Why Local Businesses Are Important

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Why Local Businesses Are Important

Local businesses have suffered some of their most challenging years in recent memory. The pandemic had a profound impact on local Small and Medium-sized Enterprises (SMEs). GDP was 10% lower in 2020 than in 2019, the most significant annual fall in the last 300 years. That’s why we are doing what we can to help provide solutions for local businesses.

The Importance of SMEs to the Local Economy

Despite being most vulnerable to the effects of the pandemic, SMEs account for 99.3% of the UK’s private sector businesses and make up around 60% of all private-sector employment. They also represent the backbone of local economies across the UK. Local businesses are more likely to hire local people. Furthermore, money that is spent in a local business is also far more likely to remain in the community as opposed to a multi-national corporation. This promotes a healthy local economic ecosystem as small businesses are also more likely to source produce and goods from local suppliers.

Not only are local businesses important for the local economy, they also promote environmentally sustainable business relationships. Sourcing produce locally reduces the carbon footprint of supplies and goods as well as reducing the carbon footprint of their employees who have less distance to travel to work.

How We Provide Unique Solutions for Local Businesses

With the rise of the cashless society and in the contactless limit, local businesses must adapt to a changing payment processing landscape. 

At Bespoke Merchant Solutions, we provide your business with:

  • A dedicated account manager
  • 24/7 technical support for all hardware and software issues
  • The latest in Fintech innovation 
  • Market-leading interchange fees
  • As quick as a 48 hour onboarding process

How can BMS help you?

At Bespoke Merchant Solutions, our expert team of advisors understand the value of local businesses; that’s why we work with you to provide the best value for money payment processing packages to help you succeed despite increasingly difficult circumstances.

If you want to elevate your SME and save money on your terminals package, then get in touch with Bespoke Merchant Solutions to find out how we can save you money today!

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