Comments attributed to David Luck, CEO Capital On Tap

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“We’re focused on helping SMEs get credit to grow. Our worry is that Brexit might have an impact on their businesses. For example, some of our customers import goods from Europe and are concerned about Brexit’s impact on their supply chain and tariffs. A No Deal Brexit would end the surcharging ban, so it’s likely that the cost of card payments will increase. While this may not happen very quickly given the “cloud of Brexit”, in the long term, I believe you’ll see merchants in low margin industries, such as airlines, taking advantage of this.

“FinTechs have thrived largely because of their transparency and honesty with their customers, something banks have a reputation for being bad at. If banks continue to increase fees or hide other fees, I think FinTechs will be waiting with open arms to help those customers in an honest and transparent way. With all the uncertainty surrounding Brexit, communicating openly and clearly with your customers about what might change in the future will be essential.

“FinTechs can use No Deal Brexit as a moment to communicate very clearly and further endear themselves to their customers. There is a future for any industry that offers customers what they want quickly and efficiently. If credit cards are the easiest way for customers to get credit and buy things, as they are today, they will be around for a lot longer.”

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