The Small and Medium Enterprises Association (Samenta) has encouraged small and medium enterprises (SMEs) to embrace e-wallet payments, specifically using services like DuitNow, to reduce disbursement time and boost sales and cash flow.
FMT reports that Samenta has been collaborating with banks to promote the adoption of QR Pay and e-wallet payments among SMEs. The association also highlighted issues such as delays caused by acquiring banks’ agreements with payment card providers.
Samenta Chairman William Ng emphasised the importance of addressing high commission rates, or merchant discount rates (MDR), charged by acquiring banks to SMEs.
MCA president Wee Ka Siong has called for banks to settle payments to merchants within 48 hours, urging improvement in cash flow for businesses and challenging the practice of citing public holidays and weekends as reasons for payment delays.
SME Association of Malaysia secretary-general Chin Chee Seong echoed concerns about payment delays affecting cash flow, especially for smaller retailers and SMEs, emphasising the need for faster transactions to support these businesses.
