[ad_1]
- Only 5% of UK SMEs have no issue with their current Payment Service Provider (PSP)
- More than half of SMEs (52%) are frustrated by slow response times
- Fear (29% worry about adoption costs), uncertainty (31% worry a change will impact CX), and contract lock-in (28%) are preventing UK SMEs from switching PSP
London, UK, 03 March 2022: Mollie, one of the fastest growing payment service providers in Europe, today shared initial findings from a survey examining the state of the UK ecommerce sector, through the lens of small and medium-sized (SME) merchants. The assessment of the 500-strong representative cohort reveals a lack of proactive advice and support from Payments Service Providers (PSPs) but also a fear of switching.
More than half of SMEs (52%) reported being frustrated by slow response times. Nearly two in five (39%) complain that communications methods are not appropriate to their needs, and over a third (35%) say that their biggest frustration with their PSP’s customer service is the lack of issue resolution. Over one third of businesses surveyed have unresolved issues and a staggering 95% of those report service issues – just 5% were completely satisfied with the service they receive.
Majority of UK ecommerce SMEs report service issues with Payments Service Providers
In the last two years a third (34%) of UK SME ecommerce merchants have switched PSP and a further 37% have considered switching. Only 12% have never changed and 9% have never even considered it. The main reasons for switching, or considering a switch, are cost, complexity and poor customer support, but there are a number of factors that prevent switching.
Uncertainty surrounding the potential impact on customer experience (31%), fear of the costs of adopting new technology (29%), and complications with switching (28%) are the key factors preventing UK SMEs from switching PSP. Also ranking highly is the feeling it is too risky (23%), a lack of internal skills to manage the change (18%); and integration concerns (28%). For almost a third (28%) of UK SME ecommerce merchants, contractual lock-in was a major factor preventing switching.
“UK SMEs are quietly dissatisfied with their payment service providers, accepting and working around unresolved problems and unresponsive support. Fear, uncertainty and lock-in prevent them from switching,” says Josh Guthrie, Mollie’s UK Country Manager. “Amazon already accounts for more than 30% of UK ecommerce sales and this will intensify, threatening UK SME growth ambitions. UK SMEs deserve better – they need PSP partners with hosted onboarding to ease switching, a superior checkout experience to drive conversion and dedicated customer support that can help SMEs compete and grow, not just process their payments.”
-ENDS-
Methodology
This report is based on an online survey of 500 UK SME merchants with ecommerce activities generating between £500,000 and £25m in revenue per year. Respondents were either members of the merchant’s ecommerce senior decision-making team, or the final decision-maker. The survey was completed by Coleman Parkes between December 2021 and January 2022.
About Mollie
Mollie is a pioneer in the payments industry and one of Europe’s fastest-growing payment service providers (PSP). Founded in 2004, the firm facilitates companies of all sizes to scale and grow with an easy-to-use payments API that offers multiple payment methods. Mollie’s mission is to simplify complex financial services to become the world’s most loved PSP.
Mollie has over 125,000 customers in Europe and an international team of more than 700 employees. It has offices in Amsterdam, Kiel, Lisbon, London, Maastricht, Munich, and Paris.
Mollie | Grow your way.
www.mollie.com/uk
PR Contacts
CCgroup, on behalf of Mollie
[email protected]
[ad_2]
Source link