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Without a doubt, 2020 has been a year for the record books. As if historic elections, devastating wildfires, and murder hornets were not enough, along came a global pandemic that caused fear and isolation and hit businesses of all kinds directly in the pocketbook. If you're running a business during these challenging times, you need to take action to ensure that your endeavor remains solvent and relevant for the long haul.
Virtually overnight, the coronavirus (COVID-19) changed life as we know it, with both consumers and business owners thrown into a “new normal” that turned everything about the way they socialized, dined, and transacted product purchases upside down. If you are a merchant who is attempting to remain afloat during these unprecedented conditions, you’re probably trying to think of new ways to accept credit card payments from your customers, while maintaining social distancing, and complying with other health regulations. Once again it’s technology to the rescue.
Wouldn’t it be nice if every customer paid in full on the day of purchase? In a perfect world, that is the gold standard that every business owner would expect. However, this is reality and late payments are an unavoidable part of business. Are early payment discounts a viable solution to this age-old problem?
Achieving a high business credit score is more than a status symbol. It is a tangible sign to lenders and vendors that you are an excellent risk when the time comes to request a loan or choose an insurance plan. During this era of pandemic when stability and credibility are key, invest in your company by learning how to establish and boost that all-important credit score.
They say that absence makes the heart grow fonder, but that particular maxim does not necessarily apply to consumers. In an era when ads from your rivals constantly bombard your customers and have the potential to lure them away, you cannot afford to fade into the background. If the pandemic is cramping your style and affecting your interactions with buyers, it’s time to take the control into your own hands to boost your brand recognition.
Cast your mind back to the days when you were first developing your business plan. At that time, you may have concentrated solely on the viability of the products you wished to sell and the pain points they addressed in your potential customer base. Amid these vital concerns, you may never have considered the importance of choosing the right credit card terminal. It’s a far more critical decision than you might think. Let’s take a look at some of the different types of payment devices that are out there.
Business fraud is more common than many people think and its effects can be profound. Safeguarding your company against takes a multi-pronged human and technological approach, requiring time and cooperation to initiate, implement, and maintain. If you do not have a robust protocol in place, begin taking steps to protect against fraud today.
Your small business involves many complex moving parts. Among the most potentially confusing is the system that enables you to receive credit and debit card payments from your customers. Considering that cash and checks are fading in popularity, it is a virtual certainty that you will need to sign up for a merchant account, if you haven’t already.
With each passing year, the business landscape is changing in major ways. In the process, cash and checks are becoming increasingly rare forms of payment. Instead, most retailers, regardless of their size or the types of products or services they offer, are doing most of their business via credit and debit card payments, whether online or in person.