The Dayton Daily News interviewed Dayton-area entrepreneurs and business leaders on their projections for the economy through the Coronavirus Crisis. Many compared it to the recession of 2009 and said this is worse due to the huge rise in unemployment.
“I can easily tell you that this crisis blows away the Great Recession from a decade ago,” said Natalie Dunlevey, owner and president of National Processing Solutions, an Oakwood-based credit and debit card transactions processor. “The response from my clients and from friends I know who own businesses spans the gamut.”
The numbers Dunlevey sees tell at least part of the tale: So far, the credit card authorization numbers she sees are down about 20 percent from where they should be year-over-year, due primarily to retail and restaurants, some of which have been deemed “non-essential.” Restaurants have seen on-site dining prohibited, cutting into their financial foundation.
“Some have grabbed this crisis by the throat and have come out swinging,” Dunlevey said. “They pivoted their business operations in real time, came up with incredibly innovative marketing and are grinding through.”
She added: “Some may still not survive; however, it won’t be from lack of effort.”…
Dunlevey said she can feel a “pent-up” urge among entrepreneurs to open their businesses.
“It’s like a racehorse biting at its bit, they just want to open it again,” she said….
The fundamentals behind what was once a “roaring economy” are still there, Dunlevey said.
“You can’t keep a Daytonian down,” she said. “They’re going to figure out a way to be successful.”
While credit card authorizations are down, National Processing Solutions has seen an increase in interest for mobile terminals for curbside pickup and assistance in setting up online order and delivery capacity for businesses that have been forced to change the way they go to market. All credit card processing companies/options aren’t the same, and NPS’s customer service and support help their customers collect and keep more money, faster and less expensively than the major players in her field.