Navigating the payment landscape: Top tips for SMEs in choosing the right partner
Navigating the payment landscape: Top tips for SMEs in choosing the right partner
Small and medium-sized enterprises (SMEs) are the backbone of the economy, providing jobs, innovation, and economic growth. They represent 90% of businesses, more than 50% of employment worldwide and contribute up to 40% of national income in emerging economies.
However, in recent years, SMEs globally have had to face unprecedented challenges, many of which will continue to be felt across 2024. For example, rising inflation and interest rates may make accessing capital more difficult for SMEs and competition from digital disruptors will increase, requiring SMEs to innovate and leverage technology. SMEs will also need to adapt to changing consumer behaviours and preferences in the post-pandemic economy.
To combat these, SMEs require innovative solutions from vendors, exceptional service support, continued customer loyalty and most importantly, the right payments partner. Payments can often be overlooked by SMEs – often viewed as a tick box necessity, rather than a key strategic asset where value can be added. SMEs must ensure that their payments partner understands the unique needs of the business, can assess growth objectives and offer the right pricing structure and transparency.
Navigating the selection of a payment provider can pose challenges for SMEs. To streamline the decision-making process, we have outlined our top tips below.
Meeting the needs of SMEs
SMEs require simple, affordable solutions tailored to early-stage companies. Small and medium businesses with time and resource constraints will find these solutions more accessible and feasible to implement. Limited staffing also requires personalised support and quick issue resolution. Partners that can offer dedicated customer service representatives or a 24/7 helpline highlight that they understand the type of support that SMEs require to ensure their payment process runs smoothly.
Another process that SMEs should consider when selecting their payment partners is onboarding. Switching and setting up a new partner can sometimes be a long and arduous process, leaving businesses unable to trade until they are up and running with their new provider. However, SMEs cannot afford to wait that long. Therefore, they need to identify payment partners that offer a streamlined onboarding process where it is quick and easy to start accepting payments. It is also important to look at whether providers offer fast access to capital through services such as cash advances which give SMEs the opportunities to cover expenses.
Elevating the SMEs experience
As SMEs scale, they require payment partners that can support them as their transaction volumes grow. It’s important that small businesses leaders look for providers that can offer scalable solutions that meet the changing needs of companies expanding into new markets and can accommodate businesses as they aim to reach a broader customer base.
Added to this, SMEs require data to make informed business decisions, therefore payment partners that can provide robust analytics, reporting tools and business intelligence are vital. This provides insights into sales trends, customer behaviour and payment processing performance. Having access to this data will empower SMEs to optimise their operations, identify growth opportunities and improve overall customer satisfaction.
"SMEs require data to make informed business decisions, therefore payment partners that can provide robust analytics, reporting tools and business intelligence are vitaly.”
Providing knowledge and support
Although SMEs often have small teams, so should consider payment partners that offer a helping hand when it comes to navigating complex regulatory requirements and mitigating risks. Payment partners must have the compliance expertise and risk management solutions that can ensure businesses stay compliant with industry regulations. The right partner will also have the solutions available to safeguard against fraud and protect sensitive customer data. Most importantly, SMEs must look to partner with those who have reputation and reliability; a payments partner with a robust infrastructure minimises the risk of transaction failures and disruptions to the business. Payments partners such as Getnet are critical for SMEs success in 2024 as the economy recovers. Working with Getnet can unlock synergy between retail, payments, and acquiring for SMEs. In turn, it is more than a series of interactions with customers. Instead, it's a dynamic, ever-evolving narrative of progress, innovation, and mutual growth. By providing tailored solutions, payments partners can help SMEs adapt and remain resilient.
Want to find out more? Get in touch with the Getnet team today. Contact here!
