New paytech systems and technology appear to be driving a surge in the number of out-of-hours business payments made across the UK, according to new research by UK paytech platform Blink Payment.
Just shy of a quarter of all UK business payments are now completed out-of-hours – meaning outside the traditional working hours from 9am to 5:30pm – data from Blink Payment has revealed.
Traditionally, payment methods such as virtual terminals or POS systems restricted the ability of retailers and businesses to make sales or generate revenue outside of working hours. However, the latest round-the-clock paytech systems, including open banking and payment links, ensure businesses are increasingly less reliant on legacy payment collection methods that need to be manually operated during working hours.
From January to December 2024, on average, 23 per cent of payments across a wide range of sectors – including retail, construction and professional services – were made outside of regular business hours, with payment links proving especially popular amongst out-of-hours customers.
The new research also shows an 88 per cent success rate for payments taken out-of-hours – a small increase on the daytime figure of 85 per cent. The security offered by new paytech solutions means that retailers and businesses can take advantage of round-the-clock sales, without increasing the risk of failed payments.
Ben Cohen, co-founder and CEO at Blink Payment
Ben Cohen, co-founder and CEO at Blink Payment, says: “Our data on out-of-hours payments highlights the very tangible impact that payment technology is how and when businesses are being paid. Through new technologies such as payment links, businesses can now continue making sales around the clock.
“We know from our data that both manby retail and business customers prefer to make purchases or settle invoices outside the working day; yet many businesses still rely on restrictive payment methods such as over-the-phone payments or card machines, that only work during office hours.”
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