Cash flow is crucial to the continued success of most small businesses – they rely on an influx of revenue to cover the outflow of costs for supplies, rent, utilities and payroll. Many independent firm owners may think they need to attract new customers through time-consuming and expensive marketing efforts, but this may not be the case. Bringing more revenue through the cash register might be as easy as upgrading merchant services.
Last year, American Express' Small Business Saturday campaign reached 75 percent of American consumers. In anticipation of the event next year, independent retailers may want to expand their payment processing capabilities so they can accommodate the most convenient method for customers.
There are now a number of innovative mobile solutions designed for small businesses that offer value-added services such as timekeeping, inventory management, loyalty program integration and gift card processing.
Carrying and processing gift cards can provide local businesses with a significant revenue boost, as spending has increased 6 percent year-over-year since 2005 and sales are expected to reach $11 billion by 2014, according to the Tower Group.
Businesses that are interested in updating payment processing equipment, but lack the necessary cash flow, can turn to Five Point Capital for help. The cash advance business can offer owners a small business loan to cover the investment costs or supply them with the terminals through equipment leasing.