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An upcoming webinar from Freemarket on 27th September, 2023 at 2:30PM UK time will discuss recent growth in cross-border e-commerce and how this gives Small and Medium Enterprises (SMEs) great opportunities to grow revenue in new markets.
SMEs should seek reliable, quality payment partners
During the webinar Ronnie d’Arienzo, Chief Commercial Officer at Freemarket, will be joined by Leda Glyptis, Author, NED and Fintech Advisor, and Jeremy Brown, COO of Atlantic Partners Asia to discuss how SMEs can find transparency, flexibility and value in payments. All are welcome to attend.
New data from FIS/Worldpay shows[1] e-commerce is set to hit $8.5 trillion by 2026, up from $6 trillion today.
That means growth of almost 10% each year over the next three years, with double that figure in emerging regions like Latin America, the Middle East and Africa.
“Cross-border B2B payments to surpass $40 trillion globally by 2024.”
This new appetite for online shopping explains why cross-border transactions are growing as a proportion of overall e-business.
According to research from Facts and Factors[2], cross-border transactions are growing at more than twice the rate of e-commerce overall (21.2%), and are expected to exceed $7.9 trillion in their own right by 2030.
Long-standing problems exacerbated
Despite the great opportunities on offer, cross-border payments have long presented a problem for SMEs.
As long ago as 2019, research from banking infrastructure provider Banking Circle suggested[3] almost half of European SMEs were looking to move away from their bank as a provider of payments services, citing dissatisfaction with high fees, slow settlement times and poor transparency.
“Recent turmoil in US and European banking has tightened the range of services on offer and made banks more risk averse.”
These problems have not improved of late.
Recent turmoil in the banking sector has included the provision of a liquidity backstop for Credit Suisse prior to its takeover by UBS in March 2023, and the collapse of three regional banks in the US around the same time.
These events have led to growing regulatory pressure on European banks and reduced the pool of providers that can adequately service global payment needs.
Worse, these difficulties have made remaining providers more risk-averse and reluctant to engage in areas they see as higher risk such as crypto-currencies.
Finding a quality solution
The upcoming webinar will discuss why, in uncertain times, it’s vital that clients of all sizes should have access to quality payment solutions.
That means letting clients know where their money is, when they can expect it to land in their bank account and the steps involved in the process.
It’s also important for payment providers to deliver value for money and high levels of client service – especially when clients need to move money across borders using non-traditional currency pairs.
Click here to take part in the webinar on 27th September.
ABOUT FREEMARKET: Freemarket has a long track record of delivering flexible payment and foreign exchange services tailored to SMEs’ specific needs. Our technology optimises existing products and services from global institutions, giving our customers access to high-quality foreign exchange and payment services at a cost previously reserved for major banks. We offer the reliability, choice and transparency companies need to take advantage of the massive opportunities afforded by the rise in cross-border shopping. Regulated by the UK’s FCA and with offices in London and Dublin, we provide access to banking services from some of the world’s largest institutions to regulated entities and corporates, freeing them up to focus on entering new markets and growing revenue.
[1] FIS/Worldpay, “The Global Payments Report 2023”
[2] Global Newswire, 30 January 2023, “Cross-border B2C e-commerce market size”
[3] Banking Circle, “Mind the Gap: SME payment services”
The post As uncertainty grows, SMEs should seek reliable, quality payment partners appeared first on Payments Cards & Mobile.
