Payments
Online checkout posing challenges for small retailers
December 1, 2022
Just over half, 52%, of small to medium retailers have experienced checkout issues during surge shopping periods, up from 43% last year.
That's a prime finding of a Paysafe research report that polled 1,100 retailers in a dozen countries.
The checkout glitches could indicate retailers are losing millions of dollars, according to a press release on the findings.
Almost three quarters (74%) of SMBs report that checkout continues to be a serious competitive advantage. Nearly a third (31%) who have experienced a surge-related issues with checkouts lost upwards of $100,000 — with common issues including checkout system slowdown (46%) and a failure to authorize payments (31%).
Around three-quarters (73%) of merchants surveyed believe adopting newer ways to pay would help add value to their business. Debit cards (75%) and credit cards (72%) continue to lead the table of payment processing methods offered.
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