Updating your business to keep up with customer demands is challenging. And right now – digital payments are what customers are expecting. That’s why we teamed up with Mastercard. In this 3-episode series, which you can access here, we help give business owners a jumpstart on their journey into the digital economy.
Here are the highlights.
Episode 1: Accessing Capital
Most first-time entrepreneurs run into a common struggle— finding financial backing to grow their business. Dave Skirzenski, CEO of Raistone Capital, tackles the topic of receivable financing.
Receivable financing is often confused with invoice factoring and invoice discounting. Instead of waiting to collect payments from your customers, receivable companies buy 90-day invoices so you have access to that money. Skirzenski explains that it’s not a loan and there is no debt on the balance.
Businesses that should consider using receivable financing:
- Businesses that sell to Fortune 2,000 companies. Since receivable financing is based on your clients’ credit, these companies are good for increasing what you’ll get.
- Companies with reoccurring business.
- Businesses looking to scale up quickly.
Skirzenski stressed that receivable financing is ideal for companies that need to scale rapidly to maneuver through seasonal spikes. “If your demand is 3-times the rest of the year, you can just sell receivables during those spikes and not have to carry the cost of a loan for the whole year.”
Craving more information? Here are a few other highlights from this conversation:
- How small businesses can prepare to obtain funding without established financing
- Ways to use receivable financing in conjunction with loans for your business’s benefit
- Skirzenski’s 3 pieces of advice to prepare for growth
Episode 2: Digital Payments
A company that’s easy to do business with extends beyond quick online discovery and appointment booking. The entire customer experience should be effortless from start to finish.
When it comes to modernizing your business, digital payments are a must. For one thing, there was a visible difference between businesses that did and did not offer digital payments during the pandemic. However, as the demand to pay digitally increased, those who were able to adapt saw their businesses flourish.
57% of consumers said the ability to pay a small business online would determine whether they choose to use them or not.
Ryan Cantor, VP of Product and Marketing at Thryv, expressed that businesses mismanage their potential by not modernizing the payment process. “Consumers shouldn’t be forced to choose the convenience of a big business or the quality of a small business.”
Customers Expect Convenience
Customers are craving ease and nothing says convenience more than breaking from your cash or check-only rule. The process of extending your payment methods comes at a price. As a small business owner, it’s important to be aware of credit card rates.
One notable growing trend is the use of ACH for payment. Thryv’s payment processor ThryvPay offers ACH and that’s a win for our clients who charge large amounts for products or services. Usually, these fees have a cap of 1% or $9-10 maximum. For a contractor charging $10,000 roof repair, that’s going to be big savings on fees that can sometimes range between 2.54% to 3.45%. However, you do have to wait a few days to receive your money.
The decision to accept digital payments is more than giving the green light for customers to use their plastic. Catch the full sit down to learn:
- Steps businesses can take to ensure customers that their payment information is safe
- What 4 factors go into a business’s payments reputation
- What to look for when unpacking transaction fees to choose your payment processor
Episode 3: Protecting Your Business
In the past 18 months, the spotlight has been bright on small businesses and the issues pertaining to cybersecurity. The reality is, small businesses are targets, just like their big-name competition. We sat down with Rebecca Ledingham of Mastercard to discuss the importance of protecting your business.
Ledingham worked in law enforcement before working for Mastercard. After years in the field, she discovered there is no one type of person committing these crimes. Because it’s a low-risk crime with low barriers and easy-to-access tools, anyone could be behind the opposing screen. “They don’t care who you are,” Ledingham explains. “They care that you are connected to the internet and have a vulnerability to exploit.”
Avoid these common cybersecurity mistakes made by many small-medium businesses
- Seeking out free software for business use. Nothing is free and everything comes at a cost. The bad guys are watching, and they will try to exploit you. Losing data results in your business undergoing an investigation and receiving a fine.
- Not getting familiar with vulnerabilities within your online business. Know what your business looks like to a cybercriminal so you can protect yourself. If it were your building, you’d check windows and doors. Keep that same energy for your digital business and look for holes in your defenses.
- Accepting too much personal information from customers. Cybercriminals want payment card information and PII (personally identifiable information) because they have value on the black market. Losing this sensitive customer data will lead to a drop in customers because they no longer trust you with their information. Encrypt data every chance you get.
- Not backing up the data you currently have. If locked out of your system, extended periods of downtime could put your company out of business. Back up your data, daily sales, customer logs, and other information with every move.
Several problems lead to small-medium businesses being susceptible to cybercrime. Listen in to hear about:
- How avoiding software updates could cost your business down the road.
- The number 1 way businesses are breached without important information.
- Details on PCI-DSS and how following the processes can protect your business and your customers.
Wishing you could catch the Thryv + Mastercard webinar playback? Get on-demand access. Copies are limited so don’t wait and miss out. GET ACCESS HERE.