Despite technological advances such as smartphone payments, contactless payment and digital wallets, only 4% of UK small businesses have never carried out a review of their payment methods, according to research by Paypal. Additionally, the study found that only 17% of retailers have a mobile friendly website, and 44% have a mobile app that facilitates payments. With 63% of customers being shown to abandon an online purchase if they can't their preferred payment method, the research stresses that businesses that fail to upgrade their payment technology are liable to losing out on revenue.
Despite technological advances such as smartphone payments, contactless payment and digital wallets, 44% of UK small businesses have never carried out a review of their payment methods, according to research by Paypal. Additionally, the study found that only 17% of retailers have a mobile friendly website, and only 4% have a mobile app that facilitates payments. With 63% of customers being shown to abandon an online purchase if they can't their preferred payment method, the research stresses that businesses that fail to upgrade their payment technology are liable to losing out on revenue.