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Staying Competitive Through Payment Tech

Tough markets are no excuse for performing under your expectations. If you’re a small business owner, the question of staying competitive is a question that transcends current economic conditions, and gets down to the very core of your business. Accepting credit cards for small business is essential for staying relevant, but payment technology is helpful for more reasons than just transactions.

Knowing the Numbers

When it comes down to tech solutions that are giving businesses a cutting edge, the influence of analytics can’t be overstated. The incredible speed of adoption of software and technology that allows businesses to more easily collect and use data from their sales and customers gives a hint of just how helpful it can be—even for small businesses. Where intuition and high-level knowledge of the community and market were once the tools of the trade in the past, more and more small businesses are using data points to understand their customers and anticipate their wants & needs. Many payment solutions, Moolah included, makes it easier to measure foot traffic, conversion rates, and more, which can inform a huge number of choices, about your business.

Knowing the Community

As more and more gets bought online, the tendency of successful brick and mortar stores is to use what they have that Amazon doesn’t: namely, an experience. To keep your store location competitive and attractive, think of what you can add to the experience of shopping at your store. Community engagement is one great way to do this. Holding in-store events or classes on your product can be one way to add value that eCommerce won’t be able to touch. For example, if you sell cosmetics, you can host a monthly makeup tutorial. If you sell specialty foods or kitchen appliances, you can host cooking classes. Having a good Customer Relationship Management (CRM) solution in place will make it easy to get the word out for such events, and will generally help you make your customers feel at home.

Knowing Yourself

The all-time, number-one differentiator, no matter what you sell, is company culture. For all matters, but customer-facing and internal, you want your business to be based on your values, and what you want to offer to the world. And interestingly, the technology you choose when accepting credit cards for small business can help you here, too. Your company needs the values first, but good tech, like a better point of sale, and better ways to manage your goods and interact with customers all becomes a better way of making that company culture come across to the customer, which is the most important thing.