Cashflows research highlights demand for faster payments
Demand for faster payments is nothing new. Ever since currency began to change hands over a millennium ago, consumers and merchants have sought faster, more convenient ways to move money.
Despite many innovations and improvements to faster payments over the years, 2020 proved that more needs to be done to support businesses. The Bank of England estimated that in order to survive throughout the pandemic, British companies could face a total cash flow deficit of £140 billion.
This year's acceleration to e-commerce has created new challenges.
E-commerce grew by 34.7% in just one year, with more than £141.33 billion spent online. Digital payment methods may have opened vast new opportunities for businesses, but they don't always help businesses to get paid faster. In many ways, the rapid rise of e-commerce, coupled with the waning of cash purchases, has diminished businesses’ ability to access their own funds quickly, when they need it.
In our faster payments research report we look further at how business cash flow has been impacted and how technology could provide the solution and transform businesses.
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