In its latest overview of the UK payments industry, payment acceptance platform Cashflows has revealed there might be a knowledge gap within the sector.
The firm’s ‘People Behind Payments’ research surveyed a total of 250 high level individuals within UK SMBs about their understanding of the payments industry, of which 72% claimed to be confident in their knowledge of the sector.
However, when asked to put in order the payment value chain so that they can illustrate how a transaction is handled, 96% have reportedly failed to do so.
Another issue appears to be the uncertainty of respondents about future prospects in their current role, with almost half (43%) thinking about moving on in the next year. This, warns Cashflows, could create a problem for the payments sector, opening the floodgates to a wealth of talent exiting the industry.
One key factor in this, said the company, has been the increasing level of complexity in the payments industry, which presents a challenge for decision makers who are trying to keep up with legislation. “Unbiased education” is needed for all employees in the sector, according to CEO Hannah Fitzsimons, as 46% of them claim they are unable to directly compare different payment providers due to different jargon being used by each one.
Cashflows also noted that this reflects the lack of transparency in financial roles identified by the Payment System Regulator (PSR) earlier this year, where 100% of all participants in a survey reported workplace troubles due to the same reasons.
Fitzsimons said: “The findings of our research into the ‘People Behind Payments’ are a cause for concern. SMBs are the backbone of the British economy, and it’s vital that their payments partners are actively supporting them, as well as providing unbiased, educational resources that demystify our increasingly complex industry.
“Our research makes it very clear that the PSR is right in its ambitions to increase transparency and make it easier to directly compare payment service providers and their solutions.
“Equally, employers have an opportunity to ensure that their employees have the appropriate training and support to be able to thrive in their role. This is important for businesses of all sizes – from the smallest to the very largest – but is essential to ensure commercial success and team satisfaction. Reducing team turnover will be crucial for keeping operational costs low throughout a challenging economic period.”