UTP, a credit and debit card payment solutions provider, is launching a new eBook for SMEs, offering advice in how to future-proof their businesses.
The eBook, entitled ‘Never Going Back: How SMEs can future-proof for post-pandemic success’ explains how a secure, fast, and smart payments infrastructure can help SMEs become more resilient and adaptable to events such as natural disasters and trade restrictions.
Speaking of the last 18 months, Michael Ault, CEO at UTP, said, “We may not live in a cashless society just yet, but it’s clear that cash is diminishing in usage, and the sooner any business can start taking digital payments, the better prepared for the future they’ll be.
“And with digital payment acceptance in place, small businesses can drill into a goldmine of data analytics that can tell them who their customers are, how they pay and how best to reach them with targeted offers generated by their preferences. That’s yet another way businesses can ensure they get future-proofed with ease.”
It is fundamental changes to how we shop that inspired UTP to create their eBook. In it, the business shares how SMEs can use available payments and commerce options to protect their revenues in any eventuality – even those that cannot be predicted.
Advice is imparted on how to mitigate against fraud and costly interchange and processing fees, as well as how businesses should choose the best POS terminal for their requirements.
Jaime Lowe, Sales Director at UTP, added, “We know that small businesses – from cash-based sole traders to hospitality and events businesses – suffered a huge loss of footfall during the pandemic.
“Pre-Covid, it was unthinkable that an event could occur that would see the UK locked down and consumer footfall vanish overnight. But what small businesses lack in scale, they make up for in sheer tenacity, and pivoting to new business models at short notice.
“However, lockdowns changed purchasing behaviours in a way that is likely to be permanent. Indeed, as the use of cash declines and both consumers and businesses have become more digitally capable, it’s predicted that by 2024, 95% of all UK retail sales will be conducted through an eCommerce platform.”
Worldwide eCommerce sales increased by 57% in 2020, and though the easing of restrictions has attracted more people back to the high street, online shopping is only going to become more normalised.
Should the future bring more disruptive events such as further lockdowns or extreme weather small businesses now have the technology and the tools to keep serving customers and stay flexible, multi-channel, and available.
A key theme throughout the document is the need for businesses to choose their POS terminals carefully to maximise the potential they can deliver.
Michael Ault said, “Modern terminals are highly innovative and confer all kinds of benefits to the businesses that use them. However, they are not a one-size-fits all technology. Factors such as how a business operates, their volume of sales, what they sell, and who they sell to will all influence what type of terminal is best for their needs.
“The eBook covers the various types of businesses that are either using – or should be using – POS terminals and provides advice on the best devices to help them achieve their goals. It’s free to download and we encourage all SMEs to access it. For some, it could be one of the most important documents they read this year.”