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Payment Solution Providers Losing Out on Millions in New Business Without Strong Digital Marketing Strategy

by Emily King | 22.04.2021

Tug, a leading digital performance marketing agency, has announced new research which reveals that over half (54%) of UK businesses are planning to change their payments solution in the next six months. Yet many decision makers are unsure of – or confused by – the different options available to them online, highlighting an urgent need for payment solution providers to put in place effective digital marketing strategies to boost their online visibility and drive brand awareness. 

The study – commissioned by Tug and carried out by Censuswide – surveyed decision- makers across medium-large UK businesses to examine their current use of payment services and the challenges they face in choosing the best solution. For the companies that took part in the survey and plan to change their payment solution in the next six months, the combined annual budget available for payment solutions exceeds £11m – with companies allocating an average of £64,000 to funding a payment solution each year – illustrating the potential revenue to be gained by savvy payment providers that know how to cut through the competition online.