India has witnessed phenomenal growth in the SME sector in the last few decades, with many of them coming up in small towns and villages across the country.
Many entrepreneurs and small business owners can benefit from taking their business online. It will help them get the edge that big brands have when it comes to acquiring and retaining customers.
Payment aggregators in India are eyeing this SME sector. There is immense potential for expanding their footprint by offering their services to individuals and companies. While it helps them go live online with their business, it also allows them to accept online payments from customers.
Currently, there are close to a whopping 51 million SMEs across India with most of them having no presence online. Therefore, partnering with them makes for a positive business case for these payment service providers. It is a winning situation for both the business owners and the payment gateway service provider since it’s mutually beneficial for both parties.
While the Payment aggregators can help these SMEs set up online payment management systems, the resulting revenue and footprint expansion are lucrative for the former.
Let’s look at how Payment Gateways can help the SME sector for growth!
Access to More Customers
Small-time SMEs generally get business through direct contacts, or through people, they know. However, not having an online presence makes them lose out on potential business opportunities. Payment gateway service providers can help them get online with the stores and integrate their systems on the store. It would give these small-time SMEs an expanded footprint across a much bigger market.
Seamless Payments with Customization Options
SMEs don’t have big budgets as opposed to bigger organizations; therefore, any opportunity they can get to showcase their products and services can be a potential. growth accelerator. Payment gateways can help them accept seamless payments. It also provides them customization options that can help increase brand value and recall among their targeted audience.
Accept a Variety of Payments
An SME that’s working out of a small town or village is most likely dealing in cash. With cash slowly being replaced by digital modes of payments due to its convenience of instant transfer, embracing these newer modes will only help in fostering growth. A payment gateway can help SMEs make the switch from traditional cash-based payments to digital modes such as UPI, digital wallets, etc.
Merchant payment processing is something a lot of businesses are switching to from cash transactions. It’s a win-win situation for both payment gateways and the SME sector as they can both mutually benefit from increased sales, a wider audience base, and the potential of the business to go global.
It’s something that SMEs need to explore, and it’s something payment gateway providers are already exploring trying to get as many SMEs as possible into their fold!
So it is all about Payment Gateways Eye SME Sector for Growth hope you may have cleared all points. Let us know if you have any queries leave the comment below.