Small businesses need to get digitally savvy to survive, AMEX

By Ben Tosi · · 2 min read
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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.

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.

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  • About ScotPac
    Boost Business Loan

    Whether you’re looking for a quick cash boost for your business or are ready to invest in growth, ScotPac offers a range of unsecured and secured loans from $10,000 up to $500,000. For loan terms of 6 months to 3 years. No application or account keeping fees to pay. Funds available in 24 hours or less once approved. Repayment options available.

    Interest Rate
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    From 24 hours
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  • 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
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  • 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
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    On Application
    3%, starting at $399
    from 3 hours
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  • About Regional Australia Bank
    Mortgage Secured Commercial Loan

    Use your property as collateral to meet your business needs. Offers repayment terms up to 30 years for residential security and 15 years for commercial/rural security. Provides interest rates that are tailored to your business needs. Choose from Principal & Interest, Interest Only, or Interest in Advance repayment options.

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  • About Regional Australia Bank
    Self Managed Super Fund Loan

    A loan to help your fund grow. Borrow for up to 25 years for residential properties or 15 years for commercial or rural properties. No monthly service fees, so you can save more for your retirement. Approval fee applies.

    Interest Rate
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    $1,500
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