Small businesses need to get digitally savvy to survive, AMEX

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.
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“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.
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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 - rates updated daily
Boost Business Loan - powered by Business Fuel
Get secured or unsecured business funding for up to $250K. For loan terms of 6 months to 2 years. No application or account keeping fees to pay. Minimum loan amount is $10,000. Get approval in 24 hours. Loans over $100,000 require security. Minimum annual turnover of $120K.
Interest Rate
Upfront Fee
Funding speed
from 14.00% p.a.Details on applicationFrom 24 hoursBoost Business Loan - powered by Business Fuel
Get secured or unsecured business funding for up to $250K. For loan terms of 6 months to 2 years. No application or account keeping fees to pay. Minimum loan amount is $10,000. Get approval in 24 hours. Loans over $100,000 require security. Minimum annual turnover of $120K.
- Interest Rate
- from 14.00% p.a.
- Upfront Fee
- Details on application
- Ongoing Fees
- $0
- Late payment fee
- -
- Transaction fee
- -
- Early repayment penalty
- -
- Other fees
- -
- Loan type
- Loan
- Security type
- Secured or Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $500,000
- Minimum loan term
- 3 months
- Maximum loan term
- 3 years
- Repayment frequency
- Weekly
- Repayment types
- -
- Minimum trading period
- 1 year
- Minimum annual turnover
- $120,000
- Application speed
- From 24 hours
- Approval speed
- From 24 hours
- Funding speed
- From 24 hours
- Extra repayments allowed
- -
- Redraw allowed
- -
- Other benefits
- All industries supported.
- Other restrictions
- Loans up to $100K: No upfront collateral required Loans between $100K to $200K: Borrower must be a property owner Loans over $200K: Borrower must be a property owner, and the loan will be secured
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 dayUnsecured 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
- from 9%
- Upfront Fee
- -
- Ongoing Fees
- 2.5% establishment fee of the disbursed amount.
- Late payment fee
- $50.00
- Transaction fee
- $0.00
- Early repayment penalty
- $0.00
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $300,000
- Minimum loan term
- 3 months
- Maximum loan term
- 4 years
- Repayment frequency
- Weekly
- Repayment types
- Principal & Interest
- Minimum trading period
- 6 months
- Minimum annual turnover
- $60,000
- Application speed
- within 24 hours
- Approval speed
- 2 hours
- Funding speed
- Within same day
- Extra repayments allowed
- yes
- Redraw allowed
- yes
- Other benefits
- Early payout options and early repayment discounts are available. Principal-only payout available after 6 months.
- Other restrictions
- Loans above $300,000 must be secured by property.
Unsecured Business Loan
Business Loans from $5,000 to $2,000,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.
Interest Rate
Upfront Fee
Funding speed
On Application3%, starting at $399from 3 hoursUnsecured Business Loan
Business Loans from $5,000 to $2,000,000 with high approval rates. Access to funds in as little as 3 hours. Cash flow friendly repayments and open minded offers.
- Interest Rate
- On Application
- Upfront Fee
- 3%, starting at $399
- Ongoing Fees
- no
- Late payment fee
- $50.00
- Transaction fee
- -
- Early repayment penalty
- no
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $4,000,000
- Minimum loan term
- 3 months
- Maximum loan term
- 1 year
- Repayment frequency
- Weekly, flexible
- Repayment types
- Principal & Interest
- Minimum trading period
- 6 months
- Minimum annual turnover
- $120,000
- Application speed
- 10 Minutes
- Approval speed
- within 1 hour
- Funding speed
- from 3 hours
- Extra repayments allowed
- yes
- Redraw allowed
- no
- Other benefits
- Daily repayments available.
- Other restrictions
- -
Lumi Lux
Lumi Lux™ is an innovative rate-reducing business loan that rewards customers for a good repayment history over the loan term by dropping interest rates by 25 basis points every six months (T&Cs apply). The loan is for more established businesses with minimum $2M revenue.
Interest Rate
Upfront Fee
Funding speed
from 14% to 20%-Within same dayLumi Lux
Lumi Lux™ is an innovative rate-reducing business loan that rewards customers for a good repayment history over the loan term by dropping interest rates by 25 basis points every six months (T&Cs apply). The loan is for more established businesses with minimum $2M revenue.
- Interest Rate
- from 14% to 20%
- Upfront Fee
- -
- Ongoing Fees
- 3.5% establishment fee of the disbursed amount.
- Late payment fee
- $50.00
- Transaction fee
- $0.00
- Early repayment penalty
- $0.00
- Other fees
- -
- Loan type
- Loan
- Security type
- Property Secured
- Minimum loan amount
- $200,000
- Maximum loan amount
- $500,000
- Minimum loan term
- 1 year
- Maximum loan term
- 4 years
- Repayment frequency
- Weekly
- Repayment types
- Principal & Interest
- Minimum trading period
- 3 years
- Minimum annual turnover
- $2,000,000
- Application speed
- 10 minutes
- Approval speed
- 1 to 3 days
- Funding speed
- Within same day
- Extra repayments allowed
- yes
- Redraw allowed
- yes
- Other benefits
- Loan interest rate decreases by 0.25% every 6 months with good repayment history up to a maximum 2% drop.
- Other restrictions
- Must be secured against property.
Short Term Business Loan
Unsecured business loans from $10,000 - $250,000, over 6 to 24 months. Online application takes only 10 minutes and you'll know if you're approved within hours. Apply now.
Interest Rate
Upfront Fee
Funding speed
On Application3.00%from 24 HoursShort Term Business Loan
Unsecured business loans from $10,000 - $250,000, over 6 to 24 months. Online application takes only 10 minutes and you'll know if you're approved within hours. Apply now.
- Interest Rate
- On Application
- Upfront Fee
- 3.00%
- Ongoing Fees
- $0.00
- Late payment fee
- $0.00
- Transaction fee
- $0.00
- Early repayment penalty
- $0.00
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $250,000
- Minimum loan term
- 6 months
- Maximum loan term
- 2 years
- Repayment frequency
- Daily, Weekly
- Repayment types
- Principal & Interest
- Minimum trading period
- 1 year
- Minimum annual turnover
- $100,000
- Application speed
- 10 Minutes
- Approval speed
- from 24 Hours
- Funding speed
- from 24 Hours
- Extra repayments allowed
- No
- Redraw allowed
- Eligible to apply for renewal after 50% paid down
- Other benefits
- -
- Other restrictions
- Minimum $100k turnover and 1 Year in Business.
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.
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