SME s are Small and Medium enterprises are non-subsidiary, independent firms which employ fewer than a given number of employees number of employees, annual sales, assets and many other factors. This factor varies across countries. In Europe a firm with not more than 250 employees is categorized into SME.
SME’s generally work with limited capital and they are always in growing mode. Cashflow remains a issue for SMEs. Increasingly, larger customers are imposing lengthy payment terms on suppliers, forcing many SMEs to navigate the complex, often expensive finance options available to them.
Apart From this, Online Payment Solution is one of the key issue for SMEs. Large number of SMEs is still using primitive ways to accept payments in both B2C and B2B model. Need of the hour for SMEs is a Robust and effective online payment Solution which create a bridge for easy transferring and receiving funds.
Online Payments can drastically help SMEs to grow their business and soar their revenues. Online payment solutions can save your business time and money, even if you do not run an electronic commerce Web site. They offer your customers more ways to pay, cut away expensive transaction costs, and allow you to manage payments in a more streamlined manner.
Advantages of Online Payments for SMEs
1) New Opportunities: Online payment methods allow conveniently selling goods and services online. SMEs who are currently dealing in Brick and Mortar can expand their business online through e-commerce
2) Instant Payment: One of the great advantages of online payments is that the payment is quick and hassle-free. One can easily make a payment sitting comfortably at home or office.
3) Merchant Reliability: Customers today often consider merchants more reliable that have online payment methods available on their site. It encourages them to do business with the merchant.
4) Getting a competitive edge: For a merchant, accepting online payments can improve reputation, allowing it to gain the trust of the customers. Moreover, when others have online payment systems, you cannot afford to ask for payments via cheques.
5) Influences buyers: An online payment method may influence customers to purchase items listed on the website. Since the transaction is quick and easy, and one can pay via credit cards, buyers are more likely to grab the deal, if there is an online payment system in place.
6) Credit Card Payments: Customers can use their credit cards to make payments, even though they don’t have money in their bank account. More importantly, you can break down the payment into several installments.
SMEs in Hong Kong Vs Europe
SMEs in Hong Kong account for 98% of total business units and 47% of total employment where as in Europe there are 21 million SMEs in Europe, which was over 99% of all businesses.
If we take a comparative approach in SMEs sector of both the countries. SMEs in Hong Kong have started molding themselves into technological scenario and started utilizing power of online payments in their businesses. Payment Asia, one of the key player in the region providing online payment solutions has helped many enterprises to enable them with online payment solutions. Powering the business with Online Payment helped SMEs in increasing their revenues as well as entering new business horizons.
Payment Asia role as the leading e-payment services provider in Asia has facilitate valuable partnerships between a number of local and international e-business application providers. With our determination to ensure that enterprises can reply on a business friendly environment and make the most out of cross border activities within Europe and outside Europe, our potential business partners across Europe are well served. As a valued affiliate of Payment Asia, Partners benefit as we become even bigger and stronger as a team.
About Payment Asia
Payment Asia is a payment service provider which is specialized in electronic payment solution. We are experts in providing reliable and productive payment solutions for merchants.
Payment Asia provides merchants with a comprehensive business payment solution that is cost-effective, and can simplify real-time process of various payment options such as credit card, debit card, and mobile payment.