The New Financial Landscape for Small Businesses - Payment choices from credit cards to cryptocurrency

Small business owners are all too familiar with the challenges that come with getting paid, from high vendor acceptance fees to lengthy payment terms. However, radically changing consumer behavior, advancements in technology and a progressing regulatory system indicate the financial landscape is due for unparalleled transformation.

This revolution cannot come soon enough for people like Jon Eggleton, Decatur CoWorks member and Managing Partner of Traktion, a marketing and e-commerce strategy firm.

“A significant portion of my time is spent dealing with slow accounts payable departments, but in this line of work, that’s always part of the deal,” said Eggleton.

Gary Phillips, Vice President of Cybersecurity for Suntrust Bank, said, “We’re working overtime to make transactions easier, faster and safer. Fortunately, the high demand for convenient transactions has led to a renaissance of how payments are made and accepted. They must become faster and cheaper or they’ll fade away.”

The five primary methods of payments in the U.S. are cash, debit, credit, electronic transfer, financial technology (fintech) and cryptocurrency. Each of these has its pros, cons and security concerns.

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MEET A MEMBER: Jon Eggleton

The marketing umbrella has never had more under it than it does today. From sales and e-commerce to technology and fulfillment, what used to be simple and clear has now become increasingly fragmented and specialized. Realizing businesses need help putting these pieces and tools together, Jon Eggleton applied his passion for marketing, e-commerce and all things digital toward starting his own business, Traktion, with fellow Managing Partner, Ryan Woolley.

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MEET A MEMBER: Heather Bruno

As Director of Southern Business Development for Lefroy Brooks, Heather Bruno utilizes a variety of technology products to conduct business. Lefroy Brooks is a luxury plumbing and fixture manufacturer for residential and commercial clients which range from hotels and offices to high-end homes.

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Creativity Begins at Your Workspace

What if a simple change like adding a new painting to your workspace inspires the next successful marketing campaign? Or if keeping a tidy desk results in the next big idea for your company? The proper workspace environment may be exactly what you need to provoke more of those “a-ha” moments… And boost the bottom line!

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