How Electronic Payment Is Supporting Businesses Through COVID-19

How Electronic Payment Is Supporting Businesses Through COVID-19

The COVID-19 pandemic has changed the way small- to mid-sized businesses operate and has caused many businesses to rethink their procedures, especially when accepting payments from customers or clients. In today’s digital climate, electronic payment services are prepared to help.

If your small business has neglected this type of payment, you’re probably wondering “What is an electronic payment?” and, “What can electronic payment do for my business?” Don’t worry, we’re going to discuss all of that with you below.

First off, electronic payments refer to a string of solutions designed to help your business receive money while following social distancing guidelines and limiting the risk of exposure when dealing with customers or clients.

It’s the new way to do business and many consumers are going as far as refusing to support small businesses that neglect to offer electronic payment services.

Since offering an electronic payment can save your business from potential public backlash, here are some ways you can start incorporating this new technology in your business:

1.   Accepting Mobile Payments

Mobile payments are becoming the new norm for businesses. They help you reduce the costs of bank fees and overhead, as well as help you better manage your cash flow. As for the customer, mobile payments allow for a practical and easy solution when sending a payment, effectively improving the point of sale for everyone involved.

2.   Contactless Payment Methods

When maintaining social distancing guidelines and providing a safe environment for customers or employees, contactless payment solutions allow you to maintain efficiency for in-store transactions. They eliminate the need for cash and handling the customer’s card, adding to the appeal of this simple solution.

3.   Accepting Payments Online

If you don’t already own an online store, it’s a smart move that could help boost your business in the age of the COVID-19 pandemic. When launching an online store, making sure it has the capability to accept payments online is essential. Furthermore, you’ll want to offer as many options as possible to increase customer satisfaction and avoid customers abandoning their cart.

4.   Recurring Billing & Electronic Invoices

Having a software program designed to help you manage invoicing and billing can save your business a large amount of time every month when managing finances -- especially if you deal with a lot of clients on retainers. They’re easy to monitor and help you limit mistakes or delays when invoicing clients. 

5.   Selling & Accepting Gift Cards

Offering a way for customers to buy gift cards is an excellent way to increase sales during the COVID-19 pandemic. Loyalty programs are also a great way to boost engagement with your store during difficult times. Of course, you also need the right tools and resources to support your new loyalty program and redeem gift cards -- which we can assist you with.

6.   Efficient POS System

If you’re still managing payments in-store, then you understand how a slow and inefficient POS system can cause lines to get backed-up. To avoid this, your business needs an up-to-date POS system tailored to meet their business needs in a timely manner. Our solutions are easy for anyone to learn and help improve the experience between customers and employees.

What Can Consultants In-A-Box Do for You?

Every business is being hit hard right now, but that doesn’t mean your business has to fold. During the difficult times, the COVID-19 pandemic has presented us, it’s more important now than ever to invest in electronic payment services tailored for your business.

At Consultants In-A-Box, we offer the best solutions with the most exceptional customer service to ensure our clients are satisfied. You can trust us to help you implement the right strategies to get you through the COVID-19 pandemic.

Now that you know what is electronic payment and what it can do for your business, it’s time to take action and start implementing some of these solutions in your own business. Contact us today to learn more about how we can help you take control of your business again!

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  • Jordan VanMaanen
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