Businesses that special in retail all have one thing in common. From the smallest mom and pop corner store to the largest mega outlet, each of these businesses are in a constant struggle to stay above water. This is true in good times and in bad. Even when you think you are on top of the world, the competition can sneak in and kick the legs out from under you.
That is why businesses of every size have to take advantage of any opportunity they can get. You can’t just rest on your laurels and do things the way they have always been done. Times change and that means your business strategies have to evolve as well.
The next evolutionary step for every retail outlet is in their ability to process credit cards through a merchant services account. Most have already made that step and businesses who are lagging behind may get left in the dust if they don’t act now.
The good news is that signing up for your merchant services account is quicker and easy now than it ever has been before. Once you have your account set up you will be able to process credit and debit card payments quickly, easily, and securely.
After you have decided that a merchant account is right for your business, the first step is going to be getting some information together. When you open this account your provider is going to need some information from you about your business. Mostly this is just to certify that you are a legitimate enterprise.
Your merchant account provider will first need the information regarding your business’s bank account. This is so that after they have processed your customer’s credit or debit card, the money can be deposited in your account. They will also need some documents that confirm the existence and credibility of your business.
This can mean a lot of things. Different providers require different documents that can include past tax returns, a business license, photographs of your storefront, and sometimes references from people who work in your field. The best game plan is to get what you already have together, and if your account provider wants anything else you can worry about that later. There’s no reason to get one of your warehouse guys to write you a letter of recommendation if you don’t have to.
Once you are all set up with your account it is just a matter of getting the right equipment that will allow you to start processing credit card payments. The most common machine for a retail store is the swipe terminal that you see on the counters of pretty much any convenience store. Most merchant account providers will actually provide you with a complimentary card swipe terminal.
There are different types of swipe terminals that you can get depending on your needs. Most have build-in keypads so that your customers can type in their PIN number to use their debit cards. Others have a screen on which they can sign their name instead of signing a receipt. If you prefer a signature on paper you can also get swipe terminals with built-in printers. There are even wireless terminals that allow you to swipe cards from virtually anywhere.
As was mentioned above, many account providers will set you up with free swipe terminals. However, make sure you double check to see if there are any hidden penalties if you cancel your account. If you aren’t sure about a provider and think there is a chance you might want to switch, it can sometimes be worth it to just buy the swipe terminal outright. You can use them with virtually any account provider.
After you have your account set up and your equipment in hand that is pretty much the end of your worries. And all this can really be accomplished in a few short days if you have all of your information together. Once your customers start swiping their cards your merchant account will handle the rest. It usually takes about two or three business days for your provider to process the transaction and then have the money deposited into your business bank account.
One of the nice things about processing cards using a real physical terminal is that they have some of the lowest fee rates as well. The account providers recognize that there is far less fraud when people interact face-to-face so there is no reason to kill you on the fees.
Your merchant account provider will also keep you updated on what is going on with your business. They will produce comprehensive reporting packages that are tailored specifically to your business’s place in the retail community.
There is still time to get on board with a merchant services account. Although more businesses are taking advantage of this major opportunity every day, you can still sign up now before it is too late. You and your customers will be glad that you did.
Saturday, August 21, 2010
The Key to Keeping Your Wireless Business on Top in this Com
It’s a cutthroat business world out there.
You’ve got to keep up with changing consumer trends. You have to squeeze your business into a precise niche in the marketplace. You have to promote your product or service tirelessly. And you have to watch out for rivals who are trying to pilfer market share away from you as soon as you let your guard down.
So how do you keep your wireless business on top?
Three words: speed, flexibility, and adaptability.
(Let’s first define the term “wireless.” We’re not talking about a company that conducts 100% of its business over a computer. The term refers to any company that utilizes wireless technology to process credit card payments.)
Your wireless company must be able to accept your customers’ payments fast. It must have the flexibility to increase the convenience factor for anyone who tries to do business with you. And it must be able to adapt to changing locations and circumstances without a lapse in productivity.
Here are several ways that speed, flexibility, and adaptability can help your business succeed in today’s dog-eat-dog climate.
Be adaptable enough to accept all major credit cards. If your customers can’t pay the way that they want to, they will likely go elsewhere. So be sure to maintain a wireless system that accepts American Express, Visa, MasterCard, and even Discover or Diner’s Club if your customers prefer those cards.
Be flexible in the ways that you authenticate credit card data. The quickest and most efficient way to enter credit card information into your system is through a swipe terminal. With these devices, authorization is completed with a single swipe of the card. But if you are accepting payments over the phone (or if the customer’s card is defective), you should still have the capability to punch in the data on a keypad the old-fashioned way. The last thing you want to do is force the customer to change his or her choice of payment method.
Be speedy with your authorizations. Check to see if your merchant services processing equipment utilizes the GPRS wireless network. It’s the fastest and most reliable wireless network in the country. The shorter your authorization times, the more customers you can potentially serve and the higher your revenue will be.
Be flexible enough to allow for tipping or other post-transaction fees. If customers want to leave a gratuity, why make it hard for them? Make sure your wireless system allows for added charges to be included after the initial transaction has been processed. This also is helpful if the customer wants to add a product or service at the last minute; you can accommodate him or her without voiding and redoing the transaction.
Be flexible enough to more your checkout processes throughout your place of business. Having a wireless processing system is advantageous if it prevents you from remaining tied to specific spots in your place of business. As your company expands or your business model changes, you may need to place additional processing terminals throughout your storefront or move some around if you reconfigure your space. It’s also nice to have the ability to process transactions in the back offices if necessary.
Be adaptable enough to take your processing system on the road. Whether it’s a remote location, a business expansion, or a special promotion, having the ability to process credit card payments away from your storefront can give you a huge leg up on your competition. A good system can authenticate transactions almost anywhere in the country without the need for a phone line or even electrical power. For the few places where it can’t, make sure your software has “store and forward” capability, which allows each mobile terminal to save the credit card data and process it at a later time.
Be quick enough to have your wireless system up and running in less than 48 hours. If you want to move your business forward, you don’t want to be in limbo for days or weeks while you wait for your wireless system to be installed or reconfigured. In some instances, that’s long enough for a lucrative business opportunity to pass you by.
Be adaptable enough to preserve the security of your networks. Make sure that you choose a wireless network that is PCI compliant. That will ensure that it is using the most up-to-date technology to ward off potential hackers. If your system requires updating, take the time to implement the upgrade.
Obviously, you want to achieve speed, flexibility, and adaptability at the lowest possible rate. But you shouldn’t sacrifice quality just to save a few bucks – or it might cost you dearly in the future.
Maintaining a fast, flexible, and adaptable wireless business will eliminate the need to spend large blocks of time on your credit card processing system – and free you up to focus on how to stave off your competition, bring in new customers, and bolster your bottom line.
You’ve got to keep up with changing consumer trends. You have to squeeze your business into a precise niche in the marketplace. You have to promote your product or service tirelessly. And you have to watch out for rivals who are trying to pilfer market share away from you as soon as you let your guard down.
So how do you keep your wireless business on top?
Three words: speed, flexibility, and adaptability.
(Let’s first define the term “wireless.” We’re not talking about a company that conducts 100% of its business over a computer. The term refers to any company that utilizes wireless technology to process credit card payments.)
Your wireless company must be able to accept your customers’ payments fast. It must have the flexibility to increase the convenience factor for anyone who tries to do business with you. And it must be able to adapt to changing locations and circumstances without a lapse in productivity.
Here are several ways that speed, flexibility, and adaptability can help your business succeed in today’s dog-eat-dog climate.
Be adaptable enough to accept all major credit cards. If your customers can’t pay the way that they want to, they will likely go elsewhere. So be sure to maintain a wireless system that accepts American Express, Visa, MasterCard, and even Discover or Diner’s Club if your customers prefer those cards.
Be flexible in the ways that you authenticate credit card data. The quickest and most efficient way to enter credit card information into your system is through a swipe terminal. With these devices, authorization is completed with a single swipe of the card. But if you are accepting payments over the phone (or if the customer’s card is defective), you should still have the capability to punch in the data on a keypad the old-fashioned way. The last thing you want to do is force the customer to change his or her choice of payment method.
Be speedy with your authorizations. Check to see if your merchant services processing equipment utilizes the GPRS wireless network. It’s the fastest and most reliable wireless network in the country. The shorter your authorization times, the more customers you can potentially serve and the higher your revenue will be.
Be flexible enough to allow for tipping or other post-transaction fees. If customers want to leave a gratuity, why make it hard for them? Make sure your wireless system allows for added charges to be included after the initial transaction has been processed. This also is helpful if the customer wants to add a product or service at the last minute; you can accommodate him or her without voiding and redoing the transaction.
Be flexible enough to more your checkout processes throughout your place of business. Having a wireless processing system is advantageous if it prevents you from remaining tied to specific spots in your place of business. As your company expands or your business model changes, you may need to place additional processing terminals throughout your storefront or move some around if you reconfigure your space. It’s also nice to have the ability to process transactions in the back offices if necessary.
Be adaptable enough to take your processing system on the road. Whether it’s a remote location, a business expansion, or a special promotion, having the ability to process credit card payments away from your storefront can give you a huge leg up on your competition. A good system can authenticate transactions almost anywhere in the country without the need for a phone line or even electrical power. For the few places where it can’t, make sure your software has “store and forward” capability, which allows each mobile terminal to save the credit card data and process it at a later time.
Be quick enough to have your wireless system up and running in less than 48 hours. If you want to move your business forward, you don’t want to be in limbo for days or weeks while you wait for your wireless system to be installed or reconfigured. In some instances, that’s long enough for a lucrative business opportunity to pass you by.
Be adaptable enough to preserve the security of your networks. Make sure that you choose a wireless network that is PCI compliant. That will ensure that it is using the most up-to-date technology to ward off potential hackers. If your system requires updating, take the time to implement the upgrade.
Obviously, you want to achieve speed, flexibility, and adaptability at the lowest possible rate. But you shouldn’t sacrifice quality just to save a few bucks – or it might cost you dearly in the future.
Maintaining a fast, flexible, and adaptable wireless business will eliminate the need to spend large blocks of time on your credit card processing system – and free you up to focus on how to stave off your competition, bring in new customers, and bolster your bottom line.
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