One would think that if all retailers had credit card facilities to allow customers pay by credit card, the bank issuing the credit card would benefit from the more of their customers using it.

However, a discussion with my local optician showed that it isn't that easy for SMB retailers to get such facilities on their premises.

The optician told me that he had to face a barrage of questions from the bank's representative. One include asking him how much his revenue was. This was when the optician just started his business.

Next came the cost. The bank representative told the optician that he had to pay a fee of SGD1,800 upfront every three years. In addition, he had to pay a monthly subscription fee.

This was definitely not attractive for optician as this cost meant that he had to increase his prices by 20%.

As such, he chose not to use the bank's credit card facilities.

Here is a market ready for disruption..

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