In a vast country like India, while small businesses have the potential to be economic powerhouses; they already are heart of communities, custodians of cultures and symbols of entrepreneurial spirits.
Small businesses account for over 90% of India's formal and informal businesses, employing more than 480 million people and contributing nearly 50% of the GDP.
When we talk about these small businesses, we are talking about the incredibly diverse business landscape of India. These businesses encompass kirana stories selling everyday essentials, street vendors specializing in local delicacies, freelancers designing brand logos, family-run workshops crafting intricate textiles and even new-age startups disrupting traditional industries.
Challenges small businesses face
There are entrepreneurs of every type in every nook and corner of India and yet, they face numerous challenges and difficulties. Access to finance, for example, is always a big concern for most small businesses. Regulations are complex, which lead to stringent loan requirements. Apart from this, small businesses are always competing with established players with money muscle. And at the same time, navigating bureaucratic procedures is tedious for small enterprises.
Daunting task of accepting digital payments
Another big area that small businesses find daunting is adapting to the rapidly evolving digital landscape, especially accepting digital payments. Over the past few years, the Indian government’s push towards a cashless economy has seen a surge in digital payments. But small businesses still face an uphill climb, especially in smaller cities and towns.
One of the main concerns is surrounded by costs. Implementing and maintaining digital payments infrastructure involves high upfront costs for hardware and software. For small businesses with tight margins, setting up a website and integrating a payment gateway may not be feasible.
They would also struggle to employ designers and developers to get these implementations done for them. Integrating digital payments requires technical expertise and reliance on external support.
FSS Payment Gateway to the rescue
This is where FSS Payment Gateway can step in. With FSS Payment Gateway, banks can ensure that no merchant gets left behind. FSS Payment Gateway is the perfect solution that caters to businesses of all sizes and types.
Now powered by our new-age payments technology platform, FSS BLAZE, our payment gateway comes with:
- A microservices architecture that allows businesses to choose the functionalities that they need
- Easy integration with other financial services like banking APIs and accounting software
The microservices architecture breaks large applications, like a payment gateway, into smaller services. These services function independently while being focused on one specific task each. This allows a small business to pick and choose the service they require, without having to get burdened by huge products. This approach allows banks and businesses to be agile. They can move faster, experiment a lot more and explore new markets.
On top of this, FSS Payment Gateway also enables businesses to create an online webstore without any technical expertise. This facility eliminates the need for a small business to have a full-fledged website to sell online and accept digital payments.
The online webstore powered by FSS Payment Gateway comes with customizable templates and inventory management tools. It facilitates online selling with payment links and branded hosted checkout supporting various payment methods.
The online webstore powered by FSS Payment Gateway comes with customizable templates and inventory management tools. It facilitates online selling with payment links and branded hosted checkout supporting various payment methods.
Going forward with FSS Payment Gateway
This is how the FSS Payment Gateway, which is built on FSS BLAZE, empowers banks to cater to small businesses. Small businesses play a crucial role in India's economy. They provide employment opportunities, contributing to financial stability and poverty alleviation. With increasing internet penetration, supportive government initiatives, and growing investor confidence, these businesses are poised for further growth and transformation.
Be a part of their journey with FSS Payment Gateway.
