Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


By Michael Ault, CEO and Founder, UTP Merchant Services

1. The rise of SoftPoS will continue:

Software Point of Sale (SoftPoS) is a revolutionary technology that allows merchants to accept card payments through an app on their smart devices and is set to become more prevalent in 2022.

As the technology evolves, merchants will be able to customise their SoftPoS terminals with a rich array of business-boosting features such as loyalty schemes and marketing services. The low-cost entry level point of SoftPOS will also encourage smaller merchants to start accepting cards for the first time further increasing the share of transactions taking place on a debit or credit card.

2. Fraud awareness will grow:

SME awareness of fraud will continue to grow as payment providers educate merchants and implement more stringent safeguards to protect them. UTP has already put out a warning to merchants regarding distraction fraud, here.

Merchants will also receive greater feedback from their payment systems to prevent potential fraud including access to real-time notifications and reporting.

3. Brexit’s impact may be less severe than expected on the Payments Industry:

Despite the continued legal wrangling about the status of international card fees in the post-Brexit era, the fintech community will continue to develop solutions to minimise Brexit’s impact.

This includes solutions such as UTP’s new Dynamic Currency Conversion (DCC) service, designed to help merchants affected by the increase in interchange fees, which will benefit thousands of SMEs.

4. Merchants will use data to enhance customer experience and improve governance:

Payments providers will continue to expand the gamut of data available to SMEs such as access to live data that offers a highly focused and customisable view of various payment trends.

As well as using this data to track fraud levels and tailor better fraud prevention strategies, bespoke reports will be generated to help manage staff rotas, suppliers, and cash flow.

5. Payments will get faster:

Merchants will receive their funds faster as other payments providers will follow in UTP’s footsteps and begin offering same day funding.

UTP are currently the only payments provider to offer this service which gives merchants the ability to gain full control of their cash flow and receive their funds in hours, not days. In line with evolving demands, other payment providers will offer merchants greater flexibility to set their own end of day and receive their funds on demand.

Reflections on 2021:

For UTP’s customers and how they process payments, the increase of the contactless limit to £100, together with the move towards smart terminals, delivered the greatest benefits for both merchants and customers alike.

Meanwhile, though the uptake of SoftPoS in 2021 didn’t quite match expectations, SoftPoS uptake is predicted to increase dramatically as 2022 progresses and the software that converts smart devices into POS machines becomes more widely available.

Finally, the pandemic broke barriers in many SMEs’ minds, creating a willingness to adapt and embrace new ways of working and of processing payments. This allowed fintechs and payment providers to deploy new and innovative solutions which allowed many merchants to continue trading.

The Covid legacy

 The not so great 

 Both nationwide and local lockdowns led to a collapse in footfall to bricks and mortar businesses and changed the dynamics of small towns and cities. For how long, remains to be seen.

Lockdown also had the effect of changing consumer behaviour and shopping habits. Many merchants have been unable to adapt quickly enough or been unable to afford the expense of diversifying their marketing tactics, products, and services.

With pressure building elsewhere due to inflation, staff shortages, and supply chain issues, the legacy of Covid has been more painful for some than others.

The great 

 With purchasing either happening online or, due to Covid fears, taking place using cards, there was a marked reduction in the loss of cash through theft and negligence and SMEs were spared the high fees associated with processing cash. Moreover, it expedited the adoption of frictionless payment processes leading to more merchants that were able to offer a full range of payment options.

The resulting shift towards eCommerce benefitted small merchants who found they could trade with reduced fixed costs, increase their market share and capitalise on online advertising. It also came as a benefit to consumers who acquired better and more convenient payment options while shopping.

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts