Payment solution providers to potentially miss out on £11m+ of revenue in the next six months, if an effective digital marketing strategy is not adopted
The new research – commissioned by Tug and carried out by Censuswide – surveyed decision-makers across medium-large UK businesses to reveal their current usage of payments solutions, as well as considerations for future purchase, and the challenges they face in choosing the best solution. The findings highlight an urgent need for payment solution providers to boost online visibility and drive brand awareness by evaluating their digital marketing strategies.
While over half (53%) of UK businesses surveyed believe the right payments solution is critical to the success of their business – allocating an average of £64,000 to this per annum – just over 1 in 10 (12%) have no issues with their current solution. In fact, almost two in five (39%) said their current solution is too time-consuming, and a further 20% face poor customer support from their current provider. Worryingly, 17% of companies also confirmed their current payments solution has caused issues with loss of revenue.
As such, over half (54%) of UK businesses surveyed plan to change their payments solution within the next six months. However, 1 in 10 decision-makers do not feel confident in identifying the right payments solution for their company* – citing difficulty in identifying the best solution (34%), and the time taken to do so (31%), as the biggest barriers to finding the best solution. Moreover, 26% are confused by the different options available to them, and a further 19% confirmed they struggle to differentiate between different payment solution brands.
When looking for a new payments solution for their business, almost a quarter (24%) of decision-makers rely on recommendations from “finfluencers” for information and more than a third (41%) cited general online search as a preferred browsing method. This means payment solution providers could potentially miss out on over £11m worth of revenue in the next six months if they are difficult to find online**.