Small Businesses Still Seeing Changes in Transaction Volume
According to reports, as 2020 came to a close, small business payment volumes also slowed down. Whether it was due to seasonality or the new surge in covid-19 cases, experts say they’re unsure of the exact cause – only time will tell.
CardFight Inc., which provides point-of-sale technology for small businesses, recently shared the data it has been collecting and tracking since the start of the pandemic in March 2020. Their data reveals that transaction counts dipped in the last week of October. The numbers in the final week were 22% above the first week of March (the base week), and down from 26% the week before and 29% the week of Oct. 12 to Oct. 18.
The report also revealed that the dip in late-October was most evident in card-present transactions, especially in the food-and-drink category. With so many businesses still dealing with covid restrictions and social distancing guidelines, transactions dipped as establishments in Northern climates shifted to indoor dining.
Overall, businesses did see improvement since the beginning of the pandemic in March. CardFight merchants in October ended up 50% above March and transactions came in 75% higher. The big question now is whether the spike in covid-19 cases – and the accompanying lockdowns – will have a significant impact on higher ticket volumes and sales.
Payment Processings Tips to Help Your Business
One important thing small businesses are doing, and should continue doing, is investing in payment processing trends and options to boost their business. Especially during these uncertain times that are causing consumer purchasing trends to shift, making even just a few changes can have a big impact on your bottom line.
Utilize an integrated payment processing solution
For businesses that use software for invoicing, integrating a payment processing solution is key; this allows you to process credit card payments directly inside your system. No more going back and forth marking invoices as paid, balancing the ledger, correcting invoices, etc.
Take advantage of online shopping carts
With all the changes that have occurred this year, nearly everyone is buying things online. From groceries and clothes to books and auto parts, many have turned to online shops to avoid the lines at stores and leaving their home. Adding the ability to process online orders can boost revenue significantly.
Jump on board with mobile payment processings apps
Taking advantage of mobile payment processing apps is another sure way to further speed up payments, boosting your business and improving the overall customer experience. These apps function as miniature versions of your payment processing gateway. This allows your team to accept payments wherever they are, from any of their devices.
Make sure your gateway is PCI compliant
Another top thing to check on is that your payment processing provider or gateway is PCI compliant. What does that mean? Essentially, Payment Card Industry (PCI) compliance ensures the liability for your customers’ credit card data shifts away from you and lands on the payment processing provider, keeping your business safe.
There are so many shopping cart options, mobile payment processing apps and other merchant services available today. If you’re having trouble finding the information you need to get started, consider the helpful reviews and tips Best Payment Providers has to offer.
Thanks to our dedicated team, easily find the best processing options for your business and customers. Gain access to the information, news and updates you need to choose the right provider that meets your needs, and has the reputation your business and customers deserve.
As the New Year begins, small businesses are wondering what the impact of more covid cases will be on higher ticket volumes. Will the slump in sales seen in October 2020 continue.