A lack of experience amongst SME owners is stopping them from growing on a global level; something that working with an experienced payment service provider can help businesses with international growth ambitions overcome.
The influence of the internet and its integration into people’s daily lives has not only helped friends and family to keep in touch with each other, but has also given SMEs the opportunity to reach out to new global markets easier than ever before in new, creative ways.
Many SME owners still face problems though. According to research by HSBC, the biggest barrier to global SME growth boils down to a ‘lack of international business experience and knowledge’. Other factors include the complexities of international financial laws and regulations, with SME owners fearing their business’s value will fall if global trade taxes rise.
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.
Enter exciting new markets with an online payment service provider
Partnering with a global payment service provider can help SME owners to comply with international trade laws and regulations, and build a bespoke financial strategy focused on taking the business to the next level.
Working with the right global payment service provider also allows small business owners to concentrate on concentrate on what they do best, while the provider tackles the complexities of compliance and international regulations relevant to the industry the business trades in.
An online payment service provider is also incredibly useful at helping SMEs to discover and implement the right software that makes both theirs and their customers’ lives easier than ever before by introducing new, easier and more secure ways for people to pay and process their finances within the shop and online.
A good, experienced payment service provider understands the changes happening to business and personal finance on an international level thanks to the burgeoning financial technology (fintech) sector.
While fintech knowledge is readily available to a payment service provider, HSBC warns that fintech is also one of the biggest obstacles SME owners face, as they struggle to get to grips with a technology-focused sector determined to change the way people across the planet do business and manage their finances.
Get acquainted with the fintech sector with a payment service provider
SME owners typically know about contactless payments, services like PayPal, Apple Pay and others. These all fall under the fintech umbrella, and though aware of the software, HSBC says that most SME owners are confused by the options open to them and which software is best for their business.
Fintech is specifically designed to make local and global payments easier, breaking down international barriers and speeding up the payment process. A recent whitepaper by Saxo Payments Banking Circle also shows that SMEs predominantly want two things when looking at international trade; the best FX rate and a fast way to process payments.
All of which can be navigated by implementing the right bespoke software and financial strategy with an experienced payment service provider that cares as much about your SME’s growth as you do. No business is the same, and implementing a strong growth strategy with the right technology can streamline and improve your cashflow as well as boost your international growth ambitions.
Find out more about entering and attracting new global markets with a payment solution that optimises your internal financial strategy and makes it easier for your customers to pay for goods by contacting the Fibonatix team today.
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.
