Why Worldpay Prefers The SME Over Large Corporates

Financial services and payments firm Worldpay may appear to be a mega-corporation that works with other big businesses, but according to reports in Forbes, the company actually prefers the small and medium-sized enterprise crowd — and a new focus on SME clients aims to make that clear.

Reports late last week highlighted Worldpay’s latest efforts that are focused on the small business client base, including its newest My Business Dashboard, a service that helps SMEs manage finances and their Worldpay accounts. The tool adds on to Worldpay’s flagship services that provides small businesses with the necessary support to accept online card payments. Since, the company has added other services like an online payment gateway. And while both small and large corporations can use the tools, reports said Worldpay’s largest client segment is the SME.

My Business Dashboard allows companies to view all card transactions on a single platform, as well as visualize those transactions based on time period. According to Forbes, it allows businesses to identify high-traffic times or times where their sales may be at a lull.

The service, said Worldpay U.K. Managing Director Dave Hobday, is critical for businesses to manage their spend, procurement and management practices. “For instance,” he told the publication, “if you can see that 60 percent of your business is done on a Wednesday, you can plan to bring more staff in on that day.”

While this type of insight is needed by businesses of all sizes, SMEs are particularly vulnerable to a lack of activity oversight. “One in five small businesses are deluged by paperwork,” Hobday added, telling Forbes that the automated record-keeping helps companies save time in managing their operations.

Worldpay said that it will plan to expand its My Business Dashboard capabilities to include insight into transactions involving other payment types, and the corporation said it would also be interested in partnering with other FinServ players to strengthen its small business resources.

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