European SMEs face challenges with payments speed, study shows - Wusme
September 1th, 2022 – Banking-as-a-Service provider Vodeno has issued a study showing that European SMEs have concerns about the speed of payments and the need to modernise the system. The survey was carried out on over 2,000 SME managers across the UK, France, the Netherlands and Belgium. Regarding international payments, 35% of respondents said that they take around 2 to 3 days to process. Only 11% of those surveyed said the process takes an hour, and only 10% that their payments and instantly processed. Over half (52%) said that the slow speed of payments processing meant they had failed to honour commitments. 54% said slow payments had led to cash shortages which had forced them to take out a loan. The speed of payments is one of the most popular reasons for choosing one payments channel over another, with 44% of respondents citing it as the reason. 44% cite profitability, and 39%, security guarantees. 62% cited delays and unpredictable cash flows as their company’s biggest problem. 62% said that a great proportion of their resources was consumed by volatility in exchange rates. 60% said that the modernisation of payment processing capabilities is a pressing cause for companies. 68% are seeking.
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