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Banking-as-a-Service (BaaS) providers surveyed 2,004 senior SME decision makers in the UK (504), Belgium (500), France (500) and the Netherlands (500) commissioned an independent investigation. Results are displayed in a new report. Crossing Borders Understanding the Small Business Payment Landscape.
The survey found that 68% plan to adopt real-time payment processing within the next 12 months.
Today, only 10% of SMEs say they receive their payment immediately, and only 11% within an hour. By comparison, 35% said he would take 2-3 days for the payment to reach his account, and 25% said it would take about a day to process.
Nearly a quarter (23%) of European SMEs are hampered by delays in receiving and receiving payments internationally.
A Vodeno survey also found that 61% of businesses experience foreign exchange rate problems, causing a “significant waste of resources.”
A majority of respondents (57%) say they plan to switch payment providers within the next year. Speed and ease of payment (chosen by 37% of small businesses), cost-effectiveness (35%), and security assurance and compliance standards (29%) are the most important factors for choosing a payment method.
Nikhil senguptaGlobal Sales Director vodenosaid:
Currently, most European SMEs are interested in instant payment processing, but the question is whether they can find the right partner to provide this efficiently without exorbitant fees.
SMBs now have more choices when it comes to payment processing, and BaaS providers are leading the way in providing access to secure, cost-effective and faster payment options.
Francis Bignell
