Addressing SMEs Concerns for their Financial Future

With 99% of businesses in the EU falling under the “small business” umbrella, it is easy to see why many consider them to be the backbone of the economy. As well as powering the economy, these businesses make important contributions to innovation, employment and accelerating economic growth.

Yet, despite their importance, banks have continued to reduce or outright deny vital funding to many SMEs – a factor that has only worsened since the 2008 financial crisis. This has left many SMEs concerned for their financial future. Largely, banks are failing to provide the funding solutions SMEs so desperately need, and even those who do manage to access financing from a bank often find that borrowing is a cumbersome, inflexible and time-consuming process which diverts their attention from their business.


Ultimately, the current situation is unsustainable. As SMEs provide two-thirds of private sector jobs across the continent and contribute more than half of the total value created by businesses across the European Union, more needs to be done to overcome market deficiencies.

To solve this problem, there has been the emergence of alternative lenders, like Capital on Tap. Whether its term loans, credit cards or invoice factoring – more of these services are being provided by non-bank lenders like ourselves and as a result we are the increasingly popular choice among SMEs.

At Capital on Tap, we offer highly automated decision engines, transparency on pricing and excellent customer service, and unlike with bank-backed funding options, our customers receive funds in hours or days, rather than weeks or months. Additionally, as alternative lenders, we continue to innovate and work on robust technology platforms, which give businesses easier access to information and lower operating expenses. We find that once SMEs start using these alternative solutions, they tend to stick around for a long time as they prefer it to their bank.

Given the uncertainty of Brexit and other economic clouds gathering, SMEs need funding certainty now more than ever. Thanks to alternative lenders like Capital on Tap, SMEs are able to access solutions perfectly crafted for their businesses. As we look to expand into Europe, alternative solutions like ours could be just what is needed to help SMEs overcome their financial fears and provide them with a more stable future.

Your online portal just got better!

We have made some great improvements to your online portal experience!
Last month our engineers and product designers, have worked hard to redesign the look and feel of the Cards page and the Premium page on your online portal.

As our customer experience is at the forefront of our major decisions here at Capital on Tap, we have made it easier than ever before to manage your cards for your business and take the wise leap to upgrade to premium.

New Cards Page

The ability to effortlessly manage your business cards is an essential feature to enable customers to self serve. We changed the layout to make it easier to see how you can view your pin, and to report your card lost or stolen. The sleek new look is designed to give your business a helping hand when managing your cards.


New Premium Page

With the aim to enable customers to earn uncapped 0.5% cashback on all card purchases by earning points every time they spend, the new card page has been redesigned to better aid customers in managing their cash back redemption.
While the new page allows users to view how much points they have accumulated,and convert these points into cash, its also enables users to join or leave the program at any given time with just one click.


Stay tuned for our next customer portal update!

-Ade Odubajo

Are a lack of tech skills costing your business?

It will not be news to most small and medium sized business owners that the adoption of new technologies is one of the most important drivers in growth and expansion. However, with the rapid pace of tech development, it can often be difficult to keep up, let alone make the most of new technologies. A recent study has reinforced this idea, claiming that a lack of tech skills and a reluctance to incorporate new technology into existing business models is costing 65% of SMEs time and money.

While most businesses maintain some kind of online presence – be it a website, Facebook profile or Twitter account – a large portion of SMEs have no digital skills beyond these basic applications. This is a great inhibitor of growth and will hinder businesses that could streamline operations if they incorporated new technologies or digitalised some manual processes. When surveyed, 59% of SMEs reported spending up to 10 hours a week on administration tasks, many of which could be made more simple and quicker if completed using digital software and applications. Similarly, 65% of businesses continue to use outdated Microsoft Office software, despite newer software boasting impressive improvements.

Interestingly, the reluctance to adopt new technology appears to be caused by certain attitudes prevalent both in the UK and Europe as a whole. While a lack of awareness concerning the potential benefits of social media can be blamed for many businesses not creating profiles on the variety of social networking platforms on offer, other new technologies are viewed with suspicion by businesses lacking the technical expertise required to implement them. Shockingly, the study estimated that giving SMEs two hours back each week could boost the UK economy by nearly £9 billion a year.

The survey also investigated the attitudes of those businesses that don’t utilise even the most common of digital technologies. Amongst the 36% of businesses that reported not having a website, 77% argued that they believed it wasn’t necessary due to the fact that setting one up would be expensive and time-consuming. This figure also included a large percentage of SMEs that weren’t aware of the prevalence of maintaining a digital presence. Though many SMEs understand the importance of new technology to keeping ahead of the competition, the general health of the U.K. economy does depend on greater rates of adoption in the future.

In order to keep ahead of businesses operating in lower-cost countries, SMEs need to ensure that they are integrating new technologies into their organisations and that they understand how to use them effectively.

Invest your time and money in technology to help your business grow. Sign up with Capital on Tap today to give your business a boost!

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