Payment technology serving Hispanic or Latino-owned businesses
Oct 12, 2022
According to the U.S. Small Business Administration, nearly one in four new businesses is Hispanic-owned. As we celebrate Hispanic Heritage Month from September 15 to October 15, we take a moment to look at the representativity of the Latino and Hispanic communities in the country and how payment processing can serve as an ally to this growing merchant segment.
From September 15 to October 15, the U.S. celebrates Hispanic Heritage Month, and numbers reflect Hispanic representation. According to the U.S. Small Business Administration, nearly one in four new businesses in the U.S. is Hispanic-owned.
This article explores how payment processing can serve beyond providing a service to power everyday business and be an ally to this growing merchant segment.
Giving consumers choices on how to pay
The payments industry has created various innovations around the checkout experience, which has empowered merchants to present their customers with several options to pay at the checkout. To be successful, Hispanic or Latino-owned businesses need to understand which solutions to offer. This is important when it comes to building a stronger customer base – particularly across diverse segments. These options range from financially inclusive methods, such as cash, to efficient card processing through modern POS (point-of-sale) terminals and contactless.
Consumers are increasingly gravitating towards “tap to pay,” as Paysafe’s latest consumer study revealed that two-thirds of consumers (67%) now regularly make contactless payments with their credit or debit card.
Business owners and managers also appreciate the modern efficiencies enabled by new and emerging payment technology – such as compliant and insight-based sales reporting, inventory management, data collection, transactional reconciliation, and even fraud prevention – all within a single platform.
A trusted payments partner
For many Hispanic or Latino-owned merchants entering the market as business owners, a reliable payments partner with experience is especially important to support them in navigating the process of implementing POS (point-of-sale) technology and understanding how to best meet customers’ payments preferences. Partners with expertise in supporting independent, small businesses can also offer guidance on the latest options available in the market and help owners decide which solutions are best suited for their businesses.
The latest payment technology consulting can help match the appropriate POS tech for that type of business:
- In-store, this can range from fixed payment terminals to mobile POS that offers the full functionality to power the checkout experience from anywhere within a store, empowering employees to serve customers directly, not just at the register. By plugging into mobile-compatible software that transforms smartphone devices and tablets into an autonomous POS system, store operators can help reduce wait times, optimize staff time and ultimately speed up the checkout process.
- For online businesses, efficient processing through a reliable payment processing platform results in the fast frictionless transactions that customers across all segments have come to expect.
Offering bilingual merchant services
Business owners certainly appreciate doing business in their primary language. Over the last years, Paysafe has signed dozens of Hispanic or Latino-owned businesses monthly, and the end-to-end merchant journey has been enhanced to offer bilingual support through the entire onboarding, set-up, and ongoing support process. Whether working with reselling partners or processing merchants, our bilingual teams make a difference in all areas of the sales cycle. This business adjustment reflects the importance of representation within the entire payments ecosystem.
Payments can ultimately optimize the continued growth of Hispanic and Latino-owned businesses – from reducing costs to increasing profits, which is especially important in times of inflation and economic uncertainty. Plus, by offering customers a prime checkout experience, they are more likely to be loyal, ultimately resulting in business success. We should all look forward to seeing the growth and thriving that this segment is going to bring.