DECTA has released a whitepaper that provides valuable insights into how evolving consumer expectations and challenges faced by small and medium-sized enterprises (SMEs) are impacting the UK economy. DECTA, a global provider of payment technology solutions, caters to merchants, banks, payment service providers, and fintech companies with its comprehensive range of services.

With offices in Europe, including Ireland, Cyprus, the UK, and Latvia, DECTA supports businesses aiming for growth. As a fully authorised platform, it is backed by direct licences from Mastercard and Visa, certification from UnionPay International, and integration with numerous global and local payment methods.

Key Insights from the Report

The report titled “What SMEs Need From Their Payment Provider” was based on a survey of over 2,000 nationally representative consumers. It sheds light on significant trends that are likely to reshape how SMEs approach their payment strategies.

While consumers continue to prioritize speed and convenience at checkout, there is now a growing preference for security, signifying the urgent need for SMEs to enhance their fraud prevention measures. Many respondents believe that SMEs should offer the same advanced payment technologies as larger corporations, including an increasing interest in alternative payment methods (APMs) such as Buy Now Pay Later (BNPL) and Open Banking.

Price remains a crucial concern for consumers; however, difficulties in obtaining refunds from SMEs also act as a major deterrent. The research highlights the importance of SMEs establishing strong online presences, with many actively seeking engagement with smaller businesses through digital channels.