UK SMEs are losing an average of £159,500 per year due to failed payments, abandoned checkouts and payment-related customer churn – creating a ‘hidden revenue gap’ worth hundreds of millions across the UK economy.
According to new independent research by Access PaySuite, which surveyed 250 UK SME finance and payments decision-makers, the scale of payment-related revenue loss is significant.
It revealed that 3.4% of all payment transactions fail on average, with 55.8% never recovered and that nearly 50% have lost customers to checkout abandonment.
Despite the sheer size of the problem, many businesses lack a clear, consolidated view of where and why revenue is being lost. Instead, finance teams are often forced to download spreadsheets, manually interrogate data and piece together insights across fragmented systems.
It is perhaps unsurprising, then, that 95% of UK businesses say they are evaluating, planning to implement or interested in AI-driven systems to reduce payment-related revenue leakage.
In response to growing demand for clearer oversight, Access PaySuite has launched a new unified AI embedded payments platform, designed to give businesses greater visibility into payment performance and revenue risk.
Rather than requiring teams to manipulate raw data, the platform enables businesses to leverage the built in AI to manage their payments, cutting through data to deliver immediate insights and business value to teams.
By bringing multiple payment methods into a unified environment, Access PaySuite helps businesses reduce friction, improve customer choice and minimise avoidable revenue loss.
