Service-Based Businesses Seek to Improve Cash Flow Management and Ensure Customer Safety
Denver, CO – June 10, 2020 – PaySimple, the leading payments management solution provider for service-based businesses, today announced that it has experienced increased demand for its payment management solutions during the COVID-19 pandemic. As stay-at-home orders were put in place, many businesses had to quickly adjust their business operations to continue to serve their customers’ needs. Now that those orders are being lifted and transitioning to Safer-At-Home guidelines, these businesses, many of which frequently interact with customers, have increased their use of contact-free and automated payment solutions to make it easier for them to manage their cash flow and provide a safe and secure experience.
Some notable shifts in PaySimple’s transactional payment data from February through early May 2020 show how the payments landscape has been impacted by the pandemic:
- The amount of online payments such as payment forms, embeddable “buy now” buttons and online stores, has increased across PaySimple’s portfolio with significant increases starting in April and continuing through May.
- The home services industry segment is surpassing pre-COVID-19 levels driven by the transition to online payment forms and mobile payment solutions for in-field services.
- Professional services such as accounting and legal firms continue to process more by online payment forms than they did prior to COVID-19 shutdowns.
Over the past few months, PaySimple has been providing its customers with resources on how to run their business during COVID-19. The economic and health implications of the pandemic have caused many companies to adapt their payments processes and look at alternative payment options for customers.
“Despite the many downsides of COVID-19, the pandemic has proven the necessity for businesses to rethink their payments processes and we are pleased to be able to help our customers navigate new strategies during these unprecedented times,” said David Sharp, President of PaySimple. “With businesses opening up in most states, I’m optimistic about what the future holds and how businesses are pivoting to digital payment processes and adjusting their cashflow management strategies in a way that will bring benefits both now and in the long term.”
PaySimple customers include service-based companies in industries such as professional services, home services, schools and education, health clubs and fitness centers, and medical and dental offices, among others.