September 18, 2022

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Break Through With Legalicy

Why Your Small Business Should Welcome Digital Payments

So much changed for small business owners during the pandemic. Many were suddenly pushed into the digital world, forced to adapt and offer new services like curbside pickup and ecommerce options. Half of U.S. small businesses had no online presence before the pandemic, according to Visa.

Kevin Phalen, SVP, Global Head of Visa Business Solutions at Visa, says he received countless questions from small business owners about how to take their companies online. “A lot of businesses had to build their digital presence from scratch,” said Phalen. “They came to us saying, ‘How can you help?’”

Now post-pandemic, businesses are doing their best to recover from the impact of the past two years. But now it’s a question of resorting to operations and processes of before, or pushing forward with what has been working recently? In truth, the business landscape may never be the same. Too much has taken place and changed how people do business and what customers expect from their experience.

If you’re still on the fence about whether your business needs to embrace and invest in digital payments, here are reasons why you should:

Wide variety of payment options

There are so many digital payment options available today. This has streamlined the payment process for customers and created even more satisfying experiences. As a result, expectations over options and processes have grown. If businesses wish to stay competitive, they have to keep up with these trends and preferences. Offering more payment options can help your business grow and build a loyal customer base.

Faster payment processing

It isn’t just customers that are concerned with payment processing times. Businesses also benefit from fast payments. Digital payment transactions can speed up the process, helping businesses avoid late payment fees, receive supplies on short notice and prevent getting overdrafts.

Improved cash flow and freed-up resources

Digital payments can eliminate the tedious invoicing process and minimize other administration costs. With less busy work to do, your business can also free-up manpower and devote it to other key projects that fuel growth and improve revenue. Since digital payments provide a very clear picture of cash flow in and out of your business, you can make more informed decisions in a timely manner.

Of course, the payment methods you use and the processor you choose is totally up to you. Every business is unique and has its own specific set of needs. Just make sure your payment processing options and provider work for your business and customers.

Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.