Cash and COVID: The Importance of Payment Processors

COVID-19 has changed the way we do things, from no-contact package delivery to remote work and online public schooling. One of those changes is the increase in no-touch and cashless payments. Cash and COVID don’t mix.

As COVID changes the way the world works, plays, and learns, now is a great time to evaluate and revamp your payment processing strategies and systems.

Cash and COVID

Not long ago, online and mobile payments were almost a non-starter. Customers didn’t want their financial and personal information anywhere on the internet. As time went on, these thoughts started to change. 

The transition to cashless payment methods gains momentum every year. So far in 2020, cash is not king. The recent stay-at-home and shelter-in-place initiatives meant businesses large and small had to rethink their payment offerings. People are clamoring for more mobile and digital ways to pay due to the current global pandemic, and ACH is both socially distant and more hygienic than coins and paper bills.

As the use of cash continues to fall, COVID-19 has some areas and businesses forgoing cash altogether, in favor of contactless options. Even with constant cleaning at all checkout areas, handling cash is a risk some businesses aren’t willing to take right now.

Find a Payment Processor That Works for You

Large businesses such as banks and corporations are more readily equipped to handle the creation or implementation of an expansive payment processor. But what about small and medium-sized businesses?

Endless Opportunities – Good or Bad?

Mobile and online payment offerings add great value to your business. When you are trying to start or grow a business, the payment processor options are endless. But having endless possibilities can quickly become overwhelming. 

Many large systems have a wide variety of tiered plans and packages, but they also often come with hidden or complicated fees. Credit card processing can cost you as little as 1% for in-store transactions, but non-store sales may increase that fee to two or even three percent

Many processing companies also have a complicated list of other miscellaneous expenses you may not be ready for like gateway, annual, and incidental fees. 

Moving Forward with ACH

The momentum ACH payment processors are gaining right now will likely continue on an upward trend in the coming months and years. The 2019 AFP Fraud and Control Survey shows that ACH payment fraud, though on the rise, is still much lower than check fraud has ever been. People are starting to trust and prefer online payment methods because of their efficiency and relative safety compared to other forms of payment.

As COVID-19 changes the global landscape, more and more transactions will be processed online, making your payment processor more valuable than ever before. Having flexible and user-friendly payment options will expand your customer base and increase transactions. 

Solutions from ReliaFund

The ReliaFund Electronic Payment Services payment processing platform provides small businesses and large enterprises with a single solution for accepting payments. Built 100% in-house, it’s an end-to-end platform that streamlines payments across online and mobile.

ReliaFund can help you save time and money by offering you fully integrated payment processing software

Cash and COVID: The Importance of Payment Processors