More than half of all small and medium businesses (SMEs) in the UK are without a high-speed internet connection, according to a new survey.
About 59% of SMEs said they do not have the internet speeds needed to increase their output but only 9% said they plan to invest in better access in the near future, business switching service Bionic found.
The firm’s business efficiency index also found just one in five UK SMEs have a mobile card reader, with the same amount using e-commerce channels to sell goods and services.
We live in an internet age, but the backbone of the UK economy is still being supported by copper connections and cash – rather than fibre and contactlessPaul Galligan, Bionic
Paul Galligan, chief executive of Bionic, said: “Up and down the country, the majority of SMEs are yet to harness the power of technology to turbocharge their business.
“We live in an internet age but the backbone of the UK economy is still being supported by copper connections and cash – rather than fibre and contactless.
“The upside is that UK SMEs have a huge amount of open road to run into and can access a digital dividend by making small changes and the support of key partners.”
Digital payments are a major route for businesses to grow, the report found, with around 1.5 billion digital transactions a month.
Just 20% of spending in the UK now done with cash – despite nearly 4.5 million SMEs unable to process contactless and digital cards, the report added.
The research also uncovered that 61% of SMEs have not reviewed their current telecoms contract in the past year, with 38% not investigating upgrades or changes for at least three years.