More than half of UK businesses demand innovation in B2B payments.
The fintech industry has experienced a boom over the past year, as evidenced by both rising estimates and that people are quickly accustomed to democratized finance.
However, many companies are grappling with this change, and this is due to the limitations associated with the coronavirus and the changing political outlook.
As Mercuryo creates products to power the B2B segment, we strive to understand the real prospects for businesses and how our payment solutions can help them succeed in their respective areas.
We analyzed the UK B2B payments market to comprehend the needs and determine what innovations will drive us over the next 10 years.
- £25bn* is spent by UK SMEs annually on cross border payments;
- The average SME spends £621.75 a month on cross border transaction fees;
- 27% claim Brexit has increased cost of payments, with 25% reporting slower processing of payments and 26% reporting increased taxes;
- SMEs are calling for greater innovation within the payments landscape, with 44% believing cryptocurrency payment methods will give them a competitive edge.