State of Small & Medium-Sized Businesses and the Upcoming Holiday Season*

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The 2020 year for merchants is marked by the strife as industries in terms of customer retention and sales. The coronavirus (COVID-19) pandemic not only changed consumer behaviours, but also pushed businesses to transform their operations in order to suit the digital needs of their customers.  

Social distancing procedures have become prevalent this year, which resulted in restaurants adapting to new revenue streams and payment options. With mobile applications such as Uber Eats, SkipTheDishes, and DoorDash, many businesses have converted their menus to suit the needs of their customers and for the sake of their employees’ health and safety. 

Meanwhile, the travel industry is facing difficulties in terms of employment and the number of cancelled plans. According to Reuters, United Airlines is in preparation for cutting approximately 16,370 jobs once its federal aid expires on October 1, 2020. Prior to COVID-19 and its negative effect on the airline, it had over 90,000 employees. In July 2020, it was also noted that about 36,000 jobs were at risk due low flight demands. 

As for small and medium-sized businesses, they have been affected by the worldwide pandemic as well. According to Kevin Phalen, who is the global head of business solutions at Visa, 2020 highlights what makes these businesses the backbone of the worldwide economy. 

For instance, Stephanie Vitori, who operates Miami’s Cheeseburger Baby, has embraced creative solutions for the sake of sales growth. One solution includes figuring out ways to take her food truck to locations where customers, such as frontline and essential workers, require food support. 

Vitori is not alone in this endeavour. One of Visa’s hopes is that others will see the creativeness and resilience of such business — especially around the holiday season and beyond it. 

For “Main Street” small to medium-sized businesses, Phalen said there is hope for them as consumers have indicated that they plan to purchase gifts this holiday season. Additionally, Visa’s Back to Business Holiday report found that 88% of consumers plan to shop for gifts despite the pandemic both online and offline. 

As businesses continue to navigate the upcoming holiday season, it is imperative that they keep different payment processing solutions in mind. The shift towards ecommerce indicates a need to streamline the online checkout process, and PayFrame is here to provide businesses with that support. 

To receive the best payment processing rates, contact PayFrame at either 1-888-668-0733 or info@merchantbroker.com.

* Resource

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