UK Small Businesses Struggling? Compare Merchant Services

Finance

In the UK, the most recent official figures reveal that the economy stalled in August: it didn’t register any growth at all. Things looked better in the 3 months to August: GDP was rising 0.7%. What about your own business? Do you need to compare merchant services so to get the best deal for your company? No worries! Just read below and you’ll get what you need.

Small Business Growth in the UK

5.7 million smaller companies in the UK account for 99.9% of all private sector companies, as the most recent figures from the Department for Business, Innovation and Skills show. Last year, SMEs employed over 16m people (a ¼ of the population) and had a combined annual turnover of £1.9 trillion.

According to a study by the British Business Bank, which included interviews with 500 small and medium-sized enterprise directors in England, 1 in 3 wanted to grow their operation but didn’t know how for sure. Based on the study results, 27% of smaller firms that didn’t obtain the necessary financing they wanted created problems for their growth plans.

As smaller companies note, tax returns and reliefs, employment contracts, pensions auto-enrolment, as well as health and safety assessments create headaches for them. Lots of small retailers are faced with rising business rates and rents. Meanwhile, high parking charges, poor infrastructure, and the loss of vital banking services have “granted” them more problems.

Compare Merchant Services in the UK

Sterling has risen 0.3% against the dollar at $1.3179. Also, it’s up 0.2% against the euro at €1.1445. A stronger pound tends to act against the FTSE 100, where companies make their earnings abroad. The leading UK index has decreased by 0.5% at 7.202. What’s the case with your own business? Where can you find a reliable and experienced merchant services provider to grow your business?

All you need is to turn to a true payment expert in the UK that can help you compare merchant services and find the best option for your own specific business needs. With a respectable credit card processing company that offers free consultation and review of contracts, as well as rates, and fees, you can enjoy the lowest rates and the best terms associated with payment processing and business funding.

Only, make sure the comparison company checks each processor’s integration process to ensure you can avoid making extra payments because of misleading terminology, hidden costs, and deceptive sales tactics. Find out whether the merchant services comparison company guarantees the most honest snapshot of the company at the time writing or not.

Today, Brexit uncertainty continues to be a hot topic. Julie Harrison, head of banking and finance at law firm Ward Hadaway, notes that the economic climate has been challenging for SMEs for a certain period of time.

However, Ms. Harrison thinks the sector is doing well, even though there’re some challenges. MS Harrison further mentions that while preparing for Brexit, it’s too important for SMEs to look for guidance on their finance requirements as they develop and grow.

Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry has helped thousands of business owners save money and time, as well as compare merchant services in the UK.