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As SMEs recover from the pandemic, they need payment services which are fast, flexible and secure – and fit the digital economy. 

Johan Strand, Chief Financial Officer at Zimpler, outlines what SMEs are looking for and how banks can improve the payment services they offer smaller companies.

Small and Medium Enterprises (SMEs) continue to be the backbone of Europe’s economy. According to data from the European Union¹, SMEs account for 99 percent of all businesses by number across the bloc. In some markets such as Germany, SMEs account for 82 percent of all economic value created. 

Despite this importance to our economic well-being, delivering great service to SMEs has long been a stumbling-block for Europe’s banks. In a 2020 survey, financial infrastructure provider Banking Circle found² almost half of Europe’s SMEs were looking for new providers of banking and payments services given low levels of satisfaction with their current providers.

As the SME sector recovers from the pandemic, small firms across Europe are going to be looking for digital-first, low-cost payments services that are easy to integrate and simple to operate. At a time of rising competition in the banking sector, banks must offer payment solutions that meet the needs of this important segment, or risk losing market share.

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