Online payment solution provider- A cutting edge industry contributing to reshape SMEs economical condition

Uncertainty breeds innovation, and in the wake of the Global Fintech Crisis(GFC), fintech attracted significant investment and began to revolutionize online payment solutions for SMEs. Many banking institutions are beginning to partner with Fintech firms to enhance their current banking functionalities. SMEs and other institutes have come to realize that consumer brand loyalty is decreasing, while demand for speed, accuracy, transparency, and high tech, is experiencing exponential growth. Of course, the COVID-19 pandemic has caused significant disruption and cast doubt on many predictions and projections. 

This article illustrates the effects that the COVID-19 pandemic has had on SMEs and the acceleration and integration of the Fintech industry with the SMEs in these tough times. 

1. Fintech solutions can help secure a sustainable and inclusive recovery from the pandemic. Fintech applications through smartphone-enabled saving, payment disbursements, payment acceptance, split payments, and security tokens can greatly enhance the efficiency of resource allocation and reduce transaction costs.
2. Health concerns in the COVID-19 era have made physical cash payments less practical. This led to opening the door for online payment solution providers with digital payments and e-wallets. Though cash use was predicted to decline in any case, COVID-19 hastened that decline, due to concerns that handing over money can cause human to human transmission of the virus. With online payment solutions and modes of payment through cards, wallets, UPI, payment concerns have been raised to a great extent. 
3. Improved ‘know your customer’ services are required to counter the rise in digital fraud and cybercrime since the beginning of the outbreak. As more of the global economic and financial system continues to move towards online payment solution providers, cyber defenses will become even more crucial to protect customer and merchant data. 
4. Fintech companies act as online payment solution providers and offer new ways to catalyze sustainable development finance amid considerable development gaps. These platforms can be also used to increase savings and channel resources into publicly or privately funded investments. Blockchain-based solutions and asset tokenization are promising ways of addressing financing gaps and securing sustainable funding for infrastructure.
5. With a gamut of online payment solutions, Fintechs have also demonstrated resilience and an ability to handle financial difficulties, giving SMEs hope of surviving the crisis intact. Their high level of equity finance, coupled with agile operations and a willingness to embrace remote working, has enabled SMEs to withstand the disruption. 
6. Retail outlets and brick and mortar establishments must develop an online presence post-COVID-19. They need to make sure their online websites are mobile-responsive, offer integrated services such as “buy online pick up in store” (BOPIS), and deliver a consistent, reliable online payment solution across devices and channels.

A closing word

Fintech continues to be a cutting-edge industry and will be contributing greatly to the re-shaping of business commerce over the next decade. Choosing an online payment solution provider requires “customer-first” thinking. If you are not sure what online payment gateway would be best for both your customers and your growing business, don’t forget to ask yourself the following questions: 

1. Is the online payment solution provider flexible enough to scale as my business grows? 
2. Is the pricing model good for my type of business? 
3. Will my customers have enough payment options based on their location and online payment preferences? 
4. Will I get support anytime I need it? 
5. How much effort will I need to put into the payment gateway integration?  
6. Will I need a software development partner?  

With this basic checklist, SMEs can find the one online payment solution provider that suits your business by listing your business requirements, the integration options, transactional fees charged, and reliable customer support if you’re stuck in between integration or transaction.