A recent study by FreedomPay and Dynatrace reveals that payment system failures can cost UK retail and hospitality businesses an estimated £1.6 billion each year. The study highlights a troubling lack of secure digital backups in 20% of surveyed businesses, which increases the stakes during service outages. Additionally, typical payment disruptions last much longer than the tolerance levels of consumers, who generally expect quick resolutions. More than half of major outages occur during peak trading hours, compounding the losses. Chief insight emphasizes the urgent need for better preparedness to mitigate operational risks.
Consumer-facing businesses are operating in increasingly unpredictable conditions. From extreme weather and power failures to cyber-attacks and system outages, disruption is no longer the exception, it's becoming the norm.
Most consumers will only tolerate up to 6 minutes of payment disruption before becoming frustrated, with the average outage lasting 84 minutes, far exceeding consumer patience.
Collection
[
|
...
]