Businesses are adapting their operations for reasons of safety and to meet new customer demands – and they need digital payments to do it.
During an economic downturn, it’s smart to reduce your risks and keep close tabs on spending and finances, but that conservative approach shouldn’t carry over into marketing and sales. In fact, your competitors who may be preoccupied with the health crisis and its impact on the economy, are likely already circling the wagons and focusing on their current customer base – and missing chances at new business they could be attracting during the pandemic.
Don’t make that same mistake.
Coronavirus-related shutdowns have indeed had a major impact on some typical merchant accounts, for example, small and medium-sized (SMB) retailers, salons and spas, and bars and restaurants. However, consumers’ demand for online payments and touchless in-person checkout experiences are driving new opportunities for our partners.
Look for opportunities to build new business during the pandemic -- with many prospects ready to move rapidly to the bottom of your sales funnel in the following industries:
1. Healthcare providers.
Across the board, healthcare providers are taking extreme care to minimize the spread of coronavirus. Although insurance companies or Medicare reimburse hospitals and other large healthcare facilities, providers, such as dentists, chiropractors, plastic surgeons, and ophthalmologists, often accept payments directly from patients. These offices may be looking for safer types of transactions. You can provide online options, or give them the ability to set up recurring payments for patients who receive regular treatments.
2. Last-mile delivery services.
The boom in online ordering has also driven growth in the last-mile delivery space. According to The Market Reports, the global market size was $30.2 billion in 2018 – and it is expected to reach $55.2 billion by 2025. Due to the increased demand, more people are having orders delivered by local delivery services rather than UPS, FedEx, or even the postal service.
These businesses may be looking for ways to integrate payments into their websites or customer portals to keep cash flowing faster than invoicing their clients.
3. Fitness centers and personal trainers.
The pandemic derailed many fitness center operations in 2020, but these businesses and individual personal trainers found creative ways to help people stay in shape. Even if fitness centers in your area aren’t open to capacity, they may be looking for touchless payment methods for people who come to the gym, online payments for people who opt for virtual classes, or recurring billing or text-to-pay solutions for memberships.
4. Professional offices.
Professional service providers, such as lawyers, accountants, architects, and consultants, have traditionally invoiced and received payments by check. During the pandemic, however, many employees have been furloughed, or are working remotely, which has made it difficult to process payments in this way. These businesses may find value in online payments or text-to-pay solutions, and as the economy reopens, the ability to provide touchless experiences with contactless card or mobile wallet payments.
5. Municipal services.
Like professional offices, local government offices, tax collectors, and utility companies also need a more efficient way to collect payments while enabling social distancing. Municipalities may be open to accelerating digital government services, and deploying online payments or payment kiosks, to keep funds coming in. That way they can minimize the time and effort spent collecting late payments.
6. Cleaning, landscaping, and home repairs.
With people spending more time at home, they’re more focused on repairs and improvements. Interior decorators, landscapers, carpenters, house painters, cleaning services, and other professionals with in-demand skills may have full schedules – and little time to spend invoicing. An omnichannel payment platform that allows them to offer their customers touch-free, convenient options to settle their bills can help them save time and improve cash flow.
Where will you find opportunities for business growth?
The pandemic has accelerated digital transformation, including implementing digital payment solutions, across all industries. Explore ways to expand into new markets, find new business during the pandemic, and keep growing.