- New research from leading payments company Verifone shows that UK SMEs are moving to a digital-first approach with customers
- Increase in consumers’ mobile device use is a significant contributor to the shift as the UK moves towards a cashless society
New research commissioned by Verifone (NYSE: PAY), a leader in payment and commerce solutions, shows how United Kingdom (UK) small and medium enterprises (SMEs) are modernising their businesses to deal with the huge demand from a digitally-savvy society.
The independent report, conducted by Verve Partners Research and commissioned by Verifone for MoneyConf, shows that more than a quarter (29 percent) of UK small and medium businesses now give their customers the option to pay using an app in store - an increasingly popular payment method for consumers, fueled by the popularity of mobile payments apps such as Google Pay and Apple Pay.
In addition, almost a fifth (17 percent) of micro-businesses are also tapping into the trend and accepting payment apps to ensure a seamless, easy experience for their customers at the checkout.
The Digital Demand
With UK consumers becoming more and more digitally demanding, and more than 81 percent of Brits now owning a smartphone, the new Verifone research shows that the country’s SMEs are eager to meet their needs by leaving traditional processes behind.
Nathan Gill, VP and Head of Solutions at Verifone, commented: “Society has become familiar with the seamless use of apps and social media. Today, consumers expect to pay with the same speed and convenience as with these other aspects of their lives, but they also want other options at the checkout that extend beyond a traditional transaction – the ability to donate to charity or delay the debit from their account, for example. This demand from consumers is making retailers re-think their approach to payments, and it’s encouraging to see that businesses in the UK are now adjusting their technology to meet this demand.”
With the UK high-street currently undergoing a difficult period amid tightened consumer spending, the research also showed that UK businesses believe cost was a vital factor when exploring new payments technology – 45 percent of small and micro businesses, and 35 percent of medium sized businesses, say that transaction cost is a key factor when exploring payment solutions.
Beccy Stamp, Director – Research & Consulting at Verve, added: “The cost of payment solutions and speed of receiving funds is certainly key. It’s encouraging to see from this research that UK small businesses are also looking towards the future, calling for payment solutions that offer the flexibility to adapt to the changing needs of the retail environment and are able to provide customers with digital solutions that are both seamless and secure.”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and on currently available competitive, financial and economic data and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: new Verve research commissioned by Verifone, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements speak only as of the date such statements are made. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
Verifone is transforming every day transactions into new and engaging opportunities for merchants and consumers at the last inch of payments and commerce. Powered by a growing footprint of more than 30 million devices in more than 150 countries, our people are trusted experts working with the world’s best-known retail brands, financial institutions, and payment providers. Verifone is connecting more products to an integrated solutions platform to better meet the evolving needs of our clients and partners. Built on a 35-year history of uncompromised security, we are committed to consistently solving the most complex payment challenges. Verifone.com | (NYSE: PAY) | @verifone.
For further information, or to arrange an interview with Nathan, please contact:
+44 (0) 208 618 2930