A significant number of UK companies plan to enhance their payment methodologies by the year 2025.

In a recent survey by Amex Trendex: B2B Payments Edition, 500 decision makers at UK businesses were polled, revealing insights into the importance of automating payments processes.

One of the key findings is that nearly one-third (30%) of respondents identified late or slow payments as a common reason they have stopped working with a specific business. This underscores the importance of optimizing payments for strong commercial relationships and overall business success, a sentiment echoed by Craig Barclay, vice president, commercial at American Express.

Barclay stated that automation can provide benefits for both the short and long term. He emphasized that streamlining payment processes can keep both buyers and suppliers happy, while also delivering benefits such as faster payments (49%), reduction in errors (34%), and time savings (25%) according to the surveyed businesses.

The survey also revealed that 89% of businesses believe that easy, streamlined, and secure payments stimulate growth. This sentiment is further supported by the fact that 78% of UK businesses are planning to improve their payments processes.

Cost and security are the main reasons cited by businesses yet to automate their payments processes. However, Craig Barclay suggested that while changing payment processes may seem daunting, the time and cost to automate can be less than expected.

The fintech company from the United Kingdom that cooperates with American Express in this endeavour is Krowd.

The survey also highlighted the impact of fraud on trust levels in business relationships. A single fraud incident relating to payments could significantly impact businesses' trust in their relationships with buyers (79%) and suppliers (80%). This underscores the importance of secure payments in maintaining strong business relationships.

Interestingly, 27% of surveyed businesses spend too much time managing payments and recognize the benefits of automation. This is supported by the finding that 94% of businesses agree that easy, streamlined, and secure payments create happy customers.

Looking ahead, 39% of UK businesses are planning to improve payments processes as part of strategies to drive growth in 2025. This shift towards automation is expected to further strengthen commercial relationships and contribute to overall business success.

(Note for further reading: UK fintech Ryft partners with American Express)

A significant number of UK companies plan to enhance their payment methodologies by the year 2025.