Stay Updated! COVID-19 pandemic business resources hub »

Overcoming the Challenges of Rising Costs: Tips for Small Businesses

Small business owners are facing numerous difficulties in today's market, particularly with the increasing costs of merchant services. A recent study by J.D. Power found that small business satisfaction with merchant services has decreased due to cost and fee concerns. This presents a major challenge for small businesses as they strive to remain profitable and competitive in an ever-changing market.

While e-commerce continues to grow and evolve, with advancements in technology and live streaming becoming increasingly popular, not all small businesses may choose to participate in this market. At EZlocal, we understand the difficulties faced by small business owners and are committed to providing support and resources to help them succeed in their respective markets.

Here are some tips and strategies for small business owners to trim their overhead:

  1. Shop around: Take the time to research and compare various merchant services providers to find the best fit for your business and avoid overpaying for services.

  2. Negotiate fees: Speak with your merchant services provider and ask about any potential ways to reduce or eliminate fees.

  3. Streamline operations: Streamline your business operations to reduce the need for costly merchant services.

  4. Offer alternative payment options: Offer alternative payment options such as cash or debit cards to reduce the impact of transaction fees.

By following these tips and strategies, small business owners not participating in e-commerce can overcome the challenges posed by the current inflation and rising costs of merchant services. At EZlocal, we are dedicated to providing the resources and support small businesses need to succeed in their respective markets.

Night Mode