In this era of COVID-19, it has become clear that in order to compete, businesses need to accept payments and fill consumer demand online.
According to a CommerceHub survey, 59 percent of consumers say they are more likely to use curbside pickup following the coronavirus outbreak. Of those who subscribe to delivery services such as Amazon Prime, 75 percent say they are likely to opt for curbside delivery even once the pandemic subsides.
These trends often run counter to the way businesses - especially local businesses - have designed their business models, which emphasized attracting foot traffic to storefronts that encourage impulse buying.
For the future of your business and the customers it serves, it's becoming more and more apparent that digital transformation should be a first resort, not a last.
Here's how your bank can help you ensure your small business is running securely and successfully online.
Many retailers have gone to great lengths to safeguard their clients by enforcing social distancing and requiring the use of masks and plexiglass barriers.
But the safeguards go out the door when customers are required to pay with cash or use touch-screen credit card terminals for payment.
There are many mobile-point-of sale solutions designed to suit different businesses, but accepting credit cards via your personal mobile device, adopting in-app payment systems and supporting customers in their preference for mobile wallets are three ways to create the optimal consumer experience in today's new landscape.
Because financial habits are shifting and 61 percent of consumers have a contactless credit card, as reported in a 2019 survey by Elavon, it's critical that small businesses work alongside business banking to accept contactless cards and accommodate these new consumer expectations.
"We recognize the changes in consumer demand," said Milton Cardona, senior product manager of pay innovation at City National Bank. "The bank offers Apple Pay and Google Pay on all City National Bank cards to meet customers where they are. This includes not only commercial cards but also personal and debit cards. Any of our cards can be added to mobile wallets today, which provides a simple fix to the complicated problem of remaining touchless during this time."
Most banks now offer payment solutions that keep customer data safe and work with Apple Pay, Google Pay and other virtual wallets.
Both you and your customers expect convenient and secure payment now more than ever, especially when cybersecurity could be an issue for your small business.
Because business owners say they need to relocate the trust they've built with many of their customers from in-store to online, banks like City National are working with Elavon to help you build everything from a simple payments page to an entire online store.
Elavon supports customers and small business owners alike by providing payment solutions that scale with you as your business grows and cardholder data protection that gives your customers the confidence they need to return.
Despite consumer demand for digital options, small businesses still receive paper checks for some transactions, and check fraud is more common during challenging times.
Thankfully, digital technology also makes it easier for businesses to protect against fraud.
In addition to helping you identify fraud, including payee name suspects, fraud protection services like Positive Pay can also help you:
Verify checks. Each check that you post to your account is verified using issue data. Notice a few non-matching items? No problem. They are reported via a Positive Pay Exceptions Report for your review and payment decision.
Know what's happening - daily. Your Positive Pay Exceptions Report is available to you early each morning via an online Treasury Net Positive Pay service. You receive an Exceptions Report every day, even if you have no exception activity.
Decide about payment of each check. You make your pay or no-pay decisions online, swiftly and securely.
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This article is for general information and education only. It is provided as a courtesy to the clients and friends of City National Bank (City National). City National does not warrant that it is accurate or complete. Opinions expressed and estimates or projections given are those of the authors or persons quoted as of the date of the article with no obligation to update or notify of inaccuracy or change. This article may not be reproduced, distributed or further published by any person without the written consent of City National. Please cite source when quoting.
Elavon is an independent merchant transaction processing service and is not owned by City National Bank or any City National Bank affiliate. Pursuant to agreement, City National Bank exclusively markets the merchant services of Elavon to its clients and may receive compensation for its services. CNB is not responsible for the representation of Elavon regarding its services.