Okay, so let me cut right to the chase here and clear up what I mean by the title.

Obviously, and I know this comes as no surprise to anybody reading this, we are living in some very unusual times right now. Covid 19 has affected our lives in ways we never imagined would happen. We’re not able to meet in large groups at sports venues, funerals for lost loved ones, or even go to church. Face masks of all shapes, colors and sizes, are a new part of our attire when we leave home. We can’t just jump in the car and head out to our favorite restaurant, gym or movie theater, without limitations and guidelines. We are learning to adapt, in varying ways and according to some so called experts, it’s going to be this way for some time to come.

All of this has made a huge impact on businesses of all sorts. Many, unfortunately, had to close their doors after being in thriving businesses for many years. Some have been able to reopen but with skeleton staffs, fewer customers and worst of all, much less revenue. Merchants are suffering from all angles and are searching for remedies to stand strong in spite of it all, in the hopes of seeing glory days once again.

So, what can be done? As consumers, we can step up if we are financially able, to do so, and try to spend something with your favorite merchants. Whether it be ordering take out or having food delivered, or some retail purchases that you can order online and do curbside pick up, just do what you can do to help them out.

As a business owner, what can you do to help stem the lesser flow of revenues into your bank account? Actually, there are probably quite a few things that you may look into to reduce your cost basis on products offered or maybe even take a fresh look at services you may provide. That is primarily what this article is about today and why I am writing, relative to the payment services you offer your customers.

Let’s face it, as a merchant, you probably have a bit more time on your hands than you did when your days were much busier. One of the major cost centers in your business has always been, and always will be, that of accepting plastic as a form of payment in your business. Now, would be a good time to examine your payment services and equipment you may be using.

Here’s the first step that I would recommend that you take. Have you ever determined what your Net Effective Rate is for processing services? It’s a simple exercise that really helps you get a better picture of your overall costs, not what you think, or are being told, that you are paying.. Simply, take a look at one of your statements and look for your total fees for the month. Divide that number by the total volume in sales you have and, voila, you have your Net Effective Rate. Over my two decades in this business, I can’t tell you how many times merchants have been surprised to see what they were actually paying when you take into consideration, all the fees paid for the “privilege” of accepting credit and debit cards in their businesses.

Okay, so now what next? Now, would also be a good time to check out the equipment or POS system you may be using. Technology continues to improve at a crazy fast pace and you may be operating with older generation stuff that you don’t need to be using.

So, what can you do now to help improve your cash flow? Maybe nothing at all in this part of your business if your current provider is taking good care of you. I have been in the merchant services industry for over two decades, which in and of itself, is quite a miraculous feat. My success is a result of truly caring for my merchants and providing truly transparent pricing and innovative solutions. Maybe I can be of assistance to you.

Thanks for reading and please don’t hesitate to pass this article along to others that may benefit from it.