You know the feeling. That sneaking suspicion that you’re barely breaking even on sales this quarter. No small business owner likes that, and with all the competition out there, turning a profit means you have to really hone in on consumer shopping behavior to put a little cushion between you and your bottom line.
We recently published our 3rd annual Small Business Payments Spotlight, and it’s jam packed with useful tidbits that can help you get ahead. Let’s dig into three key stats to uncover what you can do to improve your business.
Before we unpack this stat, we’re obliged to say that if you’re not selling online in either a marketplace or on your own website, you’re missing out. Over 50% of small businesses have a website that takes payments, so you should definitely consider the possible benefits for your business.1
Now, if you do sell online, the unfortunate reality is that online giants like Amazon and Walmart have spoiled shoppers when it comes to shipping costs. They’re driving costs through the floor, and customers are happy to accept the new reality of “free” shipping.
There are a few things you can do to keep up:
Can you afford to lose 1 out of 6 customers? That’s a tough loss because you essentially already made the sale – but payment options got in the way.
The good news is it’s fairly easy to diversify your payment acceptance. By accepting a range of card types, from debit to credit (across all card brands), and even diving into mobile wallet acceptance, you can satisfy the vast majority of consumers at the point of sale.
In some cases, it’s as simple as working with your merchant services provider to enable additional payment types on your existing equipment. But depending on your technology, you may need to consider upgrading your system.
That means every other potential customer will pass you by just because of other people's bad experiences at your store. It’s very, very important to recognize the impact online reviews have on your business. Consider some questions:
Once you evaluate the importance of online reviews to your business, the next step is doing something about it. Start by taking stock of any and all reviews you currently have out there. Read “Tackle negative online reviews with these 7 steps” if you find any feedback you think could be hurting your business.
Download the full Small Business Payments Spotlight for even more stats and insights.