More than half of UK businesses are concerned about the impact of payment sanctions

Share this post

More than half of UK businesses (54%) have expressed concerns about payment sanctions following international unrest, according to market research by international payment service provider and direct bank card acquirer ECOMMPAY. The data reveals that 18% of UK business leaders are extremely concerned about ongoing payment sanctions due to international unrest.

Across key sectors, business leaders in travel and aviation (82%), banking (75%), and manufacturing (71%) expressed the most concern. In contrast, art organisations (36%), advertising agencies (20%), and consultants (18%), feel the least worried about ongoing payment sanctions according to findings.

Regionally, businesses in Greater London are the most anxious (64%), followed by the West Midlands (59%). Among the UK’s biggest cities, Birmingham-based businesses reported the most concern (64%), followed by Brighton (62%), London (61%), and then Glasgow (60%).

The research also found that medium-sized businesses (250 – 500 employees) are significantly more worried about the effects of payment sanctions (83%) compared to smaller companies with less than 20 employees (42%), and sole traders (23%).

Expanding payment methods presents an opportunity for growth in emerging markets

Payment sanctions have been destabilising for many businesses, hindering growth and development but there are still opportunities for expansion into other regions. For example, according to the International Monetary Fund (IMF), the Asian market is forecasted to grow at 7.5% in 2021 and 6.4% in 2022. UK-based businesses can tap into these oversea markets and strengthen their presence in existing markets by expanding their payment methods and online presence.

Alternative payment choices such as buy now pay later (BNPL) or Open Banking solutions will help businesses target new audiences whilst managing the cost of card fees and improving security with increased checks.

The data shows that travel and aviation enterprises are already considering the challenges in diversifying their payment methods to strengthen their position in home and overseas markets. Almost half (46%) cited consumers needing more payment options and flexibility with new BNPL models as the biggest payment challenge for 2022. Similarly, hospitality businesses expressed that offering a variety of payment options for consumers would be the biggest obstacle to overcome this year (42%).

Businesses still appreciate the benefits of using payment providers. More than a quarter (32%) of retail leaders feel that the ability to offer website payments to consumers is the biggest benefit payment providers offer. The importance of offering online website payments was more pronounced in the computing (100%), catering (60%) and design (57%) sectors.

Businesses prioritising payment choice is in line with the research’s findings, which reveal that almost half of consumers (49%) expect to be using debit cards regularly within the next five years. Payment methods such as PayPal (35%), Direct Debit (29%), and Credit Cards (25%) were cited as the most popular methods of payment for consumers.

Paul Marcantonio, Executive Director UK & Western Europe at ECOMMPAY, commented on the findings:

Unrest across the international market has led to severe payment sanctions that have understandably unnerved business leaders across all sectors and regions in the UK. It is a tricky period for many businesses as consumer spending habits have changed. Now, they rely on a variety of online payment methods such as debit cards and PayPal. More than ever, it is critical that businesses have the right technology implemented to enable different payments, giving consumers choice. Equally important to businesses is having the ability to protect customers from fraud and provide an effortless shopping experience all at the same time. Payment providers like ECOMMPAY work closely with business to make this a reality.”

Article by ECOMMPAY

More To Explore


Are you a member of The Payments Association?

Member benefits include free tickets, discounts to more tickets, elevated brand visibility and more. Sign in to book tickets and find out more.


Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.

Having trouble signing?

We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.

First things first

Have you set up your Member account yet? If not, click here to do so.

Still not receiving your auto-login link?

Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.

Please click the button below which relates to the issue you’re having.

I didn't receive an e-mail

Tip: Check your spam

Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association

Tip: Check “other” tabs

Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.

Tip: Click the link within 60 minutes

For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.

Tip: Only click once

The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.

Tip: Delete old login e-mails

Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.

Tip: Check your security policies

Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.

Need to change your e-mail address?

For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.

Still got a question?