More than 20 per cent of SMEs in the West Midlands have revealed that all payments made to their business are contactless.
A new report, from Tyl by NatWest in partnership with YouGov, found that businesses in the region have been quick to adjust to the rapid increase in online transactions and e-commerce accelerated by the pandemic.
The data shows that more than 40 per cent of SME decision-makers based in the West Midlands agree that being able to accept contactless payments will allow them to operate more successfully after the pandemic – the highest number of all UK regions studied outside of London.
While a third of surveyed businesses agreed that their business will lose revenue as a direct consequence if they were not to offer contactless payments.
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The survey also suggests that decisions to adopt cashfree payment systems extend beyond a desire to meet consumer demand and retain revenue streams; SMEs are concerned about the personal health and wellbeing of their employees with more than a quarter stating that they do not feel comfortable with their employees or themselves handling cash during the pandemic.
Mike Elliff, CEO at Tyl, said: “This latest research clearly demonstrates the role that contactless, mobile and remote payment systems will play in facilitating the economic recovery from Covid-19 in the West Midlands.
“There’s now a huge consumer demand for contactless payment methods, which is driving small businesses to switch their operating models at considerable speed in order to achieve success.
We hope that by highlighting these challenges we can equip businesses throughout the UK to capitalise on the demand for contactless payment opportunities.”