Retailers looking to maximize their reopening and redemption on post-suspension purchases should review all business expenses and reduce or remove them if possible.
Marty Pomeroy, CEO of Smartpay.
Marty Pomeroy, Chief Executive Officer of Smartpay, encourages SMB merchants to look for better deals to make their business more efficient as they reopen.
1. Check transaction fees
“The easiest to reduce costs are often overlooked, and card transaction fees can cost some businesses thousands of dollars each year. As Covid-19 hygiene concerns continue to fuel Tap & # 39; n Go and other contactless payment options over cash, the cost of card transaction fees will only increase.
"Card payments in 2021 are up 13.1% compared to 2020, and digital wallet payments are up 90% over the same period of 68 million monthly transactions, a time that retailers need to be financially savvy."
2. Consider new service providers
“Moving to a new electricity, gas, or cellular provider can usually make savings, and it's a good time to do competitive research. More and more people are switching their mortgages and insurance from traditional banking providers in search of a better deal. This path can also be considered for businesses that can use their bank for everything from insurance to loans to their Eftpos terminal.
“More than three quarters (78%) of businesses stick with the same bank provider, but 63% of them believe they could get a better deal while shopping. Switching to a specialized provider that focuses on a specific product or service can not only save money, but also give the retailer more confidence through attentive and optimized customer service and support. Most companies bundle their Eftpos terminal and transaction services by default when they open their commercial bank account.
"Retailers need to understand that they don't need a bank to deploy their Eftpos terminal and complete transactions, they need Eftpos specialists in the market to help them and help them save."
3. Reinvest the savings in growing your business
“87% of consumers say they would rather support a local small business and almost half said they would be willing to pay a little more for that support. Now is the time to look for innovative ways to save costs and put money back into your business.
“Many of our small business owners have reinvested the savings in their businesses so they can hire more people, initiate marketing and promotional activities, and even develop loyalty programs to reward and retain loyal customers. As companies try more than ever to recover from the lockdown, it is time to put their business first and review their cost-effectiveness to ensure long-term success. "
About Martyn Pomeroy
Marty Pomeroy is the Chief Executive Officer of Smartpay. He has an in-depth understanding of the operational, sales, and commercial elements of the payments industry. Prior to joining Smartpay, he was one of the two founding directors of Viaduct Limited and was instrumental in the success of the company, which became the third largest Eftpos terminal operator in New Zealand with annual sales of $ 7 million.
Smartpay is Australia's and New Zealand's largest independent full-service Eftpos provider and serves over 30,000 merchants with around 37,000 secure and feature-rich Eftpos terminals. In Australia, Smartpay is a payment intermediary offering credit and debit card acquisition through EFTPOS terminals, challenging the traditional payments space and offering business owners payment products designed specifically for them.
Please visit smartpay.com.au for more information.