Dreaming of starting something big? Well, surely you’d have to start small. But keep in mind that digital is ever growing and ever changing. By the looks of it, when your next audience wants something, they would want to have that conveniently and it doesn’t go past “Now”.
So without further ado, here are three reasons why SMEs should have digital payment options.
1. Consumers are always-on
With a large portion of Filipino consumers online, a wide audience is just waiting for the next trend. Based on Voyager’s consumer survey in 2018, 70% of the respondents said they shop both in physical and online stores.
2. Convenience is a key deciding factor
Consumers do not primarily think of channels where they shop, but they do care a lot about convenience and price points, because they think of shopping as a single, unified experience.
Cash, of course won’t be going any time soon. However, electronic payment methods are gaining traction because of the convenience they offer as more consumers discover the perks of the cashless lifestyle. The penetration of credit card population is now at 9%, debit card ownership is at 37%, and e-money account ownership is at 31%. Based on the 2018 number of accounts from Bangko Sentral ng Pilipinas conducted by the Department of Budget and Management.
3. Accept payments instantly
With convenience as a factor, “instant” is something that definitely attracts. Same goes for payments. Faster transactions and lesser time to fall in line will definitely hook the fast paced economy we all lived.
One of the biggest challenges for SMEs is how they can offer their customers different payment options – given their limited scale and capital. The solution is an ‘all-in-one payment platform’ that can accept all kinds of payments—like debit, credit, prepaid, or QR codes—whether online, mobile, or in their physical stores.Shailesh Baidwan – PayMaya President
Having that said, you as an aspiring business owner or an already part of the SME category should be considering digital payments. Otherwise, the this fast paced community might outgrow the things you’ve been working hard for.
Any thoughts on this short list? Pros and cons are always appreciated. Just drop them all below!
Source: Voyager Innovation Press Release