Over £7 billion lost by UK SMEs from missed payment opportunities

Only 42% of UK SMEs currently offer customers the option of paying by card, despite card spending more than doubling in the last decade, according to research from Barclaycard. SMEs are losing out on £7.5 billion each year by not offering customers alternative payments.

Barclaycard Anywhere mPOS solution

Despite three-quarters (74.5%) of all retail transactions across the UK now being carried out via cards, three in five (58%) SMEs are not currently able to take card payments.  Of these, a quarter admit this has resulted in lost sales opportunities. At present, only four out of ten (42%) offer customers the option of paying by credit or debit card.  Of the 58% that don’t, over a quarter (28%) choose not to because they believe this would entail significant cost, and one in ten (11%) think it will be too complicated and wouldn’t know where to start.

Barclaycard Anywhere, an mPOS solution, has been launched to help SMEs meet their customer needs. Barclaycard Anywhere allows businesses to take secure card payments with a secure card reader which attaches to a smartphone or tablet. There are no monthly fees or contract tie-ins.