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Build Your Business (on a shoestring): Hire a College Intern
Starting up a new venture or business can be one of the most exciting times of your life. It can also be one of the most stressful. In the early months, or even early years of your business, cash flow is often not what you would like it to be....
Building Trust in Your Business Relationships - Ten Tips
Trust is formative in how you do your business. Your people will reflect your behaviours with them and at the end of the day, your customers and clients will be on the receiving end of the values of your business or organisation. Where to start....
Delegation: When to Delegate, Who to Delegate to
There are some very simple guides for delegation. Most people delegate based on not wanting to do something. They simply walk out to their secretary or the closest sub-ordinate and ask them to do/finish the project. These people use delegation...
The Top Ten People Skills You Need to Build a Dynamic Business
What does it take to make businesses perform extremely well? Such that they do above and beyond expectations. It's when your people work together in incredible ways, to create far more than you might expect. It's where they are in a special place...
Top Ten Online Choices to Get Clients to Choose you Again and Again - Part 2
Did you know that 95% of coaching businesses fail because their owners don't pay enough attention to sales copy?
Whether you are a professional speaker, coach, or entrepreneur, every business wants more clients. Even more, they want to entice...
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Increase Your Sales - Accept Credit Cards
Many people today simply prefer the convenience of paying by credit card. If you want their business, you must be able to accept their credit-card payments.
In part one of this series we will discuss why you should accept credit cards, and the basics of getting merchant status. Part two will deal with objections you might get, which credit cards to accept, and the check paying option.
Obtaining merchant status, which allows you to accept credit-card payments, might seem like an unnecessary hassle, especially for those in business where the majority of their customers pay by cash or check. But by not accepting credit-card payments, you lose sales. This is especially true if yours is a mail order business, or consulting business. Just look at the majority of business today, all of them accept credit cards, and becoming more and more popular all the time are debit cards.
As many businesses have found, up to 70 percent of people never mail the check, so accepting credit cards is crucial. When the customer places an order, he’s excited and eager to buy. Faced with the prospect of sending a check, waiting for it to clear and then awaiting shipment, his interest is likely to wane. In the meantime, you lose sales.
The Basics of Merchant Status
In order to accept credit cards, you need to work with a bank that will transfer the money into your account within a day or two of the sale, and then collect the money from the customer. In return, you pay the bank a commission of 1.5 percent to 5 percent for each credit-card transaction; a set, per-transaction fee; and a setup fee. You will also have to pay monthly support or equipment-rental fees for a point-of-sale terminal—the machine
used to swipe the card—depending on the contract.
The fee is based on two things, the average amount per transaction and the total volume for the year.
When you apply for merchant status, the banks evaluate your business based on its sales track record, the type of business it is, your credit record, the business’s credit record and your overall financial picture.
Apply for merchant status when you get your start-up financing. This accomplishes several things. First, it shows that you’ve thought ahead. And you will probably have customers that you wouldn’t have otherwise. In fact, some people don’t pay with anything but credit cards.
Second, you show you’re taking steps to minimize the time and expense involved in recovering bad debts. If someone writes a bad check, for instance, it will cost you time and money to recover the loss. If you swipe a customer’s credit card through a point-of-sale terminal, you can be sure you’ll get paid. The machine contacts the issuing bank to authorize the transaction and runs the account numbers through a variety of fraud-protection procedures.
In part two of this series we will deal with objections you might get, which credit cards to accept, and the check paying option.
Copyright 2004 DeFiore Enterprises
About the Author
Interested in having your own successful, home based creative real estate investing business? Chuck and Sue have been helping folks start successful home based businesses for over 19 years, and we can help you too! To see how, visit http://www.homebusinesssolutions.com for the latest FREE tips and tricks, educational products and coaching in creative real estate investing and home based businesses.
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