Tips for micro and nano businesses to grow their businesses

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msttasnuvanava
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Joined: Mon Dec 23, 2024 3:40 am

Tips for micro and nano businesses to grow their businesses

Post by msttasnuvanava »

The payments landscape is evolving at an unprecedented pace, especially affecting the world of micro and nano businesses. Digital payments are not just a trend, but a powerful tool for growth. By accepting digital payments, SMEs can increase their sales, better understand their customers and their business, and gain a competitive advantage in today's digital world.


Embrace digital payments
One of the most powerful growth tools for micro and nano businesses is to embrace digital payments. Our research shows that when cards are accepted, sales increase. ¹The reason is simple: convenience. By offering more payment options, you satisfy a wide range of customer preferences.


Access to credit
Digital platforms can make it easier for small businesses to access credit and working how to get south korea whatsapp number capital solutions. This can help solve the lack of liquidity that arises when businesses charge 30, 60 or 90 days after service.


Increase revenue
Around 82% of SMBs reported an increase in sales when they offered in-person payment options1. For example, solutions like Tap to Phone allow customers to make digital payments, helping merchants increase revenue simply by introducing this digital payment method.


Understand your operating expenses
Digital payments can also help you better understand your operating expenses. By tracking your digital transactions, you can control where your money is going and identify areas where you could cut costs. This will allow you to operate more efficiently and increase your profit margins.


Manage your cash flow effectively
Lastly, digital payments can significantly improve your cash flow management. With digital transactions, funds are typically deposited into your account quickly, reducing the time between making a sale and receiving payment. This can help smooth out cash flow, making it easier to manage your business and plan for the future.


Adopting digital payments can bring numerous advantages to micro and nano businesses. If you want to know more,Click hereand download our full report.

¹ Source: Visa SMB's and Nano Merchants Study commissioned to Maru 2023.
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