High inflation rates don’t just impact customers – businesses often have to make changes to maintain their operations at the same level.
The extreme prices for raw materials and manufactured products raise costs for businesses, which then must pass those costs on to customers. To help combat high inflation, we compiled a list of resources that will help merchants reduce costs and increase their sales during this tough time.
Free Inflation Webinar
The AmEx Economist Intelligence Unit has created a webinar discussing its insights and outlook for U.S. inflation. This is a pre-recorded webinar and can be accessed for free on our website. The webinar discusses trends impacting the global business environment and includes other great information for businesses.
Dual Pricing & Surcharging
Although credit and debit cards are very convenient for consumers, the merchant pays processing fees for each transaction. Inflation directly affects fees, which means businesses should find ways to limit the number of credit and debit transactions.
Discounting purchases made via cash is a great way to lower the number of processing fees. This is a great tactic for small purchases at convenience stores or gas stations where cash is a viable option.
Surcharging works in a similar way to dual pricing. For consumers who prefer to use credit/debit cards for their purchases, a surcharge transfers the processing fee from the merchant to the customer’s tab at checkout. This also is an incentive for customers to use cash payments in times of high inflation.
Card Processing
Having the right fintech solution for your business also will reduce your monthly processing costs. We offer cutting-edge technology that can be customized for your business operations. This will save you money on fees and give you access to great POS systems.
Celero Connect
Our Celero Connect payment gateway can run your business effectively and securely from any location with internet access. All from one interface, you will be able to accept payments across all platforms, including in-store, online, over the phone, electronic check, contactless, and curbside payments. Celero Connect will streamline your operations and save you time and money.
Gift Cards & Loyalty Programs
People love receiving gift cards, and it encourages them to spend more with your business. We offer simple gift card and loyalty program services so you can show appreciation to your customers. Implementing these solutions will help boost your sales and build your brand.
ERC Program
Your business could qualify for the ERC program, which is a federal incentive to aid in employee retention. You could receive up to $26,000 per W2 employee to help maintain competitive wages and keep workers employed on your team.
Each of these resources is a great way to help combat high inflation. If you need assistance or more information, visit our website or contact us today. We are happy to help!