What Small Businesses Think About Recovery From COVID-19

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COVID-19 has resulted in huge socio-economic impacts. Millions of companies around the world have appeared in an unprecedented situation where many have been forced out of business. This article will tell you about small business recovery from this situation and help you compare merchant services in the UK so to make the right choice.

How You Can Compare Merchant Services & Fight the Crisis

SMEs represent 99% of all UK businesses. Startups and micro-businesses are vitally important for the UK economy, especially in the recovery process related to the COVID-19 crisis.

In critical situations like the one caused by COVID-19, the biggest challenge that SMEs can face is access to funds. Another highly important thing is to find a reliable payment processor that can help you move your business to the next level with ease. That’s where respectable comparison experts of merchant processors step in.

With a respectable payments-processor comparison specialist, you can get access to the most secure and cheapest merchant-processing services. When applying, see whether the comparison company guarantees the most trustworthy review of processors at the time of writing so you can compare merchant services and go for the best one for your own financial needs.

UK Business Recovery From COVID-19 Crisis

According to the survey by the recruitment company Robert Half among more than 1.500 executives:

  • 58% of the participants COVID-19 has brought a neutral-to-positive impact on business confidence
  • 42% have felt an adverse impact

Based on other data as well, Brazil has experienced the biggest negative impact among 5. The UK and Belgium come next. In France and Germany, 92% were trying to move forward by using various opportunities after the lockdown. In all these efforts, digital transformation appeared on the top of the priority list for 41%. 29% of companies redesigned job roles, and 28% started using new business models.

Additionally, Simply Business has recently surveyed more than 500 small businesses across the UK to find out their thoughts about a 2nd lockdown. Based on the answers:

  • 17% thought they’d close their doors permanently
  • 32% believed they’d stay afloat and thought a 2nd lockdown would bring worse impact as compared to the 1st

So, COVID-19 has already caused a lot of harm to businesses both in the UK and almost everywhere in the world. Some think they can recover; others don’t see how they can survive.

Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and can best help you compare merchant services. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.

Catherine Jonah