One third of the 100 companies polled cite delayed payments, the possibility of fraud and additional costs, such as landing and receiving charges, as their other main concerns.

One quarter of companies reveal that the risks associated with international payments have put them off trading with some countries.

The survey by payment services provider Earthport Direct reports that exactly half of respondents organise international payments through banking arrangements, with 25 per cent opting to pay with credit cards. Some 17 per cent use foreign exchange brokers, and 11 per cent online payment services to organise overseas transactions.

Matt O’Donnell, director of business development at Earthport, says, ‘Helping small businesses boost their exports depends on making it easier for them to do so by removing as many barriers as possible.’

See also: Global payment services for small businesses – how to avoid higher fees