Block’s Samina Hussain-Letch: Shift from Legacy to Digital Payments Can Unlock SME Growth

Small and medium-sized businesses (SMEs) are the backbone of the UK economy, accounting for 99% of all businesses and nearly two-thirds (60%) of UK employment. But in an era of rising costs, evolving consumer expectations, and economic uncertainty, many SMEs are struggling to remain competitive.

According to Samina Hussain-Letch, Executive Managing Director, Head of Payment Partnerships & Operations at Squareup Europe Ltd, Block, adopting digital payment solutions could be a game-changer for small businesses.

“The right digital tools—including modern payment systems—can help small businesses cut costs, improve efficiency, and ultimately grow. Many SMEs are still relying on outdated, expensive payment systems designed for larger enterprises, which simply don’t meet their needs.”

The Reality for Small Businesses

From retail to hospitality to professional services, SMEs are facing mounting challenges. Younger consumers—who are expected to account for 39% of total UK retail spending by 2030—demand seamless digital, mobile, and social commerce experiences. Yet, many businesses are still operating with legacy payment systems that are slow, complex, and expensive.

“Traditional payment providers often come with hidden fees, slow transaction speeds, and complicated setups,” says Hussain-Letch. “For a small business, every second at the checkout and every pound spent on unnecessary fees counts. Upgrading to a modern payment solution can help businesses stay agile and competitive in today’s fast-moving market.”

Outdated systems can also create inefficiencies beyond just payment processing. Issues such as high maintenance costs, security vulnerabilities, and lack of integration with other business tools can hinder growth and increase operational strain.

How Digital Payment Solutions Help

More SMEs are now turning to digital payment solutions that do more than just process transactions. These systems offer real-time insights, automation, and seamless integration with other business operations.

Hussain-Letch highlights the key advantages:

“A good payment system doesn’t just accept payments—it works for the business. Real-time analytics help SMEs track sales patterns and make better pricing decisions, while integrated tools like automated invoicing ensure cash flow remains steady.”

Other benefits include:

Faster transactions – Contactless and mobile payments reduce wait times and enhance the customer experience.
Automated invoicing & reminders – Helps SMEs avoid cash flow bottlenecks.
Integration with business software – Connecting payments with accounting, customer management, and loyalty programmes streamlines operations.
Security & fraud protection – Modern payment solutions come with built-in safeguards to protect businesses and customers

“Customers expect convenience, and businesses that offer fast, seamless payments—whether in-store, online, or via mobile—build stronger relationships and drive more sales,” Hussain-Letch adds.

Making the Switch – Simple Steps for SMEs

Transitioning to a modern digital payment system doesn’t have to be complicated. Hussain-Letch advises small businesses to take a strategic approach:

1. Assess your current system – Identify inefficiencies, hidden fees, and areas for improvement.
2. Prioritise key features – Look for solutions with real-time analytics, multiple payment options, and business tool integration.
3. Understand customer preferences – Offer payment methods that match how customers prefer to pay.
4. Ensure strong security – Choose a provider with robust fraud protection.
5. Start small and scale – Many digital payment solutions offer flexible plans, allowing businesses to expand as they grow.

The Future is Digital

For SMEs, embracing digital payments is no longer optional—it’s essential for survival and growth.

“We’re seeing a real shift in how small businesses operate,” says Hussain-Letch. “Those that embrace digital payments don’t just keep up with changing expectations—they gain a competitive edge. Whether it’s increasing efficiency, reducing costs, or enhancing customer experience, modern payment solutions empower SMEs to thrive in today’s economy.”

As the business landscape continues to evolve, digital transformation begins with payments. Those who make the switch now will be best positioned for long-term success.