Year over year, we look forward to the holiday season for several reasons - it’s a time to be thankful for the good we have in our lives, to reflect on things we may want to change for the new year, and to see old friends and family and reconnect over our shared values and memories. 2020, with all of its winding turns, might not allow for that in person reconnection that all of us so desperately desire. In some instances people may be able to reunite safely, but that may not be the case for many. Whether we see one another in person or not, we will always seek to show the ones we love that we appreciate and care for them - which often takes the form of buying gifts.
Buying gifts, as it turns out, may be more important this year than ever before. With the current economic downturn & associated health restrictions, many brick and mortar shops are finding ways to adapt to the changing environment in order to stay alive. This involves implementing safety measures in their stores (from temperature screening kiosks to grab & go and self-checkout) as well as implementing e-commerce strategies. What will make the difference for many of these retailers is their ability to swiftly and adeptly help their customers’ needs get met, which means getting things up and running quickly, accurately and reliably.
Banks should take particular note that many retailers will be looking to set up merchant accounts if they have not already, and will be looking to revamp their in house systems at the same time given the level of time and investment associated with such a change. As such, if banks are looking to provide steadfast implementation and support to these retailers during a challenging time, it becomes all the more important that they have ready access to every iota of vital information related to the merchant products they are selling. Unfortunately, banks have historically underperformed in this arena as compared to their fintech counterparts. Without reliable support and service, retailers are not going to look to banks as their primary source of merchant accounts and technologies. This will not just be true for the holiday season, but for the future & after the travails of 2020.
At Boomtown, we urge those who are able to stimulate the economy this holiday season to do so. From our founding, we have been a community focused organization that has used our products and services to help real world businesses achieve their goals through reliable implementations and support. The scale of our operations may have changed, but those core values have not. In looking to further our reach, we welcome partnerships with banks and credit unions to help them deliver a level of service to their customers that they can be proud of. Knowledgeable, personable, reliable support and service are what healthy business relationships are built on. This is a time when people need to come together more than ever, and on that, we are committed to doing our part.