Expectations for SMEs Walking Into 2022
SMEs ultimately want scalability and success within their respective market, but there is more to consider than a simple upwards trajectory.
Within over-saturated markets, businesses can find themselves stumbling in the first hurdle of attempted growth. It becomes imperative that merchants maintain a competitive edge within their industry, an edge that rests on a viable payment strategy. The optimism is clear, 63% of SMEs are anticipating achieving growth within the next three years.
While increasing profit margins involves strategically creating demand for inflated goods, there should be additional focus on developing a loyal customer base with retention in mind.
Setting an Environment for Scalability
Scalability can be considered synonymous with efficiency; in business, one cannot exist without the other. Scalability requires a merchant to utilise all their current tools to create a strong synergy between institutions, manpower and technology – this achieves a payment infrastructure.
However, a growing payment infrastructure can be crushed by the pressure of increasing customer expectations of accessible payments. An efficient business does not create unnecessary alternatives for a customer to purchase your product. Researching the correct POS system requires a considerable amount of time, money, and resources – often leading to many start-ups resorting to convenience at a higher cost.
The convenience of higher fees for an easy set-up should not obtrude your profit margin, choosing convenience could hurt your long-term business efficiency.
A Quality Based Approach
The objective is clear: scalability requires transparent pricing to balance your budget and payment infrastructure that places more emphasis on customer accommodation.
The requirement is a system with flexibility in both a physical environment and digital processing. Bespoke Merchant Solutions utilises the current PAXA920 machine, equipped with a wireless Android OS. This OS has the advantage of customisation capabilities and mobility based on the merchant’s needs. The PAXA920 machine opens the door for customer payment options – including NFC contactless and SCA flexibility.
This technology would not be at its full competitive advantage without a fixed long-term contract, that is transparent with its fees – so you know exactly what you’re getting into.
With a fixed long-term contract, you can focus on strategising your budget based on your immediate needs: meanwhile, you can be confident with your payment infrastructure.
