How does the Brexit discussion effect you? By now, we all are probably aware of the different consequences everyone we will be facing. Furthermore, there seems to be no sign of situations improving.
Online payments industry will have heavy implications, if not suffering already. The key concern remains as long as the uncertainty does not go away. Nevertheless, the post effects can only be assumed. Effect on the SMEs are really alarming.
How bad is the Brexit situation?
As it is already seen, many of the online payment businesses are already moving out of the UK. Also, the card payments between an EU nation and the UK are expected to increase largely.
Implications on the digital payment industry are yet to be properly clear to the countries yet. Therefore, the situation is worsening as people are unsure of how to deal with the current situation, leave alone the troubles future will be posting.
How does Brexit affect your payment system?
Currently, the banks can only charge you at national rates for transactions between EU countries and the UK. But, with Brexit, UK will become more of an “outsider”. Thus, banks will be charging you rates that they charge for trade with other external countries.
Business and trade with the UK would be less free. Hence, the cost of Brexit is rising every day
Why does it matter to you?
If the cost of business keeps crawling further up, SMEs and high risk merchants will be at the threat of losing their business. Especially for the ones whose customer base is heavily reliant on the British population.
The purpose of digital payment is to make your life easier and your business swifter. Especially, with online payment systems like PurePay, online buying and selling gets even easier. PurePay even helps you to have high risk merchant accounts.
What to do next?
Business will involve risk. Particularly, for merchants involved in high risk business, the level of profit margin depends a lot on calculating the risks properly.
In case of Brexit, the challenges are unknown but not unearthly. Thus, you should not stop taking the risks. In this moment of crisis, calculating risk is more about being aware of what is happening. The dynamics of the situation is high. Hence, keep yourself posted.