S are an essential part of the global economy , accounting for about 50 % of employment and 90 % of businesses . To stay at the top of their game during this time of uncertainty , there are several key areas that should remain among priorities for e-commerce SMEs , including choosing the right payments partner , a higher emphasis on data protection and tackling checkout friction .
Choosing the right payment provider
One of the key challenges for small businesses is to choose the right payment provider that offers multiple payment solutions and can relieve SMEs of the burden of managing many vendors at once .
This would enable companies to have a clearer focus on running the business as well as allow them to avoid being overwhelmed by a plethora of complex payments processes .
Simas Simanauskas , Chief Business Officer at ConnectPay , emphasised that this decision should be made with a long-term strategy in mind , especially if there are plans to scale . “ In each market , consumers prefer different payment methods , thus already having a payment service provider ( PSP ) that can offer a wide range of services can significantly cut down potential costs ,” he noted .
SELECTING A PAYMENTS PARTNER THAT IS ABLE TO COVER BOTH LOCAL AND CROSS-BORDER PAYMENTS NEEDS MAY FAST- TRACK SCALING IN THE FUTURE .