Top 3 Reasons to Adopt eWallet for SMEs

The POS (Point of Sale) system has been adopted since the early age of payment system in the SME business. POS system is noted as a basic requirement for SMEs to receive payments in cafes, salons, or even boutiques.

However, the physical-money-container has its limitations when it comes to SMEs. It is not viable to bring a POS system anywhere, plus it becomes a hassle when SMEs wants to accept physical cards.

Implementing E-Wallet to the business infrastructure provides an affordable and simple solution for all SMEs, whether to bring in payments during events or even accepting debit or credit cards in the counter.

So, why do you need to implement E-Wallet if you are an SME?

1. Affordable Alternative

POS system is ridiculously costly. SMEs have to pay an average of $250 for the hardware, plus additional cost for the software (let’s not even start about the cost to update the software).

Introducing E-Wallet provides an affordable alternative to receive and track payments from customers. The fact is, SMEs are always constrained with their capital, a lifeline for many, which could be eased by introducing E-Wallet. With a constant update from the payment providers, SMEs will not be charged for an upgrade in the system, unlike an upgrade in software for the POS system.

2. Increase Payment Option

Most POS system is developed with one purpose, which is to collect cash payments from customers. So, what do most business do when they need to collect payments from physical card?

They need to buy/rent another hardware, mostly developed by the banks to process their own payments. Plus, merchants are charged more to process all the payments going through the device. E-Wallets can provide you extra payment options without the cost of having another hardware.

On top of that, there are many E-Wallets that have been integrated with major credit cards and online channels, providing extra payment options for the customers.

Even with a POS system, SMEs can implement E-Wallets to help increase the payment options that they can offer. Thus, implementing E-Wallet is always a win-win solution for SMEs.

3. Provide Mobility

Most POS system lack in mobility that is essential for many SMEs. One essential process of all SMEs is to get the market to know their products through bazaars, meetings, or other business-related events.

SMEs need to sell product everywhere they go because they want visitors to become their potential customers, while promoting their product in the way. However, POS system limits SMEs to work mobile because of their physical nature.

E-Wallet equips smaller businesses with mobility to allow potential customers to receive payments anywhere and anytime. Thus, creating bigger opportunities for small and medium business to thrive against the big boys.

We at Razer Merchant Services wants you to have the best payment option for your business, whether you are a small or medium business. Recently, we developed MOLWallet, an E-Wallet, to equip a solution for SMEs and also individuals. MOLWallet will bring you all the above benefits so that businesses of any size can thrive with today’s economy.