The Role of Payment Gateways, Platform-Based Lending, and Technopreneurship on the Financial Performance of MSMEs in Sidoarjo Regency

Farrel Rafi Danendra; Achmad Kautsar; Renny Sari Dewi; Muhammad Fajar Wahyudi Rahman

doi:10.55681/economina.v5i9.4134

Authors

Farrel Rafi Danendra Universitas Negeri Surabaya, Indonesia
Achmad Kautsar Universitas Negeri Surabaya, Indonesia
Renny Sari Dewi Universitas Negeri Surabaya, Indonesia
Muhammad Fajar Wahyudi Rahman Universitas Negeri Surabaya, Indonesia

DOI:

https://doi.org/10.55681/economina.v5i9.4134

Keywords:

Payment Gateway; Platform-Based Lending; Technopreneurship; Financial Performance; MSMEs

Abstract

Digital transformation has reshaped how Micro, Small, and Medium Enterprises (MSMEs) operate, with financial technology increasingly positioned as a determinant of business performance. This study examines the influence of payment gateway, platform-based lending, and technopreneurship on the financial performance of MSMEs in Sidoarjo Regency. A quantitative explanatory approach was applied using primary data collected from 77 MSME respondents who had adopted financial technology services, selected through simple random sampling. Data were analyzed using multiple linear regression with the assistance of SPSS 25.0. All 26 instrument items were declared valid (r > 0.224, Sig. = 0.000) and the four constructs demonstrated high reliability (Cronbach's Alpha 0.944–0.964). Classical assumption tests confirmed that the regression residuals were normally distributed, free from multicollinearity, and free from heteroscedasticity. The regression results show that payment gateway (B = 0.470; t = 7.972; p = 0.000), platform-based lending (B = 0.152; t = 2.658; p = 0.010), and technopreneurship (B = 0.394; t = 6.253; p = 0.000) each have a significant positive effect on MSME financial performance, both partially and simultaneously (F = 64.336; p = 0.000; R-squared = 0.726). Payment gateway emerged as the strongest predictor, indicating that transactional efficiency is the most immediate lever of financial performance among Sidoarjo's MSMEs. These findings reinforce the relevance of the Technology Acceptance Model in explaining fintech adoption among small businesses and offer practical implications for policymakers and digital finance providers seeking to accelerate MSME digitalization.

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