{"id":9257,"date":"2022-08-09T16:00:53","date_gmt":"2022-08-09T16:00:53","guid":{"rendered":"https:\/\/trc-parus.ru\/?p=9257"},"modified":"2022-11-10T17:11:14","modified_gmt":"2022-11-10T17:11:14","slug":"the-impact-of-inflation-on-merchants-and-payment-processing","status":"publish","type":"post","link":"https:\/\/trc-parus.ru\/blog\/the-impact-of-inflation-on-merchants-and-payment-processing\/","title":{"rendered":"The Impact of Inflation on Merchants and Payment Processing"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9257\" class=\"elementor elementor-9257\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ebff779 e-flex e-con-boxed e-con e-parent\" data-id=\"ebff779\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fc0bdb3 elementor-widget elementor-widget-text-editor\" data-id=\"fc0bdb3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 26-05-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><a href=\"https:\/\/www.investopedia.com\/terms\/i\/inflation.asp\" target=\"_blank\" rel=\"noopener\">Inflation<\/a> is a reality.\u00a0<span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); font-size: 1rem;\">If you\u2019re finding it harder in 2022 to afford any of your business expenses, you&#8217;re in the same boat as many other businesses. Talking to small businesses, 92% of small-business owners have reported that their cost to run their business has increased in the past couple years<\/span><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); font-size: 1rem;\">.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: 1rem; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align);\">There is a general increase in prices over time which is called inflation.\u00a0The reality is that inflation is always happening, so small-business owners need to be prepared for it. Inflation is generally around 2% per year, however when inflation starts to creep higher, it becomes troublesome for businesses and the overall economy.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: 1rem; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align);\">Inflation is a complex topic on why it exists and why it is important. To summarize, inflation means more dollars which means more spending, which means more aggregated demand. More demand triggers more production to meet that demand.\u00a0<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-size: 1rem; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align);\">Inflation also makes it easier for people who have debt because the money they borrowed in the past is less valuable than the money they make today. This is an incentive to borrow money which helps grow the economy.\u00a0<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-68f1744 elementor-widget elementor-widget-heading\" data-id=\"68f1744\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 26-05-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">What Inflation Means for Small Business<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-593f155 elementor-widget elementor-widget-text-editor\" data-id=\"593f155\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Inflation is normal, however as we stated, it becomes troublesome when inflation grows too much above the 2% target. The chart below shows the inflation rate of some of the top countries captured by the International Monetary Fund.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af6f48b elementor-widget elementor-widget-image\" data-id=\"af6f48b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 26-05-2024 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"722\" height=\"406\" src=\"https:\/\/trc-parus.ru\/wp-content\/uploads\/2022\/08\/inflation-payment-processing.png\" class=\"attachment-medium_large size-medium_large wp-image-9260\" alt=\"Inflation rate changes by country and impact on credit card processing\" srcset=\"https:\/\/trc-parus.ru\/wp-content\/uploads\/2022\/08\/inflation-payment-processing.png 722w, https:\/\/trc-parus.ru\/wp-content\/uploads\/2022\/08\/inflation-payment-processing-300x169.png 300w\" sizes=\"(max-width: 722px) 100vw, 722px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b16d332 elementor-widget elementor-widget-text-editor\" data-id=\"b16d332\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>As you can see, the inflation rate is on a pace that is concerning. Today in mid 2022, the inflation rate is over 8%. That&#8217;s a problem.\u00a0<\/p><p>Small businesses have been dealing with extra inflation and supply chain problems affecting prices since the pandemic began in 2020.\u00a0<span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); font-size: 1rem;\">Nearly 90% of small business owners say current economic trends, including inflation, ongoing supply chain issues and hiring challenges, are hurting how they operate.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); font-size: 1rem;\">All of this means is that businesses need to adapt faster and plan for increasing prices of goods and eventually increased cost of employee wages.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ca1ba5 elementor-widget elementor-widget-heading\" data-id=\"2ca1ba5\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">What can a Small Business do with Inflation?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f8e4e7 elementor-widget elementor-widget-text-editor\" data-id=\"1f8e4e7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>To counter inflation, 89% of small-business owners have increased their prices. This is the unfortunate cycle. When your costs go up, you may raise your prices, so the cost for your customers go up. This is one reason why it is difficult to stop inflation quickly. Prices need to stabilize across the full value chain globally. The economy is all linked together.<\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); font-size: 1rem;\">Step one that small businesses can do is move to less expensive vendors. This is one reason TRC-Parus exists. To reduce costs. There are many vendors out there that focus on low cost with good service levels. They have kept their costs low so can offer lower prices than their competitors. If you do not want to switch vendors,&nbsp;attempt to renegotiate existing contracts with your vendors.<\/span><\/p><p><span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight ); text-align: var(--text-align); font-size: 1rem;\">Step two is innovate. That&#8217;s a tough one, but during tough times and times of constraint, that&#8217;s when innovation comes out of the woodwork. The key is to look for new ways to do old things. Think out of the box. Compare your business to other industries that have nothing to do with yours. This can give you new ideas on how to create value with much less.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ba0138c elementor-widget elementor-widget-heading\" data-id=\"ba0138c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Inflation and Credit Card Processing<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c4e073d elementor-widget elementor-widget-text-editor\" data-id=\"c4e073d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Payment processing and merchant services is not immune to inflation. For example, if banking fees increase, payment processing is very likely to increase too.\u00a0<\/p><p>The main cost of payment processing is <a href=\"https:\/\/trc-parus.ru\/blog\/what-are-interchange-fees-and-how-they-work\/\">interchange<\/a>. Interchange is the set of fees that are passed to merchants from banks and credit card associations. There are many payment processors that use complicated pricing methods that bake in extra fees on top of interchange. This is what merchants need to look out for. <a href=\"https:\/\/trc-parus.ru\/blog\/the-top-tricks-for-canadian-credit-card-processing-companies\/\">Watch out for the hidden fees and tricks<\/a>.<\/p><p>Merchants should target credit card processors that use the <a href=\"https:\/\/trc-parus.ru\/pricing\/cost-plus\/\">interchange plus pricing<\/a> model also known as cost plus pricing. That gives you transparent pricing and allows you to more easily see if extra fees are charged.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Inflation is a reality.\u00a0If you\u2019re finding it harder in 2022 to afford any of your business expenses, you&#8217;re in the same boat as many other businesses. Talking to small businesses, 92% of small-business owners have reported that their cost to run their business has increased in the past couple years. There is a general increase [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":6990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[32],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Impact of Inflation on Merchants and Payment Processing - Credit Card Processing and Merchant Account<\/title>\n<meta name=\"description\" content=\"The Impact of Inflation on Merchants, Payment Processing, and Accepting Credit Cards. 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