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How small and medium-sized retail enterprises can make the best use of payment innovations

Author

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  • Vangelisti, Maria Iride

    (Director of the Financial Education Department, Banca d’Italia, Italy)

Abstract

Recent years have seen great innovation in the field of payments. This paper discusses which aspects of the payment process may be relevant for retailers and the innovations that may be useful for meeting retailers’ needs. Special attention is devoted to how small and medium-sized firms (SMEs) can make effective use of such advancements to simplify the payment process, ensure a frictionless experience for their customers, speed up the finality of fund settlement and reduce processing costs. The paper discusses the importance of giving careful consideration to the selling mode and size of the firm, as well as the implementation costs. The paper shows that while some innovations are easy to implement, for instance, because banks and service providers supply turnkey solutions, others require more complex arrangements and the involvement of third-party providers. The paper highlights the importance of cooperation agreements between SMEs, specific awareness campaigns and financial literacy initiatives to put SMEs in a better position to leverage payment innovations and improve their business opportunities.

Suggested Citation

  • Vangelisti, Maria Iride, 2021. "How small and medium-sized retail enterprises can make the best use of payment innovations," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 15(1), pages 109-117, March.
    • Handle: RePEc:aza:jpss00:y:2021:v:15:i:1:p:109-117
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    More about this item

    Keywords

    payment innovation; payment acceptance; small and medium enterprises (SMEs); retailers; cooperation agreements; awareness campaigns;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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