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Changes to help ensure merchant success

Small Merchant Wellness Guide

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Verifone
Editorial Board
Executive Summary
A wellness plan for small merchants....

In honor of National Small Business Week, Verifone doesn’t want to just recognize and champion SMBs, we want to help them thrive & better serve their customers.

Building and growing a small business is both rewarding and daunting, particularly when pitted against big businesses with larger footprints, bigger budgets and more assets overall. It’s a classic David versus Goliath scenario. In honor of National Small Business Week, Verifone doesn’t want to just recognize and champion small- to mid-size merchants (SMBs), we want to help them thrive and better serve their customers through the checkout experience.

Thanks to recent payment technology breakthroughs, merchants have the tools they need to not only survive in today’s business environment, but thrive.

Verifone is helping SMBs accept emerging payment apps and methods since a growing number of consumers demand the option to use these features in-store. The awareness and ability to accept all types of payment and the flexibility to embrace change is critical to merchants’ wellbeing.

  • Approx. 25% of users paid by Samsung Pay & Apple Pay app during last transaction, PYMNTS.com
  • 64% plan to use mobile wallet in 2020, Accenture
  • +50% want to use apps for faster instore purchases, Retail Dive
  • +520 million use Alipay in 30 countries—including the U.S.,  Forbes

 

Evidence suggests that there is a correlation between healthy relationships and merchant life expectancy. Reciprocating with relevant and easily redeemable offers helps SMBs build and maintain long-lasting relationships with their customers, and fulfill on the mutual need for appreciation and understanding.

  • 66% want to redeem rewards at the POS. Accenture
  • 79% want brands to show personal understanding & care, Wantedness

Verifone is enabling SMBs to engage their customers and conduct transactions throughout the store. This allows SMBs to foster healthy activities in the customer’s journey and reverse any merchant atrophy—and even elevate feelings of happiness.

 

Strains of viruses, malware and other infections spread by cybercriminals’ unsavory behavior are increasingly resistant to payment system defenses. Total immunity is impossible; however, supplementing PCI compliance with a strong regimen of end-to-end encryption, tokenization and secure/semi-integrated architecture can effectively protect merchants from infection—not to mention embarrassing phone calls to inform customers they may be infected.

 

Payroll, inventory management, reporting and other tasks can induce anxiety and distract SMBs; however, ground-breaking payment technology advancements can support a range of business apps that alleviate such distractions. With the right tools, SMBs can adopt any number of apps, which they can use as coping mechanisms—anytime, anywhere—to reduce distractions and regain focus on what’s most important—growth and relationships. 

All these changes may be impossible for small merchants to make on their own, which is why the merchant service provider is critical to the wellness journey. That’s not to say that any service provider will do. Reliable “wellness coaches,” or merchant service providers, must be able to efficiently manage ongoing complexity and fast-paced change on behalf of merchants, along with trained staff available 24/7 for monitoring, support, and triage—if something goes wrong.

So, how can merchants identify a suitable wellness provider?

One way is to look for Verifone solutions in their treatment plans. For more than 36 years, Verifone has been “clinically proven” to solve payment complexity for ISOs, acquirers and other industry stakeholders. Its future-proof, prescription-strength solution, Verifone Carbon paired with Verifone Connect, equips them to help SMBs compete like a chain.

Key applications that are benefiting SMBs include:

  • Talech -  allows merchants to take orders, apply discounts and tips, manage inventory, and view daily reports.
  • Pointy - helps merchants get products online and is great for those looking for an easy way to merge their in-store and online presence.
  • Apptizer - enables restaurants to provide customers the option to order-ahead.
  • Giftfly - allows shoppers to buy and send gift cards via email and text directly from their local merchants.

To learn more about enhancing your business with Verifone or for recommended wellness providers (merchant service providers), contact us today.

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