small business survive covid-19

8 Ways to Help Your Business Survive COVID-19

COVID-19 got you down? You’re not alone.

At Summit Payments, we know how hard it’s been for businesses to soldier through this predicament.  We have compiled a list of 8 resources and opportunities that can help your business survive Covid-19 pandemic. These items will also help your business come out stronger on the other side.

Federal Government Loan Programs

Various programs offer an important lifeline for small businesses impacted by COVID-19. The massive stimulus package signed into law on March 29 earmarks $350 billion for loans to help small businesses.  These loans can provide aid for payroll expenses and economic relief to help small businesses overcome temporary revenue losses. Learn more at SBA.gov.

Online Ordering

Delivery or pickup is the new normal for millions of Americans.  Online ordering can keep sales flowing for your business. Therefore, Summit Payments has partnered with Snaptown and Crunch. Let us help build or maintain your online ordering system.

Implement a Cash Discounting Program

Implement a Cash Discount Program and slash payment processing expenses. Nowadays, consumers understand the costs businesses incur when accepting card payments.  As a result, many are willing to help share the load. Learn more about the Cash Discount Program here.

Contactless Payments

Whether it’s tap-and-go cards or mobile-devices, contactless payments are gaining a lot of traction.  Mainly, because consumers want to avoid exchanging items like a credit card during a transaction. All major banks now issue EMV chip cards that support contactless payments. The simplicity of contactless payment will spur ongoing consumer adoption.

Signature Not Required

Visa has removed the need to capture and validate a signature for Merchants that have EMV® chip technology. The change applies to transactions via all interfaces at EMV-capable devices. Dispute rights tied directly to the lack of signature capture were also eliminated. If your business is EMV-capable, you can easily implement a “No Signature” policy by turning off the signature prompt in the payment application. No re-certification is required.  Merchants may also choose to make no changes and ignore the signature prompt instead.

Offer Gift Cards

We’re witnessing a lot of goodwill in the marketplace. Including advertising campaigns on social media, urging consumers to support their favorite local small businesses. For that reason, you should be offering customers a way to support your business by purchasing physical and/or digital gift cards.

Leverage Social Media

Your business needs a Facebook page that’s continuously updated. Facebook is offering free templates that can help. (Find them here.) Another strategy is to send out emails and text messages to thank customers for their business and offering special deals. Also, encourage employees to promote your business with their social media contacts.

Take Advantage Of Free Virtual Resources

Zoom, Skype, Google Hangouts are just some of the resources available for free to businesses that need to meet with clients, and/or manage employees who are now working remotely.

Final Words

At Summit Payments we don’t view our merchants as just clients. You’re our partners. Above all, we’re committed to helping you manage your business through this difficult time, and to come out stronger on the other side. Please don’t hesitate to reach out to discuss specific steps we can take together to help your business survive the Covid-19 pandemic.