Almost three quarters of SMEs are unaware of the impact the new Single European Payments Area system could have on their business, according to the results of a survey conducted by ISME.
Meanwhile 64% of businesses say they have not yet received any information on SEPA, which companies must be in compliance with by 1 February 2014.
The system will standardise euro electronic payments in Europe, making it easier to make and receive euro payments across the region.
ISME CEO Mark Fielding said it was it was vital that banks inform businesses of the impact of SEPA “to allow them to prepare for this change”.
“Once again they have been found wanting,” he said.
Of the 736 businesses that responded to ISME’s survey, 63% were unaware of the compliance date while 71% of businesses had not started the process of becoming compliant.
10% had discussed implementation with their bank, while 7% had discussed it with their relevant software providers.
Of the SMEs that had received information about SEPA, half of those got it from their bank, 31% got it from a business group, 8% were informed by a Government department and 6% got the information from their software provider.
Meanwhile, 3% of businesses found out about SEPA from newspaper advertising, while 1% found out from radio.
