Concerns about international payments are preventing many UK businesses from working with overseas suppliers or entering new markets, a survey by HSBC UK reveals. Over 1,000 financial decision-makers were polled.
The survey found that 43% are hesitant to conduct international business due to uncertainty over hidden payment costs. Additional worries include payment security (38%) and managing different currencies (37%).
Complex International Payments
For smaller businesses, international payments can seem complicated and opaque. Transactions often come with unexpected fees, making businesses reluctant to look overseas for growth. HSBC UK has responded by launching the HSBC Global Wallet payment solution within its digital banking platform.
Age Influences Confidence
Conversely, only 27% of respondents aged 55 or older share these concerns. This suggests younger generations are more cautious due to less experience with international transactions.
HSBC Global Wallet Solution
Tom Wood, Head of Global Payments Solutions at HSBC UK, said, “HSBC Global Wallet provides a safe and straightforward solution for those considering international expansion for the first time.”
Pay and Receive ‘Like a Local’
Customers can self-manage, adding or withdrawing from each distinct currency wallet alongside their everyday bank accounts.
Importance of Payment Security
This assurance is vital for smaller enterprises that might lack the resources to handle complex international payment issues.
Real-Time FX Rates
Therefore, companies are more likely to take advantage of global opportunities with this financial clarity.
Simplifying International Growth
By addressing payment fears, tools like HSBC Global Wallet support businesses in their international growth ambitions. Reducing complexity and ensuring transparency in international payments encourages SMEs to explore new markets.
Ultimately, addressing payment concerns is essential for UK businesses to grow internationally. Innovative payment solutions like HSBC Global Wallet play a crucial role.
Simplifying and securing international transactions can help businesses overcome barriers and seize global opportunities.
