Global FinTech company Currency Cloud says UK enterprises are ahead of the US when it comes to embracing digital payments. A survey uncovered that Over 70% of UK businesses process international payments electronically, while nearly half (47%) of US businesses still pay via paper check for international payments.
As a result, 37 % of US businesses cite slow transaction times as a key pain point in processing international payments. Mike Laven, CEO, Currency Cloud, warns that US businesses will need to adapt to remain competitive in the global On Demand economy.
Nearly half of US businesses are unaware of cheaper and more efficient international payment methods, he says. “We are experiencing a tech-enabled revolution which is spawning the On Demand economy. Consumers already benefit with near real-time services such as Uber, GrubHub and Etsy. In this context, it is imperative businesses implement solutions that allow them to remain agile in order to compete. It’s surprising to see that while consumers are adopting payment technologies such as Venmo and Xoom, the vast majority of US businesses still rely on paper checks for international payments.”