In the darkest days of the economic recession, small businesses in America were closing their doors at an astonishing rate. Bankruptcy filings increased by a whopping 79 percent FCA investigation into RBS crash last year not complete as new IT crisis hits
from 2007 to 2009, according to the Office of Advocacy of the US Small Business Administration. What does this mean for America? Since small firms employ nearly half of the nation’s workers, any economic recovery must include them.
Where to Start?
Small businesses must increase profits and cut expenses. It’s not easy, we know. In fact, most small firms are already adept at stretching budgets. But there is one particular area where small businesses are well behind their larger competitors. We are speaking of course about online sales. For some strange reason, many small businesses have yet to offer their goods or services on the internet. Whether their reluctance to go online is due to tradition or simple stubbornness is really neither here nor there. The bottom line is that it is costing them money.
In fact, if current online installer Encountered An Error 0x80240009
buying trends continue, online sales will outstrip regular retail sales within five installer Encountered An Error 0x80240009
years. Small business should take heed of this simple statistic because its implications are far reaching. With all hyperbole and exaggeration aside, we are rapidly approaching 0x80240009 Windows 10
a time when businesses will not Diamond Rings, Glitz and Glitter
be able to compete without an online presence. The first and most important step to selling goods internet is to apply for a merchant service account.
What are they?
Whenever a customer chooses to pay with a debit or credit card, either online or in person, the seller must have a viable merchant service account. As the mtbloglinks name Magic in the air: But Where Are My Millions!
implies, the bank or financial institution that issues these account provides a service to the seller. Most importantly, the provider checks the validity of the credit/debit card and then either approves or denies the transaction. If the transaction is approved, the provider sends a bill to the customer’s credit/debit card company.Once the requisite funds have been received, the provider deducts a small service charge and sends the balance to the merchant. The entire process takes two to three days.
Why are they Necessary?
According to a recent survey of U.S. retailers, six in every ten transactions were made with a debit or credit card. And when it comes to online sales, well over ninety percent of them are charged. In short, it is difficult to compete without a merchant service account even today. Five years from now it The Comeback of Pearl Jewelry
will be impossible.
How to Make Them Work for You
Because businesses are charged a series of fees for each transaction, a seller receives less money for each transaction than if the customer had paid with cash. One easy way to increase sales is to offer discounts for cash sales. Simply calculate chyba 0x80240009
the amount the customer would have paid with a debit/credit card and deduct it 0x80240009 Windows 10
from the sale price.
Now, you may wonder why a company would do this if they had a viable merchant service account. And the answer is that it an easy and effective way to increase customer confidence.Simply offering shoppers a small discount on cash purchases will let them know that you are being square with them. Even if they don’t take advantage of the discount, your customers will appreciate your honesty. Sure, it’s a simple psychological gambit, but it can and often does pay off in the end.
There’s a reason why so-called e-businesses often have larger profit margins than brick and mortar stores. In fact, there are several. For one thing, a virtual business doesn’t have to spring for a large staff, a huge inventory, or even for a storefront. All they really need to run their company correctly is internet access, a reliable supplier, and a first-rate shipping company. The money they save on these costs can all be passed on to the customer. But how does this help small businesses?
First, the business owner must recognize and accept that technology is not the enemy. Technology is merely a tool, and if you continue to ignore the winds of change, you will invariably end up a dinosaur. This doesn’t mean you must become an e-business overnight. In fact, there are many advantages of owning a physical storefront.
Small Businesses and Online Sales
No matter how popular e-businesses become, they can never compete with the service and experience offered at traditional brick and mortar business. That is why their customers are far more loyal than internet shoppers. Online customers almost always base their purchases on price, while traditional shoppers care about service and knowledge. A small business can use this to its advantage by offering customers yet another option.
Over time, the owner may be able to save money on staff and inventory as online sales increase.Remember, no matter how advanced the internet becomes, a customer will never be able to touch or feel a product before he buys it online. Therefore, the storefront offers customers a chance to examine Golf Trophies : What you ought to Completely understand
new or unfamiliar items in person, while they buy the old or familiar merchandise online.
Alvin Jelks is a freelance writer who writes about a range of topics including merchant accounts.Read more on http://www.nabancard.com/featured/merchantaccount