The Biggest Threat to The American Economy; The Coronavirus!


Published: October 20, 2020

How Will This Affect Your Business?

According to Catherine Thorbecke, who authored an article on the suffering of America, the Coronavirus has indicated this will be with us for years to come. As a result, the downturn of the American economy and the forced shutdown of the financial system. Consequently, has brought sixteen million Americans to the unemployment lines, food banks, and the wondering of what the future has to deliver for them. So how does this affect you as an entrepreneur/small business person?

Moreover, the downturn in business and new strategies of getting back to where we were before this pandemic surfaced is high on all small businesses’ agenda of a new methodology of how-too; rebuild America. Reopen our schools and do this in the way of not only protecting our children but the teacher who teach our most precious resource, our children. And now it is time for us all to get back to work, and turn around this market and put people back to work and once again be profitable.

Small businesses are tapping into their savings and 401 K to survive this downturn in the economy. However, dealing with the unknown and its uncertainty, small business owners are doing what they can to maintain their doors open and return to profitability. Inovativativness, creativity, and the old entrepreneurial spirit will get us back to where we were. Now it is the moment for us to roll up our sleeves and make it happen.

We must find ways to protect the small business person, for we are the catalyst to the American economy.

Small business owners must discover new ways to communicate with their customers. Digital marketing is a present phenomenon that can boost sales. Entrepreneurs must continually work to make changes in their business daily. Monitoring results and making changes as they see could affect the overall marketing strategies and bring about favorable resorts. Continually work on your skill sets that your profession, career stay relevant in this 21st-century business model.

Revamping one’s websites, so one’s customers can have a better customer experience is essential. Making one’s online presence more exciting and making the website more interactive with visitors. Yes, sites will need overhauling, but that must be done.

Electronic Funds Transfer ( EFT)

What are electronic funds transfer? It is a process of transferring money electronically from one bank account to another through the use of computers. This process, done without the input of human intervention, done through the use of technology and software. I started in this industry in the late 80s, where we would assist merchants in getting paid quicker with the use of credit card terminals away from the paper draft. The paper draft to credit a merchant’s account would take about thirty days to get processed, and the merchant paid.

By the merchant using a terminal, they could get paid quicker, and reduce their cash-flow issues. Merchants being able to get paid from anywhere is the caveat that helped them be more profitable through sales. However, the biggest complaint from merchants where they had to pay this discount rate which reduced their profits by paying this fee to the merchant processing companies. Now with today’s technology and software, merchants no longer have to pay this fee for it is passed on to the consumer through what is called blended pricing-cash or credit.

This process gives the consumer the option to pay a lower cash price over a higher credit card price. The consumer makes their selection; the software in the computer terminal does all the work and make the adjustments to the transaction. Thus, means, through choice, the consumer pays the discount rate, and the merchant through no longer paying this discount rate receives a profit on that what they were paying in the past. This process at North American Bancard (NAB) is called the Edge Program and is a vital process in the future in the 21st century that helps merchants become more profitable in their EFT processing.

Consequently, with the pandemic epidemic, we as marketers must look at promoting our businesses in a different manner, which has never seen before. How do we handle this four-month gap in which we were forced to shut down? No revenue, expenses mounting, how do we maneuver out of this business problem? The one thing we should not do is stop marketing. As one who holds a Doctorate in Business Administration with a focus on Entrepreneurship and Business Management, business schools teach to increase marketing activities, not eliminate it.

So if you are interested in learning how to make more profit, without doing anything special over that what you are currently doing, then contact us so we can share the Edge Program with you and your firm.

Benefits

  • No upfront fees
  • No monthly minimums
  • Next day funding
  • Free terminal placements
  • $295 buy-out of your current agreement
  • Consumer pays the discount rate and not you the merchant
  • Merchant approval within 15 minutes
  • 24/7/365 days live customer service
  • And we still provide working capital and lines-of-credit for you if you need money for your business. Visit our blog, or contact us, and let us know what you think, for we value your comments and thoughts, and want to be of service to you and your business.
    Donald E. Mitchell, D.B.A.