According to Pordata data, there are around 1.45 million SMEs (Small and Medium-sized Enterprises) in Portugal, representing 99.9% of the Portuguese business fabric, businesses which, due to their size, need support and solutions tailored to their economic possibilities.

This is particularly relevant when we talk about companies that make it their business to sell to the public in a physical shop or online, since they will have to deal with the (almost always) problematic payments.

There are, however, new payment methods for small businesses that are enabling these businesses, which are so important to the Portuguese economy, to reduce the problems experienced by their customers at the checkout (finalising the purchase with payment) and consequently increase the number and value of sales made.

What are these methods? That's what we're going to help you find out right now.

The most effective payment methods for small businesses

With the Bank of Portugal, in its Payment Systems Reportin 2024, 89.5% (11.5 million transactions/day) of payments were made using cards (of which 56.7% were influenced by the contactless technology), immediate transfers increased by 46.4% in quantity and 47.2% in value and the number of TPAs installed grew by 5.2% compared to 2023, the conclusion is obvious: the Contactless POS is the most effective payment method for physical shops.

As well as providing a faster and more convenient payment experience, the automatic terminals offer secure payments for small businesses that not only solidify the customer's trust in the shop, but also contribute to increasing the average ticket, i.e. the average amount spent on each purchase.

In addition to all this, there is also an important factor related to customers' consumption habits, namely the means of payment they use.

As a general rule, the most innovative digital payment solutions for small businesses offer the possibility for customers to pay via PIN, contactless cards, digital wallets and MB WAY, which guarantees from the outset that no transaction fails to take place because of a time lag between the how customers usually pay for their purchases and the payment methods offered.

In addition to these, small businesses now have even more diverse solutions at their disposal. These include PIXA very popular product on the Brazilian market for its speed and convenience, the Instalment plan with UNICREwhich makes it possible to offer fractioned payments and thus increase customers' purchasing power, and solutions that turn a smartphone into a payment terminal safe and easy to use.

These options broaden the range of choices and make the payment process more inclusive and tailored to each consumer's preferences.

If, in a physical shop, the most effective methods include the incorporation of a contactless POS, in the case of e-commerce, a universe in which more and more small businesses are investing, the methods are somewhat different, although, as we'll see later, there is an approximation between payment solutions for e-commerce and mobile payments for small businesses.

In the case of online payments, the most common method of payment on websites are payment gateways. In practice, a e-commerce gateway is an interface that enables the processing and transmission of payment data between your online business (with or without a website), customers and banks.

In the case of marketplaces, platforms that are already set up to accommodate small online sales businesses, the method will be different and could involve remote payments by link in which, by accessing a payment provider's secure page, the business issues the invoice and sends it by SMS, WhatsApp or email to the customer.

How do you choose the best payment method for your business?

Now that you have a better idea of the most effective payment methods for your company, it's time to answer the following question: how do you choose the ideal payment provider?

For your choice to be as assertive as possible, you should pay attention to these 4 factors:

Turnover

The volume of invoicing helps you determine whether, for example, you need a "light" TPA in terms of operating costs or whether it would be more productive to bet on, for example, the TPA Android SmartIt is able to accept not only a wide variety of traditional payment methods, but also solutions such as the PIX or the Instalment plan with UNICREThese make business management and customer life easier.

Sales channel

As we have seen, the solutions and types of payment methods vary according to the sales channel in which your business operates and it is on this basis that you should make your choice.

Range of payment methods

Not all TPAs or online payment solutions offer you the same means of payment, which is why you should bear in mind that, in the physical channel, Portuguese consumers prefer to pay by card, digital wallets (Apple Pay or Google Pay, for example) and MB WAY, while in the online channel this happens via credit cards, digital wallets and MB WAY, which are among the most efficient online payment solutions.

The more comprehensive the payment methods you offer, the more valuable your customer service will be.

Customer payment habits

In line with what we said in the previous point, choosing the best payment method should take into account your customers' consumption habits, in order to offer them the best possible shopping experience and thus enable them to increase their loyalty. loyalty rate.

Advantages of integrating mobile payments for small businesses

Innovation has no limits and the development of mobile payments for small businesses is a fine example of this. how technology and the new forms and needs of today's businesses can go hand in hand.

With the increase in home delivery companies and seasonal businesses, there is also a need to offer customers more flexible methods and means of payment that offer greater comfort and convenience.

This is the case with REDUNIQ Soft solutionThis is a new technology that turns a smartphone into an Android POS capable of accepting contactless, NFC and QR code payments anytime, anywhere.

Also, another of the examples already mentioned are remote payments by link where, in practice, all you have to do is send a payment link to your customer and they pay for the purchase using their smartphone.

By integrating these payment solutions for start-ups and small businesses, you will reap several benefits. The main ones are:

• The increase in higher-value sales and the average ticket;
• An increase in the loyalty rate;
• The guarantee of faster, more convenient and more secure payments;
• Adaptation to your customers' needs, thanks to a wide range of payment methods;
• Reducing costs;
• Better management of incoming transactions.

How to reduce transaction fees on payment methods

Every expense counts when it comes to SMEs. Transaction fees in small businesses can be a major obstacle not only to business solvency, but also to introduction of state-of-the-art transactional solutions.

Sensitive to the impact of these taxes on the economy of small businesses, REDUNIQ offers the market a Free TPA with Easy monthly fee.

In practice, this terminal lets you know how much you will pay according to your business turnover and accepts all types of payments, including cards, digital wallets and MB WAY.

What's more, this APT has no membership costs or loyalty period, enabling you to accept payments of up to €7,500/month with any card, free of charge.

In short, choosing the right payment methods is essential for the growth of small businesses. By opting for secure, fast and flexible solutions, you guarantee a positive experience for your customers and reduce costs for your business.