Most UK businesses aim to enhance their payment procedures by 2025.
A recent survey by American Express, the 'Amex Trendex: B2B Payments Edition', has shed light on the benefits and importance of payment automation for UK businesses.
The survey revealed that a single incident of fraud related to payments could significantly impact businesses' trust in their relationships with buyers (79%) and suppliers (80%). This underscores the importance of secure and streamlined payment processes.
Among businesses yet to automate their payments, cost and security are the main reasons for not doing so. However, the survey also highlighted that automation could deliver numerous benefits. These include faster payments (49%), reduction in errors (34%), and time savings (25%) for businesses.
Craig Barclay, vice president, commercial at American Express, emphasized the importance of optimized payments for strong commercial relationships and overall business success. He stated that while it may seem daunting to make changes to payment processes, the time and cost to automate can be less than expected and provide benefits for the short and long term.
Late or slow payments are a common reason (30%) that businesses have stopped working with a specific business, according to the survey. Optimized payments can provide businesses with greater visibility into their cash flow, reduce errors, streamline processes, and keep both buyers and suppliers happy, according to Craig Barclay.
The survey also found that nearly one-third (30%) of respondents identified late or slow payments as a common reason they have stopped working with a specific business. This highlights the need for efficient and timely payment processes to maintain strong business relationships.
Interestingly, 27% of respondents said they spent too much time managing payments. Automation could free up time for businesses to focus on other important aspects of their operations.
In positive news, 39% of UK businesses are planning to improve payments processes as part of strategies for growth in 2025. This indicates a growing recognition of the importance of payment automation for business success.
Furthermore, 94% of respondents agree that easy, streamlined, and secure payments create happy customers. This underscores the customer-centric benefits of payment automation.
In addition to the benefits highlighted in the survey, improved efficiency and speed, cost savings, better cash flow management, enhanced supplier relationships, compliance and fraud reduction, and data insights are key reasons for UK businesses to automate their payments processes.
Finally, 89% of respondents believe easy, streamlined, and secure payments stimulate growth. This suggests that payment automation is not just a tool for efficiency, but a strategic move for business growth.
In conclusion, the American Express Trendex: B2B Payments Edition provides valuable insights into the benefits and importance of payment automation for UK businesses. The survey highlights the impact of fraud on trust levels, the need for efficient and timely payments, and the potential for automation to free up time, reduce errors, and stimulate growth.
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