FEATURE
payment terms as the factor most likely to ease their current business concerns . Only 41 % of UK businesses called for improved payment terms to bolster the current state of business , compared to a study average of 33 %, followed by faster settlements / payments ( 31 %) and better access to working capital ( 29 %).
“ Our report shows businesses all over the world battling hard against adversity ,” said Garðar Stefánsson , CEO of Rapyd Europe .
“ They are doing everything in their power to reach new markets and open up new revenue streams , but they ’ re constantly set back by the complexity and cost of trading in other countries – losing huge sums and vast amounts of time on cross-border transactions . The bigger their operations get , the more these costs rise . It ’ s an unacceptable situation at a time when so many advanced economies are struggling to grow .
“ FinTechs have a tremendous opportunity to help cross-border businesses with their expansion ambitions by providing faster and more cost-effective payment solutions , as well as creating innovative new approaches that simplify the way these systems operate ,” added Stefánsson .
“ Ultimately , no business should have to take on the complexity of B2B payments by themselves when they ’ re going for growth – that ’ s why trusted fintech partners are critical . It ’ s time for fintech to step up to the plate and build bolder , better payments solutions that make cross-border trading seamless and straightforward .” �
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