April 16, 2018 Admin

Royal Debit Tips for Small Business Owners Entering the Digital Age of Payment Processing

Do you own a small business that’s finally entering the digital era and setting up payment processing? Congratulations! You’re going to increase the likelihood of your business earning more money through convenience to the customer, as well as your potential reach.

Earlier this year, on February 2nd, 2018, the Globe and Mail came out with a report noting that around 63% of businesses in existence currently are owned by entrepreneurs that have other jobs, as well. We aren’t talking about taking on multiple clients at once, we’re talking about entrepreneurs that still work for someone else. The 63% of people in the report admitted that if they could produce at least $40,000 annually with their own businesses, they would quit their jobs and stop working for others.

In this article, we’ll briefly outline the benefits of using eCommerce solutions like payment processing digitally, and how using a solution as such from Royal Debit can increase their profits. After all, the dramatic increase of businesses and the economy because of the digital age is outstanding – something physical stores can’t keep up with anymore.

Embracing the New Age Technology

There are most certainly old-school businesses that just won’t make the jump from physical stores to the digital world, and they mostly dismiss the idea of transitioning because they simply don’t know how it all works. They don’t trust the idea that they can upload information, inventory, and receive income by using the Internet.

There are numerous benefits to using the eCommerce route, and even utilizing solutions like Royal Debit to increase the convenience. In 2016 alone, eMarketer informed the world that sales online exceeded more than $1 trillion. This means that the rate of growth in which eCommerce has grown increased by more than 22%. It was said that in 2017, the predicted rated would be more than 19% growth, and even more this year.

Doing Your Homework

When stubborn business owners are shown numbers like that, their answer as to why they aren’t taking the plunge still boils down to the fear of the unknown. So why aren’t they educating themselves? Knowledge is power, and in this case – money. In fact, most of the technologies or policies in place with eCommerce aren’t any more difficult than typical and traditional physical store policies.

As we mentioned earlier, 63% of people that own their own eCommerce business actually work for others; however, more than 53% of those people work full-time for someone else. This means that most people who run their own business have little to no extra time. In order to make that switch to full-time, it’s important to utilize technology and point-of-sale systems to increase sales.

Integration is Key

When you have an integrated payment solution, you’re able to increase the number of sales you make through convenience alone. Not investing in a solution as such will take you back to the early 90’s and make potential customers turn away. Consumers are extremely loyal when they like the product they’re receiving, and when they can obtain that product easily.

If you’re looking to make a change with your business, we highly suggest contacting a professional like Royal Debit. Integrating an eCommerce solution will boost your sales and keep your potential customers happy. Contact Royal Debit at +1 (416) 986-3342 today.