In our tech-saturated modern world, Small and Medium Enterprises (SMEs) face growing pressure to keep pace with a rapidly evolving market. Today, many SMEs rely on Software-as-a-Solution (SaaS) platforms to address operational hurdles, e.g. F&B businesses using cloud point of sale (POS) systems for order management or beauty and wellness studios using platforms to streamline bookings and memberships.  

Not all of these solutions are created equal. The right platform must enable SMEs to focus on their core business. Apart from operational needs, a key functionality that SMEs are seeking from their platforms is payments.

Instead of managing the relationship and integration with the payments providers themselves, SMEs are now ready to use embedded payment services by their platforms – integrating payments into their full business process. This spells an opportunity for SaaS platforms looking to attract and retain more users.

Indeed, interest in embedded payments in platforms has surged to nearly 74 per cent globally, up from just 34 per cent already using them. With SMEs making up 99 per cent of all businesses in Singapore, addressing these payment needs are essential. The question for SMEs to consider is how their platform of choice is able to connect them to tangible business value.

Simplify operational complexities with the embedded payments

As platforms rapidly shift to become a crucial component in the game of business, SMEs must be cognisant of how their chosen platform can serve them beyond their immediate needs, such as that of payments.

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Traditionally, SMEs are referred by their platforms to payment service providers (PSPs), leaving them to assemble solutions that fit their business and rely on third-party system integrators to accept payments. This model is more often than not, time-consuming for SMEs as they need to integrate and troubleshoot with multiple support desks. This does not have to be always the case.

SaaS platforms can take control of their payments offering by embedded payments and processing payments natively. Since payments and financial services are run on the same platform, payouts to platform users (the SMEs) are instant, reconciliation can be automated, and additional financial services can be added to the users’ needs. Essentially, SMEs can run their business, sell, and get paid all in one place. 

Ramp up your business with the right SaaS platform provider 

SMEs are often limited by the technology of their payment service provider and left with limited payment methods and solutions. But if their platforms embed payments with the help of a robust payment partner, SMEs would be able to accept local and global payment methods easily. Accepting global payment methods means end-customers can pay wherever they are, with whatever method they prefer.

A prime example is Fresha, a global leader in booking software in the beauty and wellness industry. By leveraging Adyen’s financial technology, Fresha allows its beauty and wellness business users to accept global payment methods from their diverse clientele. Today, payments from global card schemes like American Express are natively accepted anywhere with Fresha’s platform users, both online and in-person.

Working with Adyen also means that Fresha can automatically offer its users affordable and innovative solutions like Tap to Pay or other mobile terminals that fit the needs of the beauty and wellness industry. Such solutions are cost-effective as SMEs can simply activate their own mobile device to accept payments from end-consumers.

Closer to home, there is also Aigens, a Hong Kong-based F&B SaaS provider, catering to the Hong Kong and Singapore markets. Aigens offers its F&B users like Swee Choon, and Louisa Coffee a comprehensive suite of payment solutions designed to enhance customer experiences and improve overall efficiency.

Also Read: Asia’s payment evolution: 5 trends shaping the 2025 landscape

By adopting these solutions, diners can easily place orders through their preferred channels, resulting in shorter queues and higher customer satisfaction. Notably, Louisa Coffee has achieved improved authorisation rates, averaging 98% over the past nine months.

Growth and going beyond borders

Once SMEs have built a strong foundation in their local market, naturally, many will look to grow and expand their business abroad. However, their willingness to embrace innovation, adapt to local cultures and leverage digital tools will determine their ability to seize new opportunities. Being on a platform that already integrates payments technology democratises access to payments innovation and resources, empowering SMEs to compete on a global scale.

Whether through online marketplaces, social commerce, or integrated e-commerce solutions, it provides SMEs with the ability to reach customers beyond their immediate geographic area, tapping into new markets with lesser overheads. Many platforms also partner with financial institutions to offer embedded financing services, giving SMEs access to working capital, loans, or alternative financing solutions.

These options help SMEs bridge cash flow gaps, invest in growth initiatives, and navigate periods of economic uncertainty. This ultimately enables SMEs to diversify their customer base, reduce dependency on local economies, and access new segments that were previously unattainable.

The future of SMEs will hinge on their ability to adapt swiftly and harness digital ecosystems. As the business landscape continues to evolve, those that successfully embrace innovation and integrate these platforms will be well-positioned to drive sustainable growth, enhance competitiveness, and thrive in an ever-changing market.

Source: e27 / Digpu NewsTex