Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any SME. It can also help them to grow and enter new markets and international territories.
A good consultative payment services provider will understand that you’ve invested more than money into your business. Ideally, they will also be flexible enough to help you consider the factors necessary for the next stage of business growth, from financial to cultural influences.
Cultural factors, for instance, extend well beyond the way your small business presents itself to customers. The right payment services provider can help to break down technological barriers for SMEs, for instance by introducing streamlined online payment solutions and contactless payment services in physical locations.
Does your business operate in a high-speed, high-stress and low-attention span world? Then make it easier than ever for customers to pay to improve the cultural appeal of your business.
Learn more about your customers with a consultative payment services provider
Payment culture across the globe is changing, thanks in part to disruptive mobile payment solutions such as PayPal, Apple Pay and Paym coming from the fintech sector.
Apple Pay, alongside other newly-introduced voice recognition services, was instrumental in helping Comic Relief amass over £73 million in 2017 (and counting) for good causes. At the same time, a ‘swear jar’ app, which automatically donated 20p to the cause via PayPal every time it heard a swear word, was another new piece of technological brilliance.
What does this have to do with your payment services provider and business growth, though? Well, it highlights how, in the space of a few short years, the international payments scene has evolved so quickly that people are constantly adopting easier and faster ways to pay for goods and services.
With the amount of pressure SME owners are already under when it comes to growing their business, this is one more thing to worry about. If a small business is slow in adapting these cultural trends, then they could be losing out on a lot of revenue – especially with smartphone uptake surpassing 71% in the UK.
Building a relationship with the right payment services provider can not only help you better integrate with evolving technology to serve your consumers. It can also help you pull ahead of your competitors, thanks to expert support and advice.
Grow by building strong relationships with a payment services provider
Some savvy businesses are even combining mobile payment solutions with loyalty programmes and other reward experiences in order to retain more customers.
These offerings are picking up speed as cash continues to fall out of favour, and SME owners embrace business growth opportunities available online and through mobile devices.
However, this new kind of payment solution will likely come with its own set of regulations, compliance and due diligence to sift through as part of your growth strategy. This is where the right payment provider can help to take the weight from your shoulders and allow you to concentrate on what’s most important – your core business activities.
This can be true for all other stages of your growth strategy, too. Whether you are exploring new customer payment options or streamlining the way your payment services operate internally, find a consultative payment services provider that can provide a helping hand.
Fibonatix is a payment services provider dedicated to helping small businesses grow. We provide payment services that modernise your business, focus on compliance and give you more time to work on your business.