A quarter of UK SMEs accept payment apps
Written by Peter Walker
More than a quarter (29 per cent) of UK small and medium businesses now give their customers the option to pay using an app in store – fuelled by the popularity of mobile payments apps such as Google Pay and Apple Pay.
The research conducted by Verve Partners Research and commissioned by Verifone also found that almost a fifth (17 per cent) of micro businesses are also tapping into the trend and accepting payment apps.
Meanwhile, more than a third (38 per cent) of small and micro businesses - and 44 per cent of medium sized businesses - now conduct payments with tablets and other digital devices.
Nathan Gill, head of solutions at Verifone, said that consumers expect to pay with the same speed and convenience as with these other aspects of their lives, but they also want other options at the checkout – the ability to donate to charity or delay the debit from their account for example.
“This demand from consumers is making retailers re-think their approach to payments, and it’s encouraging to see that businesses in the UK are now adjusting their technology to meet this demand,” he added.
The research also showed that UK businesses believe cost is a crucial factor when exploring new payments technology – 45 per cent of small and micro businesses and 35 per cent of medium sized businesses said transaction cost is a key when exploring payment solutions.