Much has been written about e‐commerce. Many authors seem certain that e‐commerce conveys undisputed benefits. Yet, e‐commerce is not being adopted readily by SMEs. The disinclination of SMEs to adopt and use e‐commerce deserves serious attention, given the role that SMEs play in all economies. This paper looks critically at the issue. It highlights findings from a large‐scale survey of SMEs and interviews with SME managers across Malaysia. Results show online payment and online buying are not common. Websites are used for little more than providing contact details of the company and information about the company’s goods and services. While there may be good, logical reasons for SME managers having websites, many are clearly just boys with toys.