We were moving along with a thriving economy and then it happened… Covid 19. Everything came to a screeching halt as we processed what we were experiencing and how we were going to react. We kept getting conflicting “opinions” on what to do and what not to do. In many cases, the mandates were imposed as never before.

Not only did it affect our lives in a very significant way, but it had a huge impact on smaller local businesses and their lives. Some of the directives that emanated from the federal, state and local governments forced the population to basically stay at home. Consequently, local retailers, restaurants, repair shops, hair salons, you name it, began to feel the pinch. They were not seeing their usual flow of business and as a result their livelihood and income took a severe hit. Some, unfortunately, simply couldn’t hold out and had to go out of business. Some decided to close temporarily and just ride out the storm. Others, some of which had been family businesses for decades, ended up closing their doors for good. It is a sad state of affairs and as you can imagine this situation has had its ripple effects and hurt people in so many ways.

We all know, have heard of, and have probably experienced BLACK FRIDAY. This is the day after Thanksgiving and when the official Christmas shopping begins for most. It’s the day many, if not most, companies finally turn a profit (profitable) and start making some money. But, not for the past two years, as most traders just haven’t gotten there. With us staying at home for long periods of time, they have changed the vast majority of their shopping strategies and habits from getting up at 12:30 a.m. the day after Turkey Day to hopefully scoring that special treat before it’s gone. sold out store But that has changed dramatically as people started doing a lot, if not all, of their shopping online. The simplicity of doing it and the wide range of “shops” available became very attractive. I could shop all over the world while sitting at home in my lounge clothes. Someone with me? I’m sure many of you reading this have done and are doing the same. Then one day recently I went to our downtown area, where most of the shopping normally takes place. Merchants had less inventory, shorter operating hours, and a need for employees. No one wanted to work after getting all the financial help from the feds. These local merchants are still suffering even though we are able to get out and move again. They stand in their businesses hoping to get some customers in and at least give them a chance to earn some of their business. They watch as one UPS or FedEx truck after another deliver goods to their neighbors. So how can we help as a population? Get out there and get started and continue to support our neighbors and friends, spend some money locally and encourage all your friends to do the same. The traders are trying to figure out what they can do to survive. Some have developed new and improved websites to expand their reach of potential customers and that has helped some. But, others, based on their type of business of products or services sold, just can’t do that. So consequently they look internally and what they could do to reduce cost and overhead anywhere they can and we can’t help them with that but there is a simple way for them to get some relief just by becoming aware of the ways in which constant change. to do business and sell what they have to offer.

Virtually all businesses accept credit/debit card payments. It is a necessary tool that must be offered to customers or you will simply lose business to the competition. What has amazed me, after more than two decades in the Merchant Services business, how many business owners are simply not fully aware of what fees and other miscellaneous charges they are paying for this “privilege” of accepting plastic. Very often, when doing a statement analysis for a merchant, I am handed their statement still in the envelope with the comment “yeah, I don’t look at them because I don’t understand them.” This is a dangerous and expensive approach to take. But believe me, I get it. Our industry does not have a stellar reputation as there are so many poorly trained reps that enter the business each year who don’t really know what they are doing and selling which is a huge disservice to merchants. After rent and employee costs, payment processing is typically the third largest expense and demands your close attention and scrutiny.

So let me sum this up by simply encouraging all merchants to get a detailed overview and understand what and why they are paying what they are paying for this privilege. Don’t get discouraged and get all your answers clearly explained. If your Merchant Services representative is still available (they usually don’t last very long due to heavy competition), give them a call today and schedule an appointment. You just can’t afford to wait.

Our industry is changing rapidly with new cutting-edge technology that makes processing simpler, faster, and more intuitive. The providers of these services have also had to tighten their belts and offer more creative and less expensive programs that you could benefit from but simply haven’t been exposed yet for your personal consideration. You have nothing to lose and quite possibly everything to gain. What are you waiting for?

I WISH YOU A HEALTHY AND PROSPEROUS 2022 AND BEYOND

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