5 min read
Celebrating Small Business
Around the country as a whole - small and medium-sized businesses employ nearly 70% of all workers. Despite this, only 15% of these businesses reported receiving any government or enterprise assistance, compared to 57% for larger businesses. Beyond their size, small and medium-sized businesses are defined by their spirit and resilience.
They are credited with their ambitious drive, despite uncertainty, with recent global and local events and restrictions showing this to be true, with many businesses adopting alternate ways of delivering their goods or services. With this fast paced adoption and adaptation also comes a need to explore alternative payment methods to support these new ways of business.
With social and business restrictions beginning to ease across Australia and New Zealand, consumer spending is almost back to pre-restriction levels.
With what we have seen in emerging payment trends and how COVID-19 has impacted businesses, now is the time many small and medium businesses will be looking to bring their momentum back up to speed and we want to help you get there. Whether it is establishing flexible, recurring payments with your customers or having the ability to process online and in-person card payments in real-time, Ezidebit has a payment product catered towards businesses of all sizes and needs.
Explore other payment options for your business with Ezidebit’s product suite, no matter what stage of the business journey you’re at, with no monthly or setup fees until 30 September 2020.
Here are the top 3 trends and payment options we have noticed from our payment trends research that small and medium sized businesses can adopt to gain traction in a consumer market emerging from hibernation.
Digital is critical
Businesses that already had a functional website with the ability to take payments online were one step ahead when restrictions came into effect in March. However many others quickly jumped on board, creating services that could be accessed online, such as online tutoring materials for coaching and tutoring companies, and online workouts that could be done from home for health and fitness businesses. Pairing recurring, once off or online payments can help automate your cash flow and effectively extend your business hours with online payment options, for both direct debit and card payments.
Flexibility is required
The old saying “don’t put all your eggs in one basket” has never had more relevance in today’s changing world. COVID-19 had and continues to have an unprecedented impact on many Australian and New Zealand businesses. But it was the businesses that had more than one method of delivering value and accepting payment that fared best.
COVID-19 has shown us that it’s important to diversify your business offering. That’s not to say of course, not to focus on your primary source of doing business, but rather look for other opportunities your industry offers. So in times when business-as-usual isn’t possible, your business won’t be left high and dry.
Now as restrictions are lifting, many businesses that have transitioned into offering online services and products have found that rather than solely going back to their previous business arrangements, they’re keeping their new avenues open for those who are using them and might even prefer them.
Make sure your payment processes are airtight
Businesses that have complete control and visibility over the finances are the ones that can better weather storms that get thrown their way. The stronger you can make your payments processes, the stronger your revenue stream will be. It can be hard to have an idea of where your finances stand when you don’t have complete visibility over where they stand each day. Our EziOnline portal is a powerful tool for business owners, providing customisable online reporting, real-time payment and customer management, all navigated with an easy to use dashboard accessible from computer, laptop, tablet and phone.
At Ezidebit, we celebrate small businesses, get started with Ezidebit today, and enjoy no Monthly Fees or Customer Setup Fees until 30 September 2020.