UK SMEs must modernise payments as DECTA research reveals rapidly changing consumer habits

DECTA, an end-to-end payment solution provider, has released a report that offers insights into evolving consumer expectations and the pressing challenges confronting SMEs within the UK economy.  

Based on a survey of over 2,000 UK 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 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, says: "SMEs are the bedrock of the UK economy - supporting 16.6 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.”

2025 RTIH INNOVATION AWARDS

Payments will be a key focus area at the 2025 RTIH Innovation Awards.

The awards, which are now open for entries, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended November's gathering. 

For further information on the 2025 RTIH Innovation Awards, please fill in the below form and we will get back to you asap.