Covid-19: Small Businesses Hit Hardest (Continued from page 1)

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as the challenges this presented by this “New Normal.”

“The biggest hits were taken by places like reception halls, gyms, res- taurants,independentretailstoresand movie theaters.” Small businesses have taken the brunt of the impact across the board. Big box stores and chains have been able to adapt and remain open, while many small busi- nesses are struggling to absorb the rising cost of compliance.

“We all want and need the small business to succeed. It creates jobs, builds our economy, drives innova- tion, and creates competition.” All of which are essential fundamentals of a thriving community and economy, according to Sandy.

“Small business owners had to think outside of the box to make it this far,” she continued, “As consum- ers, we have to think outside of the box as well to help rally around our small businesses. One such way is by recognizing the costs that these businesses are paying.”

Jason White, a supportive ser- vices volunteer at Vets Returning home points out, “Consumers recog- nize the convenience of not carrying cash, but they don’t usually think about the cost of our convenience in credit card processing.”

Jason helps out in many aspects including handling donations. He points out that each time we use our credit or debit card, “we are asking the business owner to pay a conven- ience fee for us

While each transaction is charged a small percentage, those charges add up to costs in the thousands for busi- nesses. With more and more transac- tions shifting away from cash pay- ments, the end result is less money for the small business owner for the same amount of products and ser- vices. “Most people don’t realize that even non-profits pay these costs.”

Lenny Marmino of Empire Pays says, “It seems backward to think that someone else should pay for our con- venience, but they have been for years.” Marmino added, “Gas sta- tions started years ago charging one price for credit, and one for cash. It helpedthemdifferthecostofthat convenience, and many business owners today are following suit.”

While many convenience stores started putting up signs limiting cred- it and debit transactions to a certain dollar amount, those practices are actually against the terms of service of companies like Visa and Master- Card. “Thosesignscanactuallyget you put on the terminated merchant list, meaning you can’t accept credit or debit cards.” Marmino warned, “that could be catastrophic to a small business owner.”

“The merchant CAN, however give a discounted price for cash pay- ments similar to what gas station ex- ample.” Lenny further advises, “by shifting the convenience cost to the consumer, the business owner can increase their bottom line tremen- dously.”

While some merchants are hesi- tant to institute this type of system for fear of angering their customer, most who have made the switch have seen little to no pushback from the com- munity. “People want to see their small businesses succeed,” said Bow- er, “They see the benefit to the com- munity that these businesses bring, and they want to help keep them go- ing.”

“While the customer sees a small charge for not paying with cash, the business owner sees a huge spike in their bottom line.” White said of the cash discount program and the change in mind frame. “We have seen very little resistance from cus- tomers over this change. The good news is, the community is behind small businesses, and are looking for ways to show that support.”

When the cost of doing business goes up, the choice is to either lower

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those costs, or raise your prices. Said Bower, “This new program allows businesses a third option, while al- lowing consumers a choice. In the end, it is a big win-win for every- one.”