MERCHANT Solutions, which equips companies with point-of-sale (POS) terminals and other products and services to accept payment by credit card, intends to reach out to more SMEs.

CEO and managing director Sean Hesh said: 'A lot of small businesses are still cash-based. We would love to be able to break into that market segment.'

Merchant Solutions - a joint venture between Standard Chartered Bank and global electronic payments processor First Data - is headquartered in Singapore and has a presence in nine countries and Special Administrative Regions across Asia.

Asked whether the global economic slowdown will affect growth plans, Mr Hesh said the effect is already noticeable 'in the volume of transactions processed through our system'.

However, he is optimistic that businesses in general, and SMEs in particular, will recognise the value of being able to 'accept as many forms of payment as possible'.

'What if somebody walks into your shop and doesn't have NETS or cash, but happens to have credit?' he asked. 'We look at it as lost opportunity. If you don't accept credit cards, you may lose that one customer who's out there to buy and make a big purchase from you.' The company also provides '24/7 customer service, that typically, for this product, in this region, has not been customary', said Mr Hesh.

This article was first published in The Business Times on January 29, 2009.