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Could be good time to start a small business

Posted at 1:44 PM, Oct 21, 2020
and last updated 2020-10-21 16:44:49-04

While it’s been a tumultuous year, with many small businesses hit hard by the ongoing impact of the pandemic, it’s also been a time of opportunity for other entrepreneurs and those who have had to pivot fast to keep their business and sales going.

Many are seeing new opportunities, reflected in part by the fact that applications for new U.S. businesses are rising at the fastest rate since 2007. Some experts suggest this indicates optimism for the future. It could also suggest that some workers, who may have been displaced by the pandemic, are looking to strike out on their own as entrepreneurs.

As new business owners launch their ventures, they can now take advantage of a new technology launching to streamline their financial needs. There are banks allowing entrepreneurs to open a small business checking account with a built-in feature to accept customer credit card payments instantaneously and other time- and money-saving benefits.

Until now, new business owners would have to open separate checking and payment processing accounts then reconcile them, creating delays and costing them sales. This new feature can help business owners and entrepreneurs simplify their banking needs so they can focus on building their businesses. They can accept credit card payments inside the a mobile banking app or on a card reader.