25 May 2021
Thore Vestergaard, MD of Commercial Payments, on how covid has affected business cashflow and control.
How business travel has changed – and will it recover?
There was unprecedented drop in business travel related expenses such as business dining, hotel stays, flights and fuel consumption. Only time will show if business travel activity will fully recover in the near future as vaccines and the economic upturn takes effect, hopefully later in the year.
The change from paying by credit, to debit
Even though businesses experienced reduced income, they had Government cash to fall back on, resulting in a material shift from payments being made on credit to debit as businesses reluctant to build up more debt in these uncertain times would rather, understandably, spend Government cash.
But with Government support ending, is there a massive small business credit crunch looming?
The boom in ecommerce – and what it means for your business
The pandemic brought ecommerce in general to new heights and it may be a trend here to stay.
Most experts agree, the growth in ecommerce is here to stay as businesses of all sorts have learned to reap the benefits from selling and buying online. So do make sure you have the right payments tools in place to reap the benefits too.