(PRWEB UK) 3 January 2013
The published findings looked at the difference between individuals, small business and large businesses when using different payment technology in the UK. The use of online payments by smaller businesses in comparison to individuals is surprising, as smaller businesses are nearly twice more likely to go online and make payments through online banking than individuals. With the rise of social media platforms such as Facebook and Twitter, it would be assumed that more individuals would partake in online banking payments.
Comparisons in the use of technology in payments over the past decade show businesses, both large and small, have increased the use of technology into their working practices. Just 15 per cent of all UK businesses made payments online during 2002; this rose to 70 per cent by 2011. The number of businesses with internet access has also increased; in 2002 59 per cent were online, whereas this figure was close to 90 per cent in 2011.
The way in which businesses are making payments was also examined by The Payments Council. Smaller businesses are more likely to make payments by Direct Debit or Direct Credit whereas large businesses would utilise CHAPS payments. Sole traders, which account for around three quarters of businesses, choose to make their payments via cheque (27 per cent) or Direct Debit (23 per cent).
SmartDebit, a leading UK Direct Debit provider, commented on the research, “Electronic payments have become a significant part of consumers and businesses day-to-day life over the past decade, and it is great to see new and innovative methods being adopted by UK firms. The rise in the popularity of Direct Debits is particularly interesting to us, as companies and individuals continue to recognise the value and benefits this method can bring. The payments industry is constantly evolving, businesses should be looking to benefit from the available services and technology that could benefit them in terms of control, cost, accuracy and security”.
SmartDebit is the UK’s leading Direct Debit Bureau, specialising in payment processing services since 1998. A Bacs approved Bureau, scoring ‘Excellent’ in all five categories of the Bacs audit, and ISO 27001 compliant. Providing a complete range of services: Outsourcing; SmartDebit-Admin cloud based portal; SmartDebit-Online payer sign up; SmartDebit-API integrated solution and SmartDebit-Contingency.