In the digital age, small businesses have the chance to effectively compete with larger companies with bigger budgets. Small businesses must partner with payment processors to help them understand and utilize new technologies that will help them process payments faster and more efficiently. Payment technologies can be the answer to increasing customer counts, but only if small businesses know which tools to invest in. In a competitive market, this strategy is key to increasing profit for merchants.
A recent survey by the Electronic Transactions Association (ETA) and Goldman Sachs shows that loyalty-based solutions and other services lead to lower levels of attrition and expands new revenue streams. Small businesses agree that they need the help. According to the Small Business Health Index, only 49 percent of small business owners believed that their company would grow this coming year. This is a 9 percent decline from last year. Amongst the many concerns that merchants have are regulations, rising employment costs, competition and new technologies.
Education about technologies, as opposed to funding for the technology is a welcome change for new merchants. This is even more reason why merchants should invest in learning about and utilizing new payment technologies. Traditionally access to capital was the biggest hurdle merchants faced. Now less than 38 percent of new merchants are finding this to be true. Thanks to more informal options to funding like, small business loans, crowdfunding, microloans, credit unions, and more. Even merchants with bad credit can now finance their companies, and buy the payment systems necessary to increase profits.
As payment technologies expand, payment processors must seize the opportunity to push their customers ahead of the curve by educating them on better payment technology and the benefits they possess.
First American Merchant is the online lender that gives merchants a variety of payment options like credit card processing, retail check processing, e-check processing, and ACH check processing. Even if your business has bad credit, FAM specializes in high risk merchant account instant approval. Don’t miss out on the chance to increase profitability through smart technology adaptation.
Contact FAM to learn more about quick and easy payment processing today.