The latest data from Tyl in partnership with YouGov revealed that British SMEs have been quick to adapt the way they do business and their payment systems in response to Covid-19. With 65% of businesses registering for Tyl’s services since the start of UK lockdown adopting card payments for the first time, compared to 37% before, and the pace of this change is only expected to increase.

More than a third (35%) of Scottish SME decision makers agree that being able to accept contactless payments will allow them to operate more successfully after the pandemic. This is likely due to the need to adapt to evolving customer demand for contactless payment options, taking online payment, safety in handling cash and speedier transfer of funds. 

Mike Elliff, CEO of Tyl, said: “This latest research clearly demonstrates the role that contactless, mobile and remote payment systems will play in facilitating the economic recovery from COVID-19 in Scotland. There’s now a huge consumer demand for contactless payment methods, which is driving small businesses to switch their operating models at considerable speed in order to achieve success.

“We hope that by highlighting these challenges we can equip businesses throughout the UK to capitalise on the demand for contactless payment opportunities.”

The survey examined the role of contactless, mobile and remote payments in aiding the economic recovery from COVID-19.

A quarter (25%) of SMEs agreed that their business will lose revenue as a direct consequence if they were not to offer contactless payments due to the pandemic, likely due to consumer concerns around the safety of cash and the shift towards online and mobile payments.

With social distancing also reducing capacity in shops, bars, cafes and restaurants, small businesses can no longer restrict payments to the cash desk. Tyl’s portable terminals grants cashiers the freedom to take payments across the entire venue.

Abdullah Razzouk, owner of Taza in Town in Edinburgh and Tyl customer, commented: “Tyl has allowed us to manage our cashflow throughout what has undoubtedly been the most challenging time our business has ever faced. When our restaurant was forced to close its doors, we were able to immediately pivot our business model and switch to online payments – essentially keeping ourselves afloat.”