Do you get the most and pay the least?

Okay, let me cut to the chase here and clarify what I mean by the title.

Obviously, and I know this doesn’t surprise anyone reading this, we’re living in very unusual times right now. Covid 19 has affected our lives in ways we never imagined would happen. We cannot gather in large groups at sports venues, funerals of lost loved ones, or even go to church. Masks of all shapes, colors and sizes are a new part of our outfit when we leave the house. We can’t just get in the car and head out to our favorite restaurant, gym, or movie theater, with no limitations or guidelines. We are learning to adapt, in various ways, and according to some so-called experts, it will be so for some time.

All of this has had a huge impact on businesses of all kinds. Many, unfortunately, had to close their doors after being in driving business for many years. Some have been able to reopen but with understaffing, fewer customers, and worst of all, far less revenue. Traders are suffering from all angles and are looking for remedies to stay strong through it all, hoping to see glory days once again.

So what can be done? As consumers, we can step up if we have the financial ability to do so and try to spend some money with your favorite merchants. Whether it’s ordering takeout or ordering food delivery, or some retail purchases that you can order online and pick up curbside, just do what you can to help them.

As a business owner, what can you do to help stop the slower flow of income into your bank account? In reality, there are probably a few things you can consider to lower your cost based on the products offered or maybe even take a fresh look at the services you can provide. That’s what this article today is mainly about and why I’m writing, in relation to the payment services you offer to your customers.

Let’s face it, as a trader you probably have a little more free time than when your days were much busier. One of the main cost centers in your business has always been, and always will be, accepting plastic as a form of payment in your business. Now would be a good time to take a look at your payment services and the equipment you may be using.

Here is the first step I would recommend you take. Have you ever determined what your effective net rate is for processing services? It’s a simple exercise that really helps you get a better idea of ​​your overall costs, not what you think or are told you’re paying. Simply take a look at one of your statements and find your total fees for the month. Divide that number by the total sales volume you have and voila, you have your Net Effective Rate. During my two decades in this business, I can’t tell you how many times merchants were shocked to see what they were really paying for when you factor in all the fees paid for the “privilege” of accepting credit and debit cards at their stores.

Ok, now what next? Now would also be a good time to review the equipment or POS system you may be using. Technology continues to improve at an unbelievably fast rate and you may be running things from previous generations that you don’t need to use.

So what can you do now to help improve your cash flow? Perhaps nothing at all in this part of your business if your current supplier is taking good care of you. I have been in the business services industry for over two decades, which in itself is quite a miraculous feat. My success is a result of truly caring about my merchants and providing truly transparent pricing and innovative solutions. Maybe it can be of help to you.

Thanks for reading and feel free to pass this article on to others who may benefit from it.