Getting ahead with savvy payment management

SMEs: The backbone of the economy

Small and medium enterprises (SMEs) are the backbone of local economies, particularly in Asia-Pacific region. Across the region, SMEs account for around 90 per cent of all businesses and employ as much as 60 per cent of the workforce. Research also shows that Vietnam is a large SME market with more than 600,000 small and medium sized entities to date where inter-provincial trade is very common, for example, between Hanoi and Ho Chi Minh City.

A constantly changing and competitive region, the uncertain global economy and the increasing globalisation of businesses and customers present SMEs with new issues, including having to drive greater efficiency and productivity, and scaling to grow and change the company. Financial control and flexibility aided with good payment management can help businesses thrive in the transforming business environment.

Whether you’re a small business, entrepreneur, independent contractor, or sole proprietor; operational efficiency is increasingly critical for you to remain competitive and to drive real growth beyond cycles. Financial processes such as payment management are a critical component of running your business and you need control, convenience and cost-savings. Payment management is designed to enhance the efficiency of small businesses processes and improve your bottom line, better manage your cash flow and help growth – not just with start-ups, but for those who need to grow to the next stage.

Streamlining expenses and better access to funds

Streamlining expenses with business cards is an easy way to separate company and personal expenses, manage business and travel spending, and simplify bookkeeping. Managing outgoings on a business card allows you greater control of your business spending - you can track expenses by category; issue cards to key employees, set spending limits, and better manage the company’s cash flow. Fuelling growth for your business by transitioning to business cards not only comes through faster, more cost-effective ways to pay, but also as purchasing flexibility through online purchasing and business travel bookings. Automating payments and leveraging the internet as a tool for business makes business easier to do.

Access to funds whenever and wherever you need it gives businesses more malleability to scale up, increase revenue and cost efficiency. Other benefits that offer savings in cost and time with business cards include offers from business travel and accommodation to business support services and products.

Bargain hunter

You are where you are today thanks to a savvy business sense and knowing a good deal when you see one. So do not stop now, keep a sharp look out for the perks that come with using commercial cards and make them work for you. There are many out there that are designed to enhance the efficiency of your business processes and improve your bottom line. Do you travel overseas a lot for your business? Make sure you choose a card that gives you a better price on flights, accommodation and car hire.

Payment solutions for SMEs are fast evolving to meet the needs of your business, so explore your options and make these solutions work for you. From simple things like choosing your business payment card to enlisting the help of an efficient online management system – you can increase productivity, streamline your financial processes and keep your mind focused on the big opportunities ahead.

Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments.

VisaNet, one of the world’s most advanced processing networks, is capable of handling more than 30,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants.