Tips for Micro and Nano Merchants to Grow Their Businesses
The payment landscape is evolving at an unprecedented rate, particularly impacting the world of micro and nano merchants. Digital Payments are not just a trend, but a powerful tool for growth. By accepting digital payments, SMBs can increase sales, better understand their customers and business, and gain a competitive edge in today's digital world.
Embrace digital payments
One of the most powerful growth tools for micro and nano merchants is embracing digital payments. Our studies indicate that when you accept cards, you increase sales. ¹The reason is simple: convenience. By offering more payment options, you cater to a broad range of customer preferences.
Access to credit
Digital platforms can provide small merchants with easy access to credit and working capital solutions. This can help address the lack of liquidity that arises when merchants are paid 30, 60, or 90 days after service.
Increased revenue
Around 82% of SMBs reported an uptick in sales when they provided in-person payment options.1 For instance, solutions such as Tap to Phone allow customers to make digital payments, thereby helping merchants to boost their revenue just by introducing this digital payment method.
Understand your operational spending
Digital payments can also help you better understand your operational expenses. By tracking your digital transactions, you can monitor where your money is going and identify areas where you could potentially reduce costs. This will allow you to operate more efficiently and increase your profit margins.
Manage your cash flow effectively
Finally, digital payments can significantly improve your cash flow management. With digital transactions, funds are typically deposited into your account quickly, reducing the time between making a sale and receiving payment. This can help to smooth out cash flow, making it easier to manage your business and plan for the future.
Embracing digital payments can provide numerous benefits for micro and nano merchants. If you want to learn more, click here, and download our full report.