Launch of Visa’s One-Stop Portal Helps Small and Medium Businesses Reduce Costs and Better Manage Their Companies
The Software-as-a-Service (pay as you use) offers flexibility and helps SMBs save up to 25 per cent on their IT expenses
A Business Academy on the portal will provide latest trends on a range of topics via videos and expert opinions
Singapore and Malaysia will be the first markets where the portal will be launched
Singapore - Visa announced that it is launching Visa Business Hub, a one-stop portal that will deliver tangible value to business customers in Asia. The Software-as-a-Service (SaaS or pay-as-you-use) helps Small and Medium Businesses (SMBs) save up to 25 per cent on their IT expenses. This reduces upfront costs and implementation time for IT and the pay-on-use offers flexible user packages. The portal also houses a Business Academy that will assist SMBs stay competitive through expert insights and advice.
Visa recognises that innovative SMBs in Asia are increasingly using SaaS applications to deliver great customer service, save costs and be more productive. Businesses choose to deploy these applications in core business processes such as managing their financial records, their employee payroll and customer relationship management. Additionally, they are using new tools to engage with their clients over social media and build a more loyal client base.
With the above in mind, Visa has developed a platform that will help banks increase usage of commercial cards by promoting offers and discounts relating to SaaS and Cloud services that could be paid for through a commercial card. The portal offers resources including those related to sales, marketing and customer communication, work collaboration, project management and CRM, human resources, accounting and legal, and website building and hosting.
“Small Medium Businesses is a key segment for Singapore, given that they contribute to almost 50 per cent of our country’s Gross Domestic Product (GDP) and 70 per cent of the workforce1. At Visa, we constantly look to create solutions that are innovative and meet the needs of our clients. The launch of Visa Business Hub will be able to address the key strategies that Small and Medium Businesses are looking for including improving customer service and increasing productivity through streamlining of processes,” said Ms. Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei.
In a survey in Singapore2, about 80 per cent of companies in Singapore say that their decision to acquire SaaS / cloud was because of ‘best practice’ – this technology is seen as ‘the way forward’ and not a fad – growth is to be expected. Among users of SaaS / Cloud, 37 per cent expect to upgrade or take on more software. Upgraders are motivated by cost saving, efficiency, but most of all just by ‘keeping up with technology’.
According to the survey on Malaysian businesses3, about half of Malaysian businesses have international trade. CRM software is the least adopted software, but like other software, it increases in adoption with larger SMBs (30+ employees). Awareness of cloud services is at 76 per cent, and overall usage is at 34 per cent. The survey also revealed that 40 per cent of businesses might consider SaaS or cloud services in the future. This shows that there is a need for the Hub with the latest SaaS to save costs and increase productivity.
Visa understands that despite the progress made, a large number of businesses in Asia need help in understanding the benefits a technology upgrade can deliver to their business. Often, new applications appear confusing and the fear of making an incorrect choice weighs heavily on decision makers. A new portal, Visa Business Hub aims to provide businesses better advice on navigating uncharted waters and bring in cost-saving offers from select application providers
Vikram Kshettry, Head of Small Business Products, Asia Pacific, Visa said, “We are pleased to launch Visa Business Hub as it will help Asian businesses which seek to make tangible improvements in their processes. Modern businesses face increased demands from their stakeholders to be digitally-enabled and this is often daunting. With the portal, SMBs can improve cash flow, optimise business processes, while reducing IT spend and complexity. SMBs can also access advice and coaching from industry leaders on how to stay competitive. For Visa clients, the portal will ensure deeper engagement with SMB customers and differentiate their solutions.”
For a video presentation, please visit this link: www.youtube.com/watch?v=RXf1-hlKnkw
1 APEC Policy Support Unit, Singapore Department of Statistics, DP Information Group
2 Visa survey carried out by BDRC Asia consisting of a quantitative research of a total of 200 surveys of businesses, based on 100 telephone interviews and 100 online surveys, and a qualitative research consisting of 3 focus groups with 4 –6 respondents.
3 Visa survey carried out by BDRC Asia consisting of a quantitative research of a total of 201 surveys of businesses, based on 101 telephone interviews and 100 online surveys, and a qualitative research consisting of 3 focus groups with 6 –8 respondents.
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit https://usa.visa.com/, visacorporate.tumblr.com and @VisaNews.