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Thursday, March 19, 2020

Tech leaders bring hope, resources to SMBs

Payments industry leaders are adding value and context to the Coronavirus Preparedness and Response Supplemental Appropriations Act, an $8.3 billion dollar package signed into law on March 6, 2020, by the Trump Administration. Recognizing that small and midsize merchants need more than just cash to weather current economic uncertainty, commerce leaders are offering unprecedented levels of resources, support and leadership to U.S. communities and businesses.

Michael Nardy, founder and CEO of Electronic Payments, disclosed March 17, 2020, that his company will waive certain fees and charges to help merchants obtain emergency funding during the global pandemic. Describing merchants as the lifeblood of his business, Nardy emphasized the need for service providers to support business owners during this difficult time.

“Their business, literally, is our business,” Nardy stated. “While merchants will still pay normal processing charges, other reductions in the cost of doing business will help. If we can all take small steps to reduce the burdens on obtaining capital or waive certain fees and charges during this unprecedented experience, our entire economy will be better for it and SMBs can thrive once this crisis passes.” More information about the company’s relief efforts can be found at www.electronicpayments.com

Use tech to stay connected

Fee Navigator co-founders Adrian Talapan, CEO and Ion Craciun, CRO, initiated a weekly fireside chat where payments industry stakeholders can connect, inspire and support each other. The free online meeting occurs every Wednesday at 11 a.m. Eastern Standard Time and is open to everyone, they stated. For additional information, visit www.feenavigator.com/learn

“The next two to three months is an ideal time to focus on business,” Talapan said during the March 18, 2020, call. “This is a time to review cost structures and revenue drivers. The best way to protect our businesses is to stay healthy and positive.”

Craciun agreed, pointing out that video is a valuable resource that can help people stay connected during times of self-isolation. “Get a free video account and get comfortable using the medium,” he said. “It’s a valuable communication tool that can bring people together, not for selling but for talking, sharing and supporting each other.”

Leverage data

Womply, a software-as-a-service provider, is conducting ongoing, daily data analysis in an effort to help local business owners quantify the impact of COVID-19 on their communities and across the United States. The reports aggregate transaction data, substantiating what many consumers and merchants are seeing firsthand, according to company representatives. Following are highlights from last week’s reports:

  • Lodging: Revenue was down 62.7 percent YoY on March 13, 2020, and the trendline continues downward. Weekly revenue was down 25 percent YoY, and a bigger drop is on the way.

  • Restaurants: Revenue March 13, 2020, was down 19.6 percent YoY, and with many restaurants closed or only open for take-out, that number is expected to drop.

  • Grocery stores: Driven by consumer panic, grocery stores saw their highest daily revenues for 2020 last Friday, with consumer spending up 87.4 percent YoY.

  • Transportation: Weekly revenue down 85 percent YoY.

  • Arts and entertainment: Revenue March 13, 2020, was down 72.5 percent YoY; weekly revenue was down 37 percent YoY, a trendline that continues downward.

  • Bars: Revenue March 13, 2020, was down 16.1 percent YoY, and (like restaurants) many bars closed or were only open for take-out.

  • Retail: Local retail hadn’t yet felt the full force of social distancing measures on March 13, 2020. Revenue was down 1.6 percent YoY, while weekly revenue was up 4 percent YoY.

Womply will furnish additional analysis and updates at www.womply.com/blog/data-dashboard-how-coronavirus-covid-19-is-impacting-local-business-revenue-across-the-u-s/

end of article

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