The last few years have been challenging to say the least. Small and growing businesses continuing to experience the after-effects of the Covid lockdowns from 2020 onwards, the shrinking of the global economy, and other factors. This is especially the case for high risk merchants, those that require a little bit more help in trading and accepting payments from customers. We’ll take a look at the 7 biggest challenges that small businesses face in 2022 and beyond, and how searching for a high risk merchant account in the UK could be the best thing you do as a high risk business in a high risk industry.
- Accepting payments as a business
One of the biggest challenges facing small businesses is the ability to accept payments. This is especially the case for those businesses that require high risk merchant services in order to operate. Company owners with poor personal credit scores, or those companies working in industries that are deemed high risk, such as online gambling, the travel industry, and others, are more likely to face problems accepting card payments due to the worry of fraud and chargebacks.
By working with a high risk merchant account service in the UK your business will have the function and ability to accept payments from across the world, in multiple currencies. This widens your potential market and increases your chargeback protection. This is a game changer for businesses working in what are deemed high risk industries.
- Saving money and maintaining profitability
Every business will be feeling the cost pinch over the coming months and years. With prices on the rise, you will need to consider where you can cut costs and maintain profitability throughout your business. Evaluate every area of the company and look at ways in which you can save money. This could be with your suppliers, the production processes you have in place, the work premises, financing, and investment, as well as how your staff work (does it make sense to move to remote working or hybrid working?). For high risk merchants, processing payments securely and safely helps to maintain efficient, secure, and accurate cash flow.
- How to attract new customers
A tough part of growing any business is the question of how to attract new customers. So many businesses, in many different industries, struggle with how to attract new custom. Even the largest brands have this issue, but they do have the historical success to fall back on. Long-term branding is everything these days. Clever storytelling, building trust with customers and improving the perception of a brand is the way to organically build a strong foundation of customers.
- Hiring and retaining staff
It is important to create a working environment that is positive and is a place that your employees want to work in. Hiring and retaining valuable staff is one of the biggest challenges that small businesses face. Implementing a system of working that is efficient and runs as smoothly as possible will help to retain staff and show them yours is a company worth working for, with clear opportunities to grow.
- Finding investment
For any start-up business or a company looking to take the next step and grow, finding investment and funding is vital. When it comes to businesses working in high-risk industries it can be quite difficult to find investment from regular lenders. There is a range of options out there for any business though, from flexible credit options to funding and investment options, as well as access to high risk merchant services.
- Maintain growth in revenue
Finding new customers, building processes that are smooth and efficient, and focusing on the things that you can control, are all ways that you can focus on maintaining growth in revenue. Think about your pricing strategies, whether you can diversify and add new products and services or offer promotional discounts and offers from time to time, and you might have the foundation to grow your revenues.
- Innovation and utilising the latest trends
No business can afford to be left behind. As technology advances and different methods of marketing and management trend, think about how you can innovate as a business and stay ahead with the latest trends. Make sure your employees have the latest software, and access to the best marketing tools. Social media is still one of the best avenues through which to build your brand and attract new customers, exposing your brand to a wider audience.
These are just a few challenges that small businesses face and the things that you can do to ensure that you have an efficient business, with high morale for staff, and the room to grow in a smooth and organic fashion. For some businesses this means seeking high risk merchant account services to provide the secure foundation to work from.
