Small business owners may not realise it, but by failing to modernise their internal financial systems with an experienced payment service provider, they could be missing out on a lot of potential business and, unknowingly, be turning customers away.
How so? Research by the IE Domain Registry (IEDR) says that, of 1,000 consumers they spoke to in Ireland, more than 70% said they’d be more likely to make a purchase from a business that has a website.
At the same time, 60% said they’d shop with a competitor if a business didn’t have an online presence, while over 75% get frustrated when they can’t find a brand’s details on the web.
With less than a third of SMEs able to complete sales on their website, it represents a huge portion of the population that could assist with SME growth, underlining the need to partner with an experienced online payment service provider.
Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.
Look beyond the web with the right payment service provider
This isn’t so much about the internet; rather, it’s about small business owners who are being left behind by not expanding their payment gateways to an increasingly online population who are able to manage their finances through smartphones, apps and other technology.
It’s understandable why small business owners may feel like they’re falling behind. Running the business itself – often at times on a small budget – takes up the bulk of their time; so much so that creating and managing an online presence may slip down the list.
Working with an online payment service provider can indeed help small businesses to boost their online presence, but the real benefit of working with the right provider is streamlining your internal payment processes and making it easier for you to manage your finances as well as allow customers to make a purchase in unique ways.
Research shows that cash is on the decline and that debit cards are set to overtake it as the preferred payment option three years ahead of schedule. With 4.6 billion (approximately one in three) transactions expected to be contactless, can you say that your business is offering customers the easiest ways to buy?
Streamlining your financial systems with a payment service provider
Because of the rise of the internet and advances in mobile technology, there are now more ways for people to pay than ever before thanks to services such as PayPal, Google Wallet and Apple Pay.
Even the Bank of England has said that, due to the growth of these and other services, they’re considering launching a brand new, official digital currency. One of the problems we hear a lot of small businesses have implementing such systems, though, is the sheer amount of paperwork they have to work through just to achieve compliance.
Working with the right payment service provider though allows small business owners to concentrate working on their business and building relationships with their customers while the provider works with them to discover the unique ways in which their market is making purchases, modernises their internal financial systems and cuts through the complexities of compliance.
Fibonatix is an experienced payment service provider dedicated to working with small business owners to expand into new markets and territories whilst modernising their payment systems, taking the burden of compliance from their shoulders.
Having a strong relationship with the right payment services provider can open up a world of new financial opportunities for any business. Looking to grow your company and enter new markets? Read our blog ‘Can a consultative payment services provider boost SME growth?’ to find out more.