Processing Needs Shifting

Credit card processing had been slowly overtaking cash payments prior to Covid-19.  However, the pandemic catapulted the use of credit cards.  A recent study showed that 74% of all retail transactions are now done via credit card.  Running an all-cash business potentially leaves a lot of revenue on the table.  Not only will a business lose clients, but customers using credit cards can spend up to 83% more.

The pandemic also changed where and how businesses interact with their customers.  Transactions are now done curbside, online or at the customer’s house.  This means traditional processing had to change as well.  The ability to process mobile payments or send invoices was required.  Adopting these technologies allowed for contactless payment and a safer environment for employees and customers.

Another important change for businesses was establishing an online presence.  In 2020, consumers spent $816.12 billion online, which was a whopping 44% year-over-year increase, and nearly triple the growth recorded in 2019, according to Digital Commerce 360.  The research firm estimated that online purchases by U.S. consumers made up 21.3% of total retail sales in 2020, up from 15.9% in 2019 and 14.3% in 2018.  This means shoppers are quickly adopting online shopping and businesses need to meet them there.

Bank of Southern California developed a merchant services program that is an omni-channel payments solution designed to meet our clients varied processing needs.  Beyond providing savings, Bank of Southern California takes time to understand each business and provide payments tools that address the ever-changing market conditions.

For questions about the Merchant Services Program, or for a complimentary analysis, please contact Art Ortiz at

Arthur C. Hoffman
Vice President of Sales