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Greg Liset, Head of Small Business at Barclaycard

Despite SMEs now having an unprecedented range of tools available to help them meet customer demands, many are still missing out on boosting their bottom line by not offering the technology shoppers expect at the check-out. Barclaycard recently found that lack of payment technology online and in-store is costing small retailers £8.7bn a year in lost sales.

The Barclaycard study says that SMEs are  failing to capitalise on modern payment technology to capture consumer attention:

  • SME retailers estimate one in ten (12%) of transactions are abandoned because shoppers can’t pay the way they want to
    • As many as 65% of SME retailers say they have lost customers because of a lack of modern payment technology, including contactless, online payments and mobile
    • One in two purchases of £30 and under are now made via contactless – demonstrating the desire from customers to pay this way.
    • SMEs should lean on their payment providers who are available to support the third of small businesses who hold off on introducing new payment methods because of a lack of know-how
    • The average amount lost by retailers every time a consumer walks away from a transaction is £59.60

Greg Liset, Head of Small Business at Barclaycard said: “Although September marked 10 years since Barclaycard first introduced contactless to the UK, our figures show that SMEs are losing sales by not adopting this increasingly popular payment technology. While it’s encouraging that many smaller retailers are becoming aware of the importance of new payment innovation, they need to turn their ambition into action to keep up with consumers both now and in the future.

“Making these changes needn’t be complicated or time-consuming – with support from their payment provider, SMEs can ensure they have the right solutions for their business, whatever technology they use, and satisfy the ever-growing group of tech-savvy, digitally-minded shoppers.”

 

by Bill Boyle
IBS Intelligence Senior Editor
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