Post-COVID-19 Rebound: Payments Will Help
COVID-19 has created an economic crisis around the globe and accelerated the shift to online shopping. In the UK, August’s retail spending increased above pre-COVID-19 levels on the back of risen digital demand, as government data showed. To know more about the situation and the impact of payments on the recovery process, as well as where you can find the right high-risk merchant account for your online transactions, read below.
Post-COVID-19 Rebound: High Risk Merchant Account
According to the Office for National Statistics Retail, sales grew 0.8% in August, thus representing the 4th consecutive month of growth. The August data also saw a 2.8% rise on the same month in 2019.
Payments play a highly important role in helping jumpstart the economic recovery through friction reduction at the POS (point of sale), payment access increase, and more. You, as a merchant, can’t ignore the importance of the payment-processing services you’re using. So, choose the right processor to work with.
You can do this easily by turning to a respectable payment-services comparison expert in the UK. This is the fastest and most reliable way to get access to the most secure, advanced and cheapest merchant-processing services, including a high risk merchant account.
COVID-19 in the UK: Economy Recovery
Cash has felt an unprecedented impact caused by the rise in online shopping because of COVID-19. In Britain, 50% of people have stopped using cash since the beginning of the lockdown, as Ubamarket reported.
The summer months showed improvement in the UK economic activity. Why? Because the restrictions became less strict, and the government support served as a helping hand in terms of consumer spending.
The latest economic statistics show that the country has officially entered a recession. The Bank of England (BoE) projects the impact won’t be as severe as it was predicted earlier, however, the recovery will take longer. Let’s look at some numbers by the BoE:
- The UK economy will fall by 9.5% in 2020
- It was estimated that the annual growth rate would be 15% in 2021. Now, it’s reduced to 9%. This means the economy will only regain its pre-COVID-19 size at the end of the next year.
So, the UK, like many other countries in the world, is facing an economic crisis caused by COVID-19. Payments are vitally important in recovering the economy in the post-COVID-19 world.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts, including a high-risk merchant account. 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.