but three out of five businesses (58%) do not accept payment cards from their customers. For this reason, as the companies themselves admit, they have lost the lion's share of potential sales. Currently, only 4 out of 10 (42%) businesses offer customers to use a credit or debit card when making a payment. Of those who reject non-cash payments, more than a quarter (28%) believe that the introduction of accepting cards will entail significant waste, and another 11% find this process too complicated.
As a reminder, according to a recent study, credit cards remain the leading payment method in e-commerce in the EU.
