Small and Medium Enterprises (SMEs) are the lifeblood of the world economy. According to World Economic Forum data, they account for half of all employment and 40% of economic activity in the majority of markets.
In developing economies, their importance is even greater; throughout Africa, Asia and Latin America SMEs are responsible for 70% of economic activity, with 98% of registered companies in Kenya categorised as SMEs.
SMEs are embracing the digital economy
The dynamic nature of the SME sector is underlined by the fact that many are embracing the opportunities presented by the digital economy to branch out into international markets.
Whereas once SMEs might have been seen as local businesses, they are now breaking down these stereotypes: more than three in five SMEs say they are doing more businesses abroad than before, with an even greater proportion planning to do more international business in the future.
While SMEs don’t have the same access to capital and resources as their larger competitors, they are using digital technologies to streamline their operations, boost productivity, address their customers’ needs, and drive growth.
But SMEs around the world are also faced with significant challenges. Chief among them is a lack of access to flexible payment solutions that are adapted to their needs. With SMEs so vital to the world economy, this obstacle needs to be overcome urgently.
SMEs need flexible, end-to-end solutions
With many SMEs targeting international growth, having flexible payment systems is vital. These systems must be cost-effective, able to integrate with existing infrastructure quickly and easily, and include the right featureset to meet the individual needs of each and every SME.
SMEs may need assistance in managing regulatory compliance, or require access to data to inform and power sales and marketing campaigns. The off-the-shelf solutions typically offered by larger banks rarely match up to these requirements, and can often be a drain on resources due to maintenance costs. Fortunately, there is an alternative.
Paymentology: Providing bespoke payment solutions for SMEs
At Paymentology, we have more than a decade of experience in delivering cost-effective, flexible and full-featured payment solutions for SMEs at all stages of growth across Europe, Africa and the Middle East.
For more information on how Paymentology can help SMEs address their unique challenges, download our SME payments report and get in touch with us today to find out how we can support your SME.
