Our latest research uncovers the payment methods favoured by UK merchants and their attitudes towards international transactions, as well as their thoughts on future payment trends and the impact they will have on their business.
The propensity to purchase online is now commonplace among consumers and businesses alike, with an estimated 8.5 million online transactions made on Black Friday in 2014 alone. The potential rewards for those businesses that trade online are limitless, with the internet knowing no boundaries when it comes to doing business around the globe. But many could be unwittingly putting barriers in the way, by failing to consider the checkout preferences of an international audience, focussing instead on facilitating UK trade via familiar payment methods. With six out of ten small and medium businesses in the UK expecting to be trading internationally by 2016, and over one quarter (28 per cent) expecting revenues from international sales to increase during the same period, ensuring you can close sales with an overseas audience as well as a domestic one is vital. In this paper, we highlight key findings from the research and offer insight into the reality and evolution of online payments as UK merchants look to keep customers happy, both at home and overseas.