What is post-COVID business all about? Although we cannot know when the global Covid-19 pandemic will officially end, or if it ever will, we can certainly plan for better days when things look a bit more “business as usual.” That said, it’s fair to assume some changes to daily operations will be lasting, which isn’t necessarily a bad thing. Here are my four pointers for how you can prepare for post-COVID business and assume control over a new sense of normalcy.
Dedicate Yourself to the Downtime
Whether you’re working at reduced capacity or with a skeleton team, take advantage of the downtime and dedicate yourself to some smart changes in your business, particularly with respect to merchant services. Use this slower season to ask yourself strategic questions like:
- Where can I save money?
- Have my fees increased or am I just seeing more added junk fees to my statement?
- What new programs should I implement?
- What should I and/or my team be learning or exploring for better business?
For example, many have considered contactless payments, which are worth supporting and maintaining, no matter where we are with the Covid-19 crisis. What are contactless payments?
Simply put, “Contactless payment is a secure method for consumers to purchase products or services using a debit, credit, smartcard (also known as a chip card) or near-field communication (NFC).”
What makes it contactless is the fact that you simply hold your card “Tap” near the payment terminal in order to submit payment. There is no need to enter your pin, which saves you from touching a germ-ridden keypad. In many circumstances, this type of payment doesn’t even require a signature. Doesn’t this sound worthwhile, especially in light of the current safety concerns? Your customers are already using this technology so it’s time to rethink your current solution if it’s no supported!
Eliminate Unnecessary Expenditures
If we can find a bright side of the pandemic, it might be that its impact on business has forced many of us to trim the fat and eliminate some those expenses that no longer serve us. Reviewing your merchant services statement will provide ample opportunity to do this.
So many business owners have a “set it and forget it” approach to their systems and might be unaware of what they’re actually paying for or how they’re being charged. Take the time to sit with your team and determine whether your payment processing, for example, is resulting in racked up fees. This is my area of expertise and one that I’m always eager to share with small business owners to help you save costs without sacrificing your capabilities or personalized service.
Learn Something New!
Whether it’s educating yourself and your team on some aspect of your business or implementing a new, time-saving program, any downtime you have should be invested in ways to streamline your efforts for greater efficiency and efficacy. Working on your business when business is slow is a smart strategy, whatever the reason. The means of how and where you take payments are always changing as technology evolves. This is an ideal time to learn about new options that can save you time and money.
Share the Knowledge
Whatever new knowledge you mine for yourself should be shared with your team, whether long-time employees or new hires. Training your staff on a new card processing or mobile payment systems, for example, is time well spent and an investment back into your company. Learn the cost difference to your business between a refund vs. voiding a transaction. Bypassing simple AVS or CVV codes or batching out your terminal within 24 hours can significantly reduce added downgrades and EIRF fees. Onsite training with a knowledgeable professional like myself can help you reduce these penalties for an overall better end result.
Whether it’s about post-COVID business or business in general, as always, I’m here to lend an ear and expertise when you’re ready to get beyond your business hurdles and get back to doing what you love. Schedule a meeting on my calendar at your convenience — I look forward to meeting you!