Wednesday, May 20, 2015
There have been so many changes in the merchant services indusrty since the Economic Crisis of 2008. Even if you are an experienced user of credit card processing equipment, you need to keep updated on the industry, if you are a retail business owner.
Many bussiness owners have not converted you credit card processing machines over to the new EMV technology which will take effect on October 15, 2015. Unfortunately, the merchant services industry is a highly regulated industry, since the banks process the credit cards and ensure business owners receive their profits and assess the fees for their services.
I reported the publisheing of my new book, Retailers Guide to Merchant Services, in the last posting. I am recommending it for retail business owners. If you would like to stay informed about the new legislation, join my mailing list for the latest update. You can sign up at the link in the previous sentence at the top right corner or on this website.
Monday, May 4, 2015
For anyone who is currently operating a storefront or who is considering starting a business, it is important to understand the ways in which one may collect money for selling products and services, whether on the Internet or at the storefront. Making the right decision will help to increase the business profits.
When developing a business idea, it is important to include plans for managing the collection of the money to ensure that the business is making the maximum amount on the products and services while keeping the costs of doing business as low as possible. Therefore, it is best to research all the options and the costs involved.
In this day of digital products, it is amazing how many business owners still insist on accepting cash only for their businesses. By doing so, they are overlooking the fact that customers like choices and their competitors are constantly seeking ways to have a competitive advantage over other businesses. We cannot afford to overlook the advantages to accepting credit cards at the place of business, especially if we have a quality product or service to offer consumers.
I have recently published a new book for startup businesses about the credit card processing industry with the latest developments on the laws regarding credit card acceptance at storefronts and online. The book, The Retailer’s Guide to Merchant Services, includes information about rates, fees, advantages, and disadvantages of collecting credit cards.