While we look to large corporations as a representation of the current business landscape, they aren't the organizations that help keep our economy going. The market is fueled by small businesses, and this month it's time to recognize that fact.
May is National Small Business Month, which means a number of smart entrepreneurs are going to use this time as an opportunity to start their own companies and take their chance against a competitive and somewhat intimidating market. Small businesses can exist in literally any industry, which means that just about any vendor that sells to other companies can work with a small organization.
There are a number of things small business owners are wary of, particularly when starting out. They need to purchase materials and tools to help them run their operation, but they want to do so quickly, for as little money as possible and in a manner that keeps their personal information safe.
Vendors need to ensure they are procuring payment solutions that will cater to these needs. PCI compliance is a major issue because small companies with very little experience dealing with such matters will want to stay as far away as possible from any security risks. It will be important for vendors to use solutions like tokenization to protect this information.
Additionally, small business owners will be looking for ways to ensure payments process quickly so they can keep their finances in order and receive their purchased products as quick as possible. Obtaining purchasing cards may be the best solution for small business owners, which means vendors have to make sure they are well equipped to accept these kinds of payments without spending a tremendous amount of money on processing fees. Working with a B2B payments consultant can help vendors acquire a system that allows them to process Level 3 data on these kinds of purchases, which will guarantee they pay the lowest possible interchange rate.