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Home » Entrepreneur » Payment tech that can propel the growth of SMEs and help save the high street

Neil McKenna

Chief Operating Officer, myPOS Limited

Some challenges that business owners face today can be alleviated by modern financial technology. These include streamlining operations, reconciling payment types and handling cross-border commerce.

Even the smallest merchants can take advantage of fintech tools and grow faster, insists Neil McKenna, Chief Operating Officer at myPOS Limited.

Fintech solutions for small businesses

Digitalisation is essential for success. Yet, many small firms remain less digitised than medium-sized ones. This is partially because entrepreneurs think using modern financial technology requires a certain level of technical sophistication or big investment. This isn’t the case, especially when it comes to business-in-a-box platforms that offer not only traditional card machines but also many modern tools available on a pay-as-you-go basis.

Some of these tools give merchants a chance to create online stores, sell on social media via QR or get paid over chat; they enable business growth online and offline. Payment tools exist for any scenario, and fintech companies work on many fronts to help business owners strengthen their capabilities. myPOS, for example, offers an all-in-one business platform with no long-term contracts and monthly fees. It is the only one in Europe to offer its merchants instant settlement at no added cost.

Enhancing customer experiences with payment technology

Payment is а primary factor in the customer experience, and as more consumers are using digital technology, it offers a massive opportunity to business owners. With the right POS system, business owners can achieve a lot: synchronise inventory management, track data, ease staff and introduce unattended automation — all of which enhance the customer experience.

However, customer experience and loyalty are linked not only to in-store technology but also to omnichannel experience. That’s because people no longer shop linearly; they often notice a product on social media, then browse online and purchase it in person.

The buying journey is getting complex and, to capitalise on this, merchants need to look for more ways to cross-sell and integrate all sales into a single platform, so they can cope with the challenges of omnichannel retailing. That’s how organisations like myPOS help — omnichannel retailing is no longer a perk available only to the big players.

Overall, payment technology can help small businesses grow. Our fintech tools are easily accessible and involve no upfront fees or long-term commitment. Small businesses simply needs to explore the new roads to success.

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