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An interesting thing I think a Allen Kopelman
lot of us saw relatively early on Nationwide Payment Systems Inc.
were businesses implementing
“COVID-19 surcharges.” Credit 1. I feel lucky that we have a pretty diversified portfolio and not that
card surcharging has been heavily invested in card-present merchants or have a large concentration
gaining momentum of late, and I in restaurants. The restaurant industry took a big hit, and the restaurant
think consumers are much more business is going to have to continue to make adjustments. There is a loss of
open to paying a little extra to help revenue due to some of the volumes being offloaded to food delivery apps.
support their local merchants. Many bars and hotels are closed—revenues reduced. There is hope that this
I expect to see surcharging will end after vaccines are widely distributed.
become even bigger next year as
business owners look for ways 2. Not sure you can go back and look at this and say ... oh, I wish I could
to minimize payment acceptance have done this or that. One thing for sure is that we made a move to cloud
fees as much as possible as cash storage and remote phone—after Hurricane Wilma—we made initial
usage declines. I also believe changes with the phone, email and storage. All of those moves helped out
"buy now pay later” options will so we could manage our business remotely.
become more available, so this
is something we’ll be making 3. Fintech. Everyone needs to be in the fintech business: integrated solutions,
sure we can offer clients. For the getting information from all of our vendors to expand offerings.
most part, next year we will sort
of continue as normal, staying 4. We will have to see what change or regulations we will face when a new
proactive with new trends while administration is in charge. Advice for anyone in business: pick up the
keeping an eye out for the latest book Who Moved My Cheese? Be ready to pivot. You can't sell the same way
pandemic shifts, too. any longer, and you need to learn new skills.
4. Looking at the various statistics
of how much the pandemic has
accelerated the digital economy,
things are moving quickly, and if
you’re unable to keep up, you will
be left behind. To be successful USAEPAY.COM
in the payments industry, you REIMAGINE THE ART OF 866-570-2051
will certainly need to be aware
of trends and have the proper TRANSACTION
tools and resources to offer your RETAIL E-COMMERCE MOBILEOBILE
M
merchants so they can succeed.
I think a lot of us forget we
are consumers, too, which we
should always be mindful of.
For example, if you have a great
experience buying something in
store or online, mention that to
your merchants so they can offer
the same experience or payment
method. Although this is nothing
new, payment professionals
should continue growing
their networks, strengthening
relationships and making
customer service a top priority
if it isn’t already. This year has
reminded me of the importance
of relationships and the power of
your network.

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