MONEXgroup’s 3 Big Tips for Small Business Owners Entering the Digital Age of Payment Processing

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On April 25, 2014, The Globe and Mail published a report stating that 53% of Business Owners are run by part-time entrepreneurs who work for someone else during the day - these business owners exclaimed they would resign from their full-time career if their business could produce $30,000 annually. This article will outline the financial benefits of eCommerce for Small Businesses ready to tackle the Digital Age of Payment Processing to increase their sales – with MONEXgroup providing the Payment Solutions.

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Having an online presence (and the ability to sell online) is not just a recommendation, but a necessity.

Everything is just a click away! It is hard to overlook the impact that online shopping has had – with customers preferring to shop in the comfort of their own home, on their own time instead of entering into a traditional brick-and-mortar store. Having an online presence (and the ability to sell online) is not just a recommendation, but a necessity for large, publicly owned companies.

Below you will find three big tips for small businesses ready to take their business to the next level and capitalize on online sales by either creating or further expanding - into the age of eCommerce:

1. Embrace the Technology
There are still a few business owners who don’t realize the power of fully-utilized technology. Many small business owners – when told about or when hearing the word eCommerce freeze-up and dismiss the idea due to fear of the unknown. There is, however, much to gain from exploring eCommerce solutions, such as the ones offered by MONEXgroup.

According to a report published last month by eMarketer, in 2012 eCommerce sales exceeded $1 trillion for the first time. That's an incredible 21.1% growth rate, but even more impressively sales this year will increase 18.3 percent to 1.298 trillion worldwide. Considering those numbers, what excuse does any business, small or large, have in not entering the eCommerce market? The answer tends to deal with unwillingness in investing in unfamiliar territory. Luckily, eCommerce is not any more complicated than most of the technologies a small business already employs - and with a projected 16.2 million Canadian’s buying via the internet (not counting potential customers outside of Canada), the benefits of eCommerce far outweigh the risks.

2. Do Your Homework
According to research conducted by the Globe and Mail, 53% of business owners work full-time for another company – stretched very thin with little time - one of their top regrets is their initial lack of understanding of financial management. The good news is that current technologies, such as POS terminals and integrated eCommerce solutions, can simplify many of the more complicated aspects of financial planning by automatically retaining records. It is, however, important to keep in mind: eCommerce solutions will definitely save you time and money, but financial literacy can help you make the most out of these benefits.

3. Integrate, Integrate, Integrate!
Integrated payment solutions are vitally important. It may not seem like much of a burden to require a customer to drive, jog, take public transit or moonwalk to your store, but the fact of the matter is - it is much more simple to point, click and buy. Canadian consumers are extremely loyal to Canadian businesses - meaning that it makes sense to give them as many options to buy your products and services as possible.

There are many ways to create and expand a business. In the case of eCommerce, the investment tends to be relatively small with a potentially large financial reward. Imagine if Netflix had remained in the market of mailing DVDs to customers’ homes and chosen not to expand via the internet. This, of course, is an extreme example, but it highlights the way that the internet can expand a business by putting their products in front of a mass audience - to be accessed anytime, from anywhere.

MONEXgroup is the #1 payment processor in Canada offering the lowest rates in the industry. Services offered include: debit card and credit card point-of-sale (POS) terminals, mobile, integrated and eCommerce online payment products. MONEXgroup serves over 20,000 merchant accounts across Canada in all market segments including: restaurants, business-to-business, professional services, leisure and hospitality.

Holly Murray
Marketing Communications
T: 647 204 0197

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Holly Murray

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