As a business owner, in order for you to remain in business to continue selling what you offer and making some money, there are steps you must take. Today. Immediately. If your advisor for whatever service you use in your business has not contacted you to help, you should make that call, text or email for advice.
All businesses that sells a product or a service and accepts electronic payments must make a few changes asap.
1. A gateway/virtual terminal or a mobile terminal. Customers may not be walking in your store so you must be able to take payments virtually or remotely by mobile. Either by website with API code or a virtual terminal with invoicing ability and a payment link that customers can click and pay you with.
2. Secondly, save money by switching your merchant account to a cash discount or surcharge account. By doing this you will save between 95 to 100 percent of the credit card processing fees you pay now. For example, for every $10,000 processed, $200 to $300 can be saved. You may have heard about this program. A small fee is added to the cardholder’s transaction which eliminates your fees. For the duration of our crisis customers will be happy to help you stay in business. Do it now!
Finally, determine how long you can stay afloat. We don’t know how long this will last. Two weeks? Two months? You may have to close your doors for the duration which will reduce overhead and other expenses. Can you maintain until the nation is back to business? Run the numbers for each scenario. Get some help if you need it. If there is a shortfall, consider a loan. A bridge loan can help you maintain until the nation opens for business again or, if you apply for one, until your SBA loan funds. If you decide to apply, DO IT NOW! Make your application today. Lenders are tightening underwriting guidelines and restricting loans to some types of businesses. If you get an offer. TAKE IT. This is not the time to shop around in attempt to secure better rates and terms. You may not get another offer. Put the cash in your account to survive then thrive when this is over. Customers will be out and ready to buy. Make sure your business is open and ready to sell!
We have shifted from a robust economy to a massive slowdown. We all hope and pray that this will end quickly so we can get back to work. It’s all we can do.
Best of Luck! Be Safe!