Digital payments continue to grow, as the cashless payment revolution takes ahold of industries across the UK.
Research from UK Finance has shown that more than 2 billion online or mobile payments were made in the UK in 2018; this is up from 1.6bn in 2017. According to the Telegraph in 2017, up to three million SMEs in the UK didn’t accept card payments. However, with the development of new technologies, this figure is estimated to have fallen. With 8.5 million of us paying for goods or services using online or mobile devices by the end of last year – such as the ability to pay using contactless technology using many smartphones.
This fall in cash payments is evidenced further when figures show that the number of cash payments made in 2018 fell to 28%, which is a decrease from 60% in 2008.
In order to make this change in consumer behaviour work for your business, we suggest that businesses adopt technology that allows for prompt invoices to be submitted and receive swift payments from customers.