Small businesses need to get digitally savvy to survive, AMEX

By Ben Tosi · · 2 min read
Fact Checked
Advertiser disclosure

It turns out that small businesses aren’t embracing the digital revolution quickly enough after new research from American Express revealed that just 52% have a website, despite it being a major convenience for customers.

The research comes as a part of American Express’ Shop Small initiative, encouraging Aussies to spend their hard earned cash at locally-owned businesses through a neat cashback offer.

While the initiative is all about getting customers through the doors of small businesses, Vice President of Small Merchant Services at American Express, Katrina Konstas said that the owners of these retailers and restaurants have to share some of the responsibility.

RELATED: Getting in on the act: why bank competition is needed for small businesses

“Small businesses need to focus on what’s important for their customers in this new digital age, and offer that unique, personalised customer service that the big end of town can’t. If they don’t act now, there is a real risk small businesses will be left behind,” she said.

A major digital banking innovation that is yet to take hold at many small businesses is contactless payments. According to Amex’s The Economy of Shopping Small Report just 27% of Aussie businesses currently process contactless payments despite their increasing popularity - with funding being the major obstacle.

CEO & Founder of Retail Doctor Group, Brian Walker said that by not taking up these technologies small businesses are passing up a great opportunity.

“The ability to be agile, customised and innovative is a luxury that many small businesses have over their larger counterparts, so it’s important to make the most of this advantage,” said Walker.

For retail and restaurant owners looking to get digitally equipped, Optus recently launched its Yes Business platform.

RELATED: NAB introduces virtual chatbot bankers for small businesses

According to Optus’ Head of Small Business, Matthew Ball, the online platform is designed to offer tips and advice as well as providing a place for small business owners to connect.

“So what we did was build an entire end-to-end community, a digital ecosystem where small businesses can come talk to each other, hear from professionals… they can crowd rate the article, share it, [and] use that information,” he said.

If you’re a small business owner after some finance to kickstart your company’s digital revolution, head to Mozo’s business credit card comparison tables to check out a host of options on the market or if you would prefer a business loan, check out a few popular non-bank offerings below.

Non-bank business loan lenders

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 85 products
Last updated 24 December 2024Important disclosures

Refine the list of business loans

Let’s help find you a great business loan...
  • About Lumi
    Unsecured Business Loan

    A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.

    Interest Rate
    Upfront Fee
    Funding speed
    from 9%
    -
    Within same day
    Go to site
    Details
  • About Prospa
    Prospa Plus Business Loan

    Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.

    Interest Rate
    Upfront Fee
    Funding speed
    Interest rates vary based on risk.
    3.5%
    from 24 hours
    Go to site
    Details
  • About Bizcap
    Unsecured Business Loan

    Business Loans from $5,000 to $5,000,000 with high approval rates. Access to funds on loans up to $500,000 in as little as 3 hours. Cash flow friendly repayments and open minded offers.

    Interest Rate
    Upfront Fee
    Funding speed
    On Application
    3%, starting at $399
    from 3 hours
    Go to site
    Details
  • About Westpac
    Fixed Rate Unsecured Business Loan

    Interest Rate
    Upfront Fee
    Funding speed
    -
    On application
    Varies
    Find out more
    Details
  • About NAB
    Business Overdraft

    Interest Rate
    Upfront Fee
    Funding speed
    10.47% p.a. variable
    Negotiable
    Varies
    Find out more
    Details

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.