The U.S. is facing the hardest economic crisis in generations. Nearly 1/3 companies across the country have already been negatively impacted by COVID-19. About 1 in 20 anticipate permanent closure in the upcoming 6 months. To reveal the best way of opening a secure and cheap merchant account, look no further.
U.S. Small Businesses During COVID-19
Small businesses are critical to the success of the U.S. economy. Nearly 1/2 of the country’s private workforce is found at small businesses, which are experiencing the hardest impact of COVID-19. Let’s take a look at the Census Bureau’s recent Small Business Pulse Survey based on the answers gathered during August 9-15:
- The week before the survey showed that 4.2% of small companies in the San Jose area and 3.8% in San Antonio had shut a location, and the nationwide number accounted for 1.3%.
- Austin, Texas felt the maximum anxiety.
- Nearly 10% of companies across the country had missed at least 1 payment.
- New York-based small businesses were struggling to pay the bills.
- In San Francisco, the comeback of the normal life is expected to never occur.
Given the current crisis nationwide, the importance of working with a respectable merchant processing specialist becomes more critical. Thankfully, there are exceptional payment processor comparison experts in the U.S. that can help you with secure and cheap merchant accounts by offering the most trustworthy review of processors at the time of writing.
According to the online reviewer Yelp Inc., over 80.000 businesses permanently closed their doors during March 1 – July 25. Nearly 60.000 of them were local businesses or companies that had fewer than 5 locations.
Almost 800 small businesses filed for Chapter 11 bankruptcy during February (mid) – July 31, as the American Bankruptcy Institute reported. According to the trade group, the 2020 total could account for 36% from 2019.
To wrap things up, COVOID-19 has forced large companies to go bankrupt at a record pace. Small businesses are hurt most. Based on some estimates, small businesses are closing by the thousands in the wake of COVID-19. So, it’s critical to work only with a reputable payment expert.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.