Smaller businesses drive foreign trade – survey

A study released to FTW by Bidvest Bank reveals that small- and mediumsized enterprises (SMEs) – particularly those led by individual entrepreneurs – are major contributors to SA foreign trade. This study emerged from a review of the Bidvest Bank Global Payments Online system one year after launch. In its growing base of corporate business, Bidvest was surprised to see that the global payments platform was also being utilised by growing numbers of SMEs, according to Paul Scott, head of global trading and investments. “A standout feature of the system’s successful rollout is the rate of take-up by SMEs,” he told FTW, “specifically companies led by individual entrepreneurs who are very close to their businesses. “The fact that so much international trading activity is driven by smaller businesses is a healthy sign for the economy, as it indicates that importexport volumes are not concentrated at one end of the business spectrum.” For SMEs, one of the major advantages of the global payment system is time-efficiency. Said Scott: “Ownermanagers are extremely sensitive to downtime, not only that of employees but their own. Few banks realise just how irritated these customers become when they have to queue in a banking hall or wait for approvals or other documentation. “These hassles just don’t happen when a business owner has global payment capacity online at his own office.” “There are no hidden costs and licence fees,” Scott said, “and the system can be accessed from anywhere in the world where the Internet can be securely used.”