- Solely 5% of UK SMEs don’t have any difficulty with their present Fee Service Supplier (PSP)
- Greater than half of SMEs (52%) are pissed off by sluggish response instances
- Worry (29% fear about adoption prices), uncertainty (31% fear a change will impression CX), and contract lock-in (28%) are stopping UK SMEs from switching PSP
London, UK, 03 March 2022: Mollie, one of many quickest rising fee service suppliers in Europe, at the moment shared preliminary findings from a survey inspecting the state of the UK ecommerce sector, by the lens of small and medium-sized (SME) retailers. The evaluation of the 500-strong consultant cohort reveals an absence of proactive recommendation and help from Funds Service Suppliers (PSPs) but in addition a concern of switching.
Greater than half of SMEs (52%) reported being pissed off by sluggish response instances. Almost two in 5 (39%) complain that communications strategies should not acceptable to their wants, and over a 3rd (35%) say that their greatest frustration with their PSP’s customer support is the dearth of difficulty decision. Over one third of companies surveyed have unresolved points and a staggering 95% of these report service points – simply 5% had been utterly glad with the service they obtain.
Majority of UK ecommerce SMEs report service points with Funds Service Suppliers
Within the final two years a 3rd (34%) of UK SME ecommerce retailers have switched PSP and an extra 37% have thought-about switching. Solely 12% have by no means modified and 9% have by no means even thought-about it. The primary causes for switching, or contemplating a swap, are value, complexity and poor buyer help, however there are a variety of things that forestall switching.
Uncertainty surrounding the potential impression on buyer expertise (31%), concern of the prices of adopting new expertise (29%), and problems with switching (28%) are the important thing components stopping UK SMEs from switching PSP. Additionally rating extremely is the sensation it’s too dangerous (23%), an absence of inner abilities to handle the change (18%); and integration considerations (28%). For nearly a 3rd (28%) of UK SME ecommerce retailers, contractual lock-in was a significant factor stopping switching.
“UK SMEs are quietly dissatisfied with their fee service suppliers, accepting and dealing round unresolved issues and unresponsive help. Worry, uncertainty and lock-in forestall them from switching,” says Josh Guthrie, Mollie’s UK Nation Supervisor. “Amazon already accounts for greater than 30% of UK ecommerce gross sales and it will intensify, threatening UK SME development ambitions. UK SMEs deserve higher – they want PSP companions with hosted onboarding to ease switching, a superior checkout expertise to drive conversion and devoted buyer help that may assist SMEs compete and develop, not simply course of their funds.”
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Methodology
This report is predicated on a web based survey of 500 UK SME retailers with ecommerce actions producing between £500,000 and £25m in income per yr. Respondents had been both members of the service provider’s ecommerce senior decision-making staff, or the ultimate decision-maker. The survey was accomplished by Coleman Parkes between December 2021 and January 2022.
About Mollie
Mollie is a pioneer within the funds business and considered one of Europe’s fastest-growing fee service suppliers (PSP). Based in 2004, the agency facilitates firms of all sizes to scale and develop with an easy-to-use funds API that gives a number of fee strategies. Mollie’s mission is to simplify advanced monetary companies to turn into the world’s most cherished PSP.
Mollie has over 125,000 prospects in Europe and a global staff of greater than 700 staff. It has places of work in Amsterdam, Kiel, Lisbon, London, Maastricht, Munich, and Paris.
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www.mollie.com/uk
PR Contacts
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