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Small Business Myths

When you run a small business, you’re constantly in the position of making decisions. Are those decisions being informed by fact and information, or emotions and myth? Believe it or not, the best credit card processing companies should be able to help you with that question. Let’s look at a few commonly accepted myths that can lead to poor decisions.

“Customers only care about low prices”

For the average small business, shooting to be the low-price leader is not an option. Recently, Amazon has made this abundantly clear to many small business retailers. What can be done to compete with the big boys is putting effort into your business’s value proposition. Being local, human, and maybe even a little bit cool, can give your customers an experience that gets them to come back, even if it means paying a little more. Relationships can play a big part too. Having a payment service that is automated, and allows you to collect info from your customers can help you reach out to them with information on offers and events, giving an enriching customer experience that Amazon, Walmart, and Starbuck’s simply can’t compete with.

“If you build it, they will come…”

Behind this Hollywood-fueled myth is the assumption that your good intentions are enough to carry your business to success. The truth is, according to Bloomberg, 8 out of 10 new businesses will fail in the first 18 months—regardless of good intentions. So even if finally opening those doors on the first day of business feels like you’ve arrived, the truth is, the struggle is just beginning. Your payment technology can help with this. Apps that are developed to assist small businesses keep track of inventory and what customers are buying can give you a decision-making edge. This is why Moolah integrates with a variety of applications that are there to help businesses. Check out the list to see what’s available.

“You’ve got to spend money to make money!”

Throwing a lot of money at any goal provides temporary results. Imagine your local small business opted to spend an insane amount of money—like a million dollars—on marketing. They do it all, from a comprehensive social media marketing campaign, to a Super Bowl Ad. Within a week, if it goes well, they would have more customers than they knew what to do with. In six months? They’d be right back where they started. If your growth isn’t part of a bigger overall plan, you’ll get a flash in the pan, at best.

The same goes for all expenditures. Before rationalizing those big purchases by telling yourself, “Gotta spend money to make money,” ask yourself how the purchase fits into your plans for the business.

Moolah’s aim is to be the best credit card processing company by helping businesses spend less money to make money. Whether it’s through offering low rates of 2.69% + $0.29, or offering a free Poynt Smart Terminal to get you accepting credit card payments right away, we remove the barriers—and the myths, that are getting in the way of your next step.