Are you part of the 20-strong workforce painstakingly managing payment collections for your company with an average salary of £30,000? If so, you're not alone. Small and medium-sized enterprises (SMEs) are dedicating an alarming 700 hours a year to this complex task, time that could fuel growth and innovation instead.
But here's a startling fact: up to 15% of customers make late payments. This isn't just an inconvenience; it's a significant corporate cost, requiring you to chase down payments and diverting resources from core business activities. Moreover, the first half of 2022 saw a staggering £609.8 million lost to fraud and scams. And the situation is worsening, with chargebacks increasing by over 20% annually, costing sellers more than £20 billion. Shockingly, 86% of these chargebacks are likely 'friendly fraud', which has surged by 41% every two years. In 2021, 75% of eCommerce businesses reported a rise in fraud attempts, making no sector immune, especially those with high chargeback rates like financial services, media, e-commerce, retail, and travel.
Navigating this minefield is taxing and risky, especially for 'high-risk' industries earmarked by banks as easy fraud targets, including travel, hospitality, online pharmaceuticals, adult entertainment, and more. These sectors often face the challenge of securing a merchant account that caters to their specific needs, usually at the cost of higher transaction fees.
So, what's the solution? Imagine a world where managing payment collections is not only secure but also efficient, freeing you to focus on what you do best: growing your business. Enter SOTpay, the innovative solution designed to tackle these very challenges.
Don't let late payments, chargeback fraud, and high transaction fees slow your business down. Take the first step towards a more secure and efficient payment collection process.
Sign up for a free trial of SOTpay today and experience the difference it can make for your business. Transform your payment collections from a liability into an asset. Try SOTpay now and take control of your financial future!