The COVID-19 pandemic has impacted daily life and disrupted how many of us do business. Due to stay-at-home directives, the focus in our industry has turned to processing payments through automated clearing house (ACH) processes, credit cards, phone, web and other applications.
We know of the capabilities of ACH payment processing for bill pay like rent, utilities and child care services, as well as credit card processing for ecommerce and retail, but payment services are providing assistance in a number of ways to people, workers, businesses and nonprofit organizations during this difficult time. Here’s now:
- Direct deposit payments. For many accounting departments, printing and presenting paper checks to employees pose a challenge right now. Setting up direct deposit for payroll makes it easier for employees to receive payment and eliminates the need to deposit a check at a bank, or wait for funds to clear.
- Paying suppliers and vendors remotely. Many accounting teams print payment and bank account information on blank checks for contractors and vendors. Others may manually issue checks for suppliers and send payment through the mail. Either way, accomplishing this task is a challenge when staff is working remotely. Paying suppliers and vendors via ACH can be done while working remotely and is more secure, reliant and convenient than printing checks. Plus, you’ll keep vendors happy with transactions that clear faster.
- Fundraising for nonprofits. Nonprofit organizations and charities, particularly those providing direct services for individuals and businesses impacted by the pandemic, rely on financial donations to complete their mission work. The need for social distancing has forced organizations to cancel in-person services and fundraising events. Nonprofits with ACH and credit card processing can focus on attracting members to make recurring donations through digital fundraising activities and prevent the interruption of donations.
- Supporting small business. The pandemic has forced non-essential businesses to close and reduced foot traffic to many of our favorite retailers and restaurants. Personal services like lawn care, pet care and domestic work have also been affected due to social distancing requirements. If financially able to do so, customers are being encouraged to purchase gift cards, shop online and continue payment for personal services to support local businesses.
There are many applications for payment processing systems, especially since they are stable, reliable and secure during the crisis. They also enjoy a high level of trust from the public. The solutions being adapted now will define what becomes the ‘next normal’ post-COVID-19. It’s critical for merchants and businesses to ensure your payments ecosystem is also evolving with the times.
If you’re looking for solutions that will help during this time, contact us. We’re here to help.