DECTA, a leading end-to-end payment solution provider, has released its new whitepaper, "What SMEs Need From Their Payment Provider."  

This comprehensive report offers insights into evolving consumer expectations and the pressing challenges confronting Small and Medium Enterprises (SMEs) within the UK economy.  

Based on a survey of over 2,000 nationally representative consumers, the report reveals key trends that are set to reshape how SMEs approach their payment strategies. While consumers continue to expect speed and convenience at checkout, they are increasingly willing to prioritise security over speed—underscoring the urgent need for SMEs to strengthen their fraud prevention measures.  

Furthermore, the report revealed a significant portion of respondents believe SMEs should offer the same sophisticated payment technology as their larger corporate counterparts. This includes a burgeoning interest in alternative payment methods (APMs), such as Buy Now Pay Later (BNPL) and Open Banking, indicating a shift in consumer preference. Unsurprisingly, price remains a paramount concern for consumers, yet the difficulty in obtaining refunds from SMEs was also identified as a considerable deterrent, an area where smaller businesses often lag behind larger corporations.  

The research highlights a strong desire for SMEs to cultivate a robust online presence, with many consumers actively seeking to conduct business with smaller enterprises over the internet.  

Scott Dawson, CEO at DECTA, said: “SMEs are the bedrock of the UK economy —supporting 16.8 million jobs and generating an impressive £2.8 trillion in turnover annually. As a fintech community, we must ensure these businesses have access to the same high-calibre tools and technologies as larger corporations. Our research makes it clear: consumers are looking for faster, safer, and more diverse payment options from their local businesses. Meeting these expectations is essential for unlocking SME growth.”

It also delivers a clear and compelling call to action for the broader fintech industry – deepen its understanding of SME needs and collaboratively develop solutions that are not only accessible and adaptable but also built for enduring success.