In early March, as the coronavirus arrived in the United States and businesses began shutting down, our company started losing money fast. We’re a credit card processor that works primarily with small and midsize businesses such as restaurants, retails shops, and independent clinics, which means our revenue is directly tied to theirs. By the end of the month, we were down 55% from expectations and losing $30,000 a day.
Unless the economy turned around quickly or we did something drastic, we’d be out of business in four to five months. We cut all nonessential expenses but still had to make up an $800,000 a month shortfall. Facing similar realities, several of our competitors began raising fees and laying off employees, but we wanted to avoid that because it would have gone against our values as a company. Our mission has always been to help independent businesses compete. Raising prices on them when they were already hurting would have been a betrayal of that mission. Laying off…
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Source : fastcompany.com
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