Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

International payment concerns stop SMEs from expanding overseas 

by January 25, 2024
January 25, 2024
International payment concerns stop SMEs from expanding overseas 

New research showing that concerns around international payments are a leading barrier stopping UK SMEs from exporting overseas.

The research found that more than a quarter of business not already exporting overseas have plans to do so in the future but concerns around international payments are preventing them from taking the plunge. 

Payment problems 

Many businesses surveyed find starting to trade internationally daunting – citing everything from worries about finding overseas customers to concerns about tariffs and other charges when explaining why they hadn’t yet exported. However, over a third of businesses currently not exporting said that they choose not to do so due to worries about the complexity of making and receiving international payments. This made payments the third most commonly cited answer. 

Within this group, over half say that they are concerned about being exposed to currency fluctuations and foreign exchange risk. Additionally, 49% of businesses are concerned about payments security and 45% were worried about the speed of payments. Another 43% cited the cost of making and receiving payments as being a key barrier.2 

Interestingly, of the 51% of SMEs surveyed who are already exporting, whilst a third still find international payments a challenge, they are less of a problem than dealing with tariffs or, customs and red tape. This suggests that businesses that are not yet exporting are underestimating the very real challenges that navigating customs and tariffs can bring. 

Pathway to growth 

With 49% of small business not yet exporting, there’s potentially considerable revenue to be unlocked for providers who can alleviate their concerns and help them overcome perceived payments barriers. 

Interestingly high street banks may be in a prime position to do exactly this. Almost half of those SMEs already exporting surveyed use their high street bank or building society to send and receive payments, and over a third of all respondents have tried to access support with exporting from their banks. This was second only to the government / Department for Business & Trade and Brexit with regulatory issues. 

Currencycloud’s Head of Product, Piers Marais, who commissioned the research, commented: “These figures show that international payments are a key concern for businesses looking to export overseas. However, it’s also clear that there’s growing appetite to export and that banks are in a key position to support SMEs. 

“So, we need to move away from the standard ‘banks vs fintechs’ rhetoric and focus more on how the industry can collaborate. It’s also clear that if the Government wants to boost Britain’s global business ambitions, it needs to take concerns around red tape, customs, and tariffs seriously”. 

Read more:
International payment concerns stop SMEs from expanding overseas 

0
FacebookTwitterGoogle +Pinterest
previous post
Don’t trust your gut: The importance of peer-to-peer perspective in marketing
next post
Leading UK travel company helps create 300 new businesses following record-breaking sales

You may also like

driveJohnson’s reaches 600 driving instructors across the UK

November 10, 2023

Getting to Know You: Chris Kemp, CEO &...

August 8, 2024

ABH Holdings Threatens Legal Action Against Cyprus Over...

June 3, 2024

Former Chancellor Nadhim Zahawi Appointed Chairman of The...

May 13, 2024

Low Investment Blocking UK Growth, Says Think Tank

June 19, 2024

Six Scottish startups showcased at Virgin Hotels Edinburgh

August 16, 2022

Jeremy Hunt Stresses Continuation of Free Childcare Plan...

March 4, 2024

Ikea owner buys Brighton shopping mall, its second...

November 13, 2023

Virgin StartUp invites purpose-driven start-ups to enrol on...

April 21, 2023

Export dreams come true as government support secures...

August 31, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Disabling Trump’s “Tariff Button”

      June 5, 2025
    • ‘Sick puppy’ Tim Walz should never have been on Dems’ 2024 ticket, Trump says

      June 5, 2025
    • Federal judge orders Trump to restore funding to Clinton-era agency gutted by DOGE

      June 5, 2025
    • Musk says Trump would have lost 2024 election without him as ‘Big Beautiful Bill’ feud continues

      June 5, 2025
    • Ex-Biden adviser calls Jean-Pierre ‘kinda dumb,’ deletes tweet, says she’s not a ‘genius-level Black woman’

      June 5, 2025
    • ‘Coming for us’: Expert sounds alarm on CCP’s mission to ‘kill Americans’ after FBI makes shocking arrests

      June 5, 2025

    Categories

    • Business (8,148)
    • Investing (2,010)
    • Politics (15,535)
    • Stocks (3,128)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved