Holiday COVID Business Survival Payments

Payments: The Key to SMB Survival during the 2020 Holiday Season

With all of the challenges SMBs have faced in 2020, we explore how payments can keep them healthy as they close out the year.

2020. A year that many of us wish would end quickly so we can start fresh again in 2021 with a renewed sense of hope and optimism.

Yet, we still have 6 weeks left. With many businesses struggling under continued COVID health restrictions and reduced revenue, the holiday season is viewed with uncertainty. For retail and restaurants, the ability to compete with online businesses, and families that are now spending more time at home cooking meals, the approaching season can cause significant doubts.

Yet, according to the NPD Group, a national research and analytics group, a new study revealed that 40% of consumers will buy more gifts this year as a way to bring joy to their lives and 3 out of 10 consumers are spending more this year since their travel and hospitality expenses have declined over the past 8 months.

With those statistics as a backdrop, new payment acceptance options can lead the way to a profitable last quarter and a great start for 2021. Businesses of all sizes should consider implementing the following payment processing recommendations:

  1. Ensure your products can be ordered online. Common sense, right? Ecommerce and online ordering provides incremental revenue for businesses that aren’t currently taking advantage of them. With consumers avoiding public places now more than ever, allow them to order online and have the product shipped. Restaurants and many retail businesses are now offering consumers curbside pick up or delivery, an added incentive to do business with them, providing a competitive advantage.
  2. Provide safe contactless payment options. In addition to online ordering, many customers don’t want to touch a terminal or hand over their credit card. Enable contactless payment acceptance for quick, safe payments, instilling confidence in your customer. Options include NFC payments via Apple Pay/Google Pay, text payments, mobile payments and email payments.
  3. Improve cash flow with Instant Merchant Funds Settlement. Keeping inventory in stock, employees paid and the lights on are critical. Opt into payment programs enabling instant settlement of funds to keep cash flow positive. If your merchant services provider doesn’t offer instant settlement, switch to one that does.

With increased payment and purchase options, the holiday season could be better than expected for retail and restaurants. Attracting and keeping customers loyal during this time will ensure a smooth, successful transition into 2021.

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