<![CDATA[This study investigates the effects of payment gateway adoption, green financing, and sustainability innovation on the business performance of Micro, Small, and Medium Enterprises (MSMEs) in Solo Raya, Indonesia. The study addresses the need to understand whether digital transformation and sustainability-oriented practices generate comparable performance benefits among creative-economy MSMEs. A quantitative explanatory research design was employed using a structured questionnaire administered to 100 MSME owners or managers selected through purposive sampling. The data were analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS) with SmartPLS 3.0. The findings show that payment gateway adoption has a positive and significant effect on MSME business performance (? = 0.477; p < 0.001). Sustainability innovation also has a positive and significant effect on business performance (? = 0.465; p < 0.001). In contrast, green financing does not have a significant direct effect on business performance (? = 0.033; p = 0.731). These findings indicate that digital payment capabilities and sustainability-oriented innovation generate more immediate performance benefits than green financing among the surveyed MSMEs. The non-significant effect of green financing may reflect limited utilization, accessibility constraints, procedural complexity, and the short-term financial orientation of MSMEs. Theoretically, this study contributes by demonstrating that digital transformation, sustainable financing, and sustainability innovation do not produce homogeneous performance effects. Practically, the findings highlight the importance of strengthening digital payment adoption and sustainability innovation while improving the accessibility and usability of green financing for MSMEs.]]>
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