Monthly Archives: August 2014

How to Choose a Debt Collection Agency

If you’re a small business with limited staff, chances are you have so much to do and not enough time to do it all. From processing payroll to delegating tasks, just thinking about calling customers to ask for past due bills to be paid can be daunting. As an account ages, the chances of collecting on it decrease dramatically. Hiring a debt collection agency can save you time and will help you collect money on past due accounts. The key is to find a reputable and trusted agency to assist you in your debt collection efforts.

Here are a few signs that it’s time to hire a debt collection agency:

• A customer has broken more than two promises of payment.
• A customer’s telephone has been disconnected.
• A customer repeatedly asks for documentation even though it has already been provided several times previously. This is a common practice when someone is trying to delay payment.
• A customer indicates that he or she doesn’t want to follow the terms of sale.
• A customer indicates an inability to pay and refuses to provide a specific date for payment or isn’t willing to initiate a payment schedule.

If you’ve been experiencing any of these things, hiring a debt collection agency will be extremely valuable. Debt collection agencies have experience collecting delinquent debts. Here are three tips for choosing a debt collection agency:

Make sure the agency is licensed

Each state has their own laws regarding licensing, but you’ll want to make sure that whatever agency you choose is fully licensed, bonded and insured. If a debt collection agency isn’t licensed, you may be held liable if they violate any collection laws. You’ll want to make sure the agency is insured in case anything goes wrong, and it’s important that they’re bonded in the event of a lawsuit. You want to make sure that the collection agency can handle a lawsuit without it jeopardizing your business.

Check to see if they’re experienced in your industry

Debt collection agencies often specialize in certain areas. Some may excel in securing funds from large companies while others may have experience collecting medical payments. Find out what type of debtors the collection agency deals with most often and if they have collected debts in your industry. Additionally, find out how experienced they are in the type/age of debt that you need collected. Fourteen days past due is different than 180 days past due, and you’ll want to make sure they know how to handle your type of debt. If you need help finding a debt collection agency, reach out to your attorney, accountant and other business contacts for suggestions.

Find an agency that’s easy to communicate with

When you hire a debt collection agency, make sure they’re easy to communicate with and that they’re open and honest about their policies. Ask about their collection tactics and their fee structure. If they’re not willing to disclose this information, then you should look at working with a different agency. Collection agencies have a variety of fee structures. Some charge a flat fee while others charge contingency fees. You’ll want to know this fee structure ahead of time in order to avoid any surprises. Also, make sure that you have a designated point of contact. This will be helpful in case you have any questions or concerns regarding your account.

Using a debt collection agency can give you peace of mind knowing that someone is handling your debt collection while you focus on your business. Hiring an expert to collect past due debts can help you get paid faster and will help you move forward with your business.

Why You Should Offer Direct Deposit for Your Employees

Imagine you’re an employee at a large corporation. Every pay day, you need to walk across the building to human resources to get your paycheck. Then, after work, you need to make a trip to the bank to deposit your check. Now, think of all the things you do and places you go between the hours of 8am and 5pm. Chances are, you have a lot going on during the day. That means that there are many opportunities to misplace your paycheck or forget about where you put it. Even if you’re on top of things, there’s still a chance you could lose it. There’s a simple solution to this problem: direct deposit.

If you’re a business owner, or even an employee, chances are you’ve heard about direct deposit. According to the National Federation of Independent Businesses, 60% of employees already receive their paychecks through direct deposit. More and more employers are choosing direct deposit as their method of paying employees. But why are so many people choosing to use direct deposit and what are the benefits?

What is direct deposit?

Direct deposit automatically places an employee’s paycheck into their checking, savings or money market account directly from the employer’s account. Direct deposit is a secure option for employers and is convenient for employees. The ACH, or Automatic Clearing House, is the electronic network for US financial transactions. The ACH processes direct deposit as well as other credit transfers such as vendor payments.

What are the benefits of direct deposit?

Direct deposit is convenient for both the employee and the employer. There are many benefits to offering direct deposit, such as:

Employee convenience:
Today, most banking is done online, and there are very few reasons why someone would need to go to the bank. With traditional paychecks, employees will need to make a special trip to the bank in order to receive their money. However, with direct deposit, there’s no need for employees to go to the bank because their paycheck is deposited directly into their account. Additionally, if a regular payday occurs on a holiday, employers can process payroll earlier and have their payday fall on a different day. If employees are on vacation or if they’re taking a sick day, they’ll still be able to get paid via direct deposit.

Paychecks can be allocated into multiple accounts: Direct deposit allows employers to deposit a paycheck into multiple accounts. Having control over where a paycheck goes provides flexibility and convenience for employees. This allows employees to have a portion of their paycheck go directly into a savings or retirement account while the rest of their paycheck goes into their checking account.

Cost savings: 
Offering direct deposit saves money for employers over time. The time spent on payroll is reduced when direct deposit is offered. There’s no need to write and fold checks, stuff them into envelopes and make sure they get delivered to every employee. Direct deposit takes out the extra work and makes payroll processing simple and efficient.

Benefits for employers

• Reduced risk of fraud or stolen checks
• Greater control over payroll and additional payroll expenses
• Timely payment of paychecks, even when employees aren’t in the office
• Reduced time spent on bookkeeping

Benefits for employees

• Guarantee that they’ll be paid on time
• Less time for paychecks to clear
• No possibility of losing a check or it being stolen
• Many banks offer free checking services to employees who will be paid via direct deposit
• No cost to employees for using direct deposit

Offering direct deposit is extremely beneficial and convenient for employees, but it’s also beneficial to employers. If you’re not already using direct deposit, your payroll service should be able to help you get it set up.

Choosing the Right Printer for Your Business

It’s no secret that as people become more and more digital, printers aren’t obsolete in the office setting. There will always be a need for documents to be printed for one reason or another. A great printer can help you save time and improve work efficiency, and there’s a variety of printers to fit different work environments. However, it can be hard to know which one is best for your business and which will get the most bang for your buck. If your business is in the market for a new printer, here are a few things to consider:

Choosing the right type of printer

The first step in choosing a new printer for your office is choosing the right type of printer. Understanding the different types of printers on the market will help you make an informed decision. Also, consider choosing one that can handle the daily printing volume and the types of documents being printed.

Inkjet:
Inkjet printers are one of the most affordable printers on the market since they’re fairly small and are available at many office supply stores. Inkjet printers are mainly used for documents and photographs. These printers require ink cartridges, and the cartridges will need to be replaced with frequent use. They are ideal for homes and small offices that have a low to medium daily printing volume.

Laser:
Another common type of printer found in office buildings is a laser printer. Laser printers are great for companies that print a high volume of documents and for high-resolution color. Laser printers are larger than inkjet printers, but this makes them better for medium to large companies that use their printer often or have more than one employee printing to the same printer. Unlike inkjet printers, laser printers can print a high volume of documents in a short amount of time without having to replace ink cartridges regularly. Although laser printers and toner initially cost more, they’re more efficient and affordable for companies that print frequently.

Extra features

Some printers only serve as printers, while others, such as all-in-one printers, offer additional features such as copying and scanning. All-in-one printers, also known as multi function printers, can print, scan, fax and photocopy. All-in-one printers come in a variety of sizes, but most of them are small enough to fit onto a small desk. All-in-one printers take up less room than many larger printers and they’re also a low-cost option. Even though it may seem expensive, buying an all-in-one printer may be less expensive than buying a fax machine and scanner individually.

Copier:
One of the most common features paired with a printer is a copier. Many larger businesses use copy machines on a weekly basis. Copiers are available on both inkjet and laser printers.

Scanner: 
Another common feature on printers is a scanner. Scanners allow you to transfer documents, such as receipts, onto your computer for storage or filing. They also make it easy to upload and share documents via email. As with copiers, scanners are available on both inkjet and laser printers.

Fax Machines:
Although many people prefer using scanners rather than fax machines, some businesses still have use for fax machines. Fax machines are more commonly found on inkjet printers, but some laser printers include faxing capabilities.

How Group Savings Programs Can Help Your Business Save Money

Let’s face it: to grow your business, you need to promote it. To promote it, you need to spend money. Every business owner already knows this, but what they may not know is that they can promote their business more while cutting down on their spending. How? By using a group purchasing organization.

What is a group purchasing organization (GPO)?

A group purchasing organization leverages the power of a group of businesses and helps them attain discounts on things they’re already buying, such as promotional products, office supplies and payroll services. Group purchasing organizations provide valuable savings to businesses in order to help them profit and grow. Group purchasing organizations are usually funded by administrative fees by vendors, and there’s no cost for you to join.

How can a GPO help my business?

Every business needs supplies and promotional items in order to be successful. You’ve seen them – the coffee mugs with the local donut shop’s name and logo neatly etched across the front or the t-shirts from the local tattoo shop that they pass out to employees and customers. Look in your closets and drawers. You probably have at least one shirt that has a company’s logo on it. Even the sweatshirt with your favorite football team is a promotional business product.

If you already have promotional products such as mugs, t-shirts and pens, you know how expensive they can be. The cost per item may be small, but the total cost can add up quickly. This is where group savings programs can help. Group purchasing organizations work with preferred suppliers to get you the best deals on promotional products for your business. Now you can save money while still buying the promotional products you’ve grown to love.

If you’re not handing out promotional items, you may want to think about why. Is it because of cost? Are you worried that buying promotional products won’t give you a good enough return on investment? Are you someone who believes promotional items are a waste of money? More often than not, businesses fail without the right amount of marketing. Promotional products alone won’t help your business succeed, but you need to make an effort to get your name out into your community. There’s no better way to tell the world about your business than handing out promotional items. Custom promotional items can be expensive, but taking advantage of group savings programs can help you get more for your money. Why not save your money and your business?

Group savings programs allow you to save money on the products that you’re already buying. The best part is that they’re partnered with companies that you’re probably already buying from. This means that you can get the same products you’re used to but for less. More savings means more money in your pocket to put toward your business.

5 Promotional Products for Boosting Business

Promotional products are a great way to express gratitude to current customers and to increase your brand’s overall reach and visibility. If you’re a business owner, you’re probably thinking, “I know promotional products are great for my business, but how do I know which ones to choose?” With so many promotional products to choose from, it can be time consuming and stressful trying to choose a product that will be effective at expressing appreciation and attracting customers. That’s where Windfall comes in. We help businesses save money and select the most impactful products that show appreciation and attract new customers.

Best Promotional Products to Grow Brand Visibility

Here are five high-impact promotional products that are sure to get a customers’ attention and drive business success:

1. Pens

Branded pens are, by far, one of the most popular and effective promotional products on the market. They’re inexpensive compared to other items and are extremely useful. People often keep pens at their desk, in their purses, on the counter at home and in their nightstand. Pens are portable and can go anywhere you go. Pens are often loaned out, and most of the time, they’re never returned to the owner. The result? More people see your brand, increasing awareness and loyalty.

2. Lip Balm

Lip balm is a practical solution and effective promotional product to market your business. Many people use lip balm on a daily basis and probably own more than one. They keep lip balm in their car, purse or in their pocket. Lip balm with your company’s logo is a great way to have your business at someone’s fingertips, increasing visibility and brand recognition..

3. USB Flash Drives

In today’s technological world, custom USB flash drives are a great way to promote your business. Current and potential customers can keep them in their desk or even on their keychain in case they need to save a file on the spot or transfer computer files between work and home. By giving away a practical, high-quality promotional product, your business can create a lasting impression and strengthen customer loyalty.

4. Cups and Mugs

Almost everyone drinks water, coffee, tea or soda at work. Why not give them something to drink it out of? Cups and mugs are becoming increasingly popular promotional items among businesses, and they’re a great opportunity for you to promote your product/service offerings. If you’re not sure what your customers will like, buy a variety of products such as tumblers, plastic stadium cups and mugs–you’ll have something for everyone.

5. Notepads & Sticky Notes

Notepads are great promotional products for either jotting down notes at work or keeping track of to-do lists at home. Notepads are fairly inexpensive, and they come in a variety of shapes and sizes. Your brand will be seen every time the notepad is used. An alternative to notepads is sticky notes. These are also used often in the home and business settings, providing even more brand recognition.

Find the Impactful Promotional Products Customers Will Love

There are thousands of promotional items on the market today, and you will find a product that fits your business’ budget and needs. If you’re new to promotional products, look for products that are inexpensive when purchased in bulk and are relevant to your current and potential customers. Windfall can help you save on promotional items while finding products that fit your budget and needs.

For businesses that have been buying the same promotional items for years, don’t be afraid to change it up and try something new. Pens, lip balm, USB flash drives, notepads, cups and mugs make great promotional items for all types of businesses. The possibilities are endless when it comes to promotional items!

How to Save on Credit Card Processing Fees

For businesses to be successful in today’s electronic age, it’s necessary to accept credit card payments. Unlike cash, credit card payments cut into the profitability of a sale. This often leaves businesses wondering what they can do to keep their fees as low as possible. It’s not practical to only accept cash, but there are steps you can take to save money on your credit card processing fees.

Using your bank to process credit card transactions may seem easy and convenient, but it’s likely that you’re paying higher fees than if you were to go with a third party merchant service provider. Here are a few tips and tricks that can help save you money on your credit card transaction fees:

Business size

In general, the bigger your business and the more sales you bring in, the more room you have to negotiate fees. However, this doesn’t mean that small to mid-sized businesses can’t negotiate lower fees as well. For smaller businesses, understanding how your fees are being accrued can help you figure out ways to lower your credit card processing fees. Ask your merchant service provider if it’s possible for your fees to be bundled at the end of the month instead of per transaction. This will leave you with more cash throughout the month.

Types of cards

Typically, qualified credit cards have the lowest fees. These are generic cards without any of the extra bells and whistles. You’ll usually accrue higher fees from non-qualified or mid-qualified cards. These include corporate cards, government-issued cards and cards with rewards programs.

Rate evaluations

A good merchant service provider will offer you a monthly statement that breaks down your fees for the month. If your credit card sales have increased significantly since the time you opened your merchant account, you may be eligible for a rate evaluation. All you need to do is contact your merchant service provider and ask them to review your activity. Doing this may result in your merchant service provider lowering your rates.

Swipe the card whenever possible

Have you ever been to a store that will re-swipe your card multiple times if it doesn’t take the first time instead of entering your card number manually? This is because manually-entered transactions incur higher processing rates than if the card is swiped. Whenever possible, swipe credit cards instead of entering them into your system.

If you must manually enter card information, enter everything

When manually entering a card into your system, don’t skip the fields for address, zip code of CVV. Skipping these can cause you to miss out on potential savings. The more information you enter, the more you ensure that you’re getting the lowest possible rate for that transaction.

There’s no way to escape paying credit card transaction fees, but there are steps you can take to make sure you’re getting the best deal. Swipe the cards whenever possible, and if you need to manually enter a card, fill out as many fields as possible. Don’t be afraid to ask your merchant service provider for a rate evaluation. Also, it’s important to understand how the size of your business and the different types of cards can impact your fees. Following these simple steps will help you save as much money as possible.

5 Great Places to Give Away Promotional Items

Ordering promotional items for your business is an exciting time and can provide many opportunities to help increase your brand’s exposure. But knowing the right time to give away your awesome promotional items is difficult for some businesses. You don’t necessarily want to hand them out to every person who walks through the door, but you also don’t want to keep them tucked away in your storage cabinet. If you’re wondering where to give out your business’ promotional items, the answer is simple: anywhere your potential customers are! Here are common occasions where businesses can give away promotional items:

Trade Shows

Trade shows are a great place to hand out your promotional products. Booths that give away free gifts naturally get more attention than ones that don’t have free items. Of course, there will always be people who aren’t interested in your business and only want the free gift, but they’re still people who will be promoting your brand. Bags with your logo are great for trade shows – with all of the cups, pens and brochures, people will need a place to put it all. Why not a bag with your logo splashed across the side?

Community Events

Strong businesses make it a habit of connecting with their local communities and participating in community events. This is a great time to give away promotional items for your business. Whether you’re sponsoring a 5k or volunteering at a local music festival, giving away promotional items will help increase your brand exposure. Also, if you give away items that are relevant to the event you’re attending, people will be excited to use your product and will likely hold onto it after the event.

Company Holiday Parties

Office parties and company holiday parties are a great opportunity for you to pass out promotional gifts. Many companies offer you the ability to buy promotional items with the holidays in mind, tailoring your promotional item to the holiday season. Even though your employees are already strong promoters of your brand, it doesn’t hurt to give them some of your promotional items too. Giving your employees promotional items at company parties is a way to get your team excited about your company and the items you’ll be giving away.

New Business Promotions

You don’t need to reserve your promotional items only for potential customers. When a new client signs on to use your product or service, give them a promotional item as a way of saying thanks. Establishing a pattern of giving your new customers keepsakes to help them remember your business can be extremely valuable. This shows clients that you value their business. Plus, people love getting free stuff. Make it something useful. That way, your new client will keep it for a while.

End of the Year Gifts

Giving your employees gifts, towards the end of the year, shows that you value all of their hard work. Show your customers that you value them doing business with you also. Don’t be afraid to make it something useful, such as a calendar or coffee mug with your company’s logo on it. Calendars, coffee mugs and tumblers make great end of the year gifts for employees and customers alike.

Although you may not want to give out promotional items at every event you attend, giving away these items can help expand your brand’s reach and visibility. Use your best judgment, and if you think a certain event would be great for giving away promotional items, go ahead and do it! Buying in bulk can save you money in the long run, and the possibilities are endless for custom promotional products.

Advantages of using LTL Shipping for your Business

Less than truckload (LTL) shipping refers to a freight shipment that doesn’t completely fill an entire truck. An LTL shipment is usually palletized and ranges anywhere from 150 to 10,000 pounds. Shipments over 10,000 pounds are usually moved by full truckload (FTL).

Shipping locally, or even nationally, can be stressful and time consuming. With less than truckload shipping, you can get your shipments quicker and more conveniently than other forms of shipping. Here are five advantages of using LTL shipping for your business:

Quicker delivery time

One of the biggest reasons that companies use LTL shipping is because LTL shipments often have a quicker delivery time than full truckload shipments. This is because there are fewer logistics to deal with. With an LTL shipment, there are fewer stops and weigh-ins happen quicker along the way.

Cost effective with more options

The main advantage of using an LTL carrier is that shipments are transported at a fraction of the cost of hiring an entire truck for exclusive shipment. When you use LTL shipping, the carrier puts all shipments from multiple businesses onto a single freight truck. Therefore, each shipper pays only a fraction of the shipping cost. LTL shipping companies also offer a variety of services that are not usually offered by FTL carriers. Some of these services include non-commercial service for pickup or delivery, inside delivery, notification prior to delivery, freeze protection and more. These services are either billed at a flat rate or by using a weight-based surcharge. LTL is beneficial for shipping companies because it allows them to extend their business to smaller companies that wouldn’t be able to use FTL shipping.

Item protection

Items shipped via LTL shipping are carefully packaged and put into the truck prior to shipping. This is done to ensure that items are not damaged or destroyed in transit. Damaged items is common in FTL shipping which is why many businesses prefer to use LTL shipping for their business.

Ability to ship small shipments

With LTL shipping, you have the ability to ship even the smallest amount of product across the country instead of having to wait until you have enough for a full shipment to be cost effective.

Peace of mind

When you ship your product with an LTL carrier, you can have peace of mind knowing your product will get to its final destination safely. With modern technology, it’s easy to keep track of your shipment and to track its location. This holds LTL shipping carriers accountable for their guaranteed delivery date while making sure you know where your shipment is.

Reasons to Offer Recurring Payments for your Business

Decrease late payments

Let’s be honest: with all of the bills and payments people have to worry about, they’re likely to forget about at least one of them. By offering recurring payments, it doesn’t have to be yours. Late payments can have a significant negative impact on your business’ cash flow. Because of this, many businesses charge a late fee to customers when they make a late payment. Doing this can hurt customer relationships. Setting up an automated payment schedule ensures that you’re getting paid on time while making it easy for the customer. It also helps take the guesswork out of your cash flow situation.

Improve relationships with your customers

Having a conversation with a customer to let them know you’re charging them a late payment can be awkward and uncomfortable. Although it’s necessary for your business, it also hurts your relationship with the customer. Recurring payments not only reduces these conversations, but it also saves both you and the customer time and energy. Consumers jump at the opportunity to set up an automatic payment because it gives them one less thing to worry about. As a business owner, automatic payments gives you peace of mind knowing that you’re getting paid, but it also gives you more positive interactions with your customers.

Keep payment information secure

Most businesses that offer recurring billing solutions also give business owners the ability to securely manage their customer information. Cutting out paper reduces the likelihood that sensitive customer information will get lost or duplicated.

Minimize the legwork

When you offer recurring billing, all you’re required to do is set up the initial payment schedule and then manage any changes in the payment type or amount. There’s no need to remind customers that they have a payment coming up or that their payment is late. When an automatic payment is made, the payment will get deposited into your business’ bank account. All of the other work will be taken care of through the company that’s processing your recurring payments.

If you’re in an industry that can replace some of the manual processes with more automated ones, recurring payments can have a positive impact on your business. Your staff, cash flow and customers will greatly benefit from this option.

How to Reap Savings on Credit Card Processing Fees

If you’re a business owner, you know how important it is to accept credit cards in today’s marketplace. Although credit card processing fees are the cost of doing business, they can add up quickly. Credit card processing fees are levied on each credit card sale you make and can vary month-to-month depending on your sales volume and the merchant service provider you use. If you feel that you’re paying too much in processing fees, there are steps you can take to lower the amount you pay. Here are five ways you can lower your credit card processing fees:

Understanding Credit Card Processing Fees
When you start accepting credit card payments in your business, you’ll pay fees on everything from setup, processing and customer service. It’s important to remember that no two providers charge the same fees. One may charge a low rate per charge while others may charge more for service items, while another may charge for setup but waive their fees on other services. There are often several different tier levels that are tied to different costs. This is why it’s so important to find the right merchant service provider for your business.

Choose the Right Provider
When choosing a merchant service provider, there are a few things you should look for. It’s important not to be fooled by low pricing. The merchant service provider with the lowest cost isn’t always the best one for your business. Low price could mean a variety of things, such as unreliable service or hidden fees. Also, choose an integrated payment solution that will help save you time and money by reducing the amount of duplicate data entry and errors. Most importantly, understand all of the fees that are involved before you sign a contract. Learn about the different processing rates and find out whether you’ll be charged a fee for terminating your contract if you’re not satisfied.

Set Up the Right Merchant Account
In order to accept credit cards, you’ll need to set up a merchant account. To get the best rates, make sure you choose the account type that’s most appropriate for your sales volume and business type. Each type of account has its own rate and qualification requirements. Ask your provider about upfront costs that can save you time and money later.

Make Sure Customer Service is Included
Make sure that customer service is included in your contract. Avoid merchant service providers that charge you a fee for contacting customer service. If your system isn’t working, you shouldn’t be charged extra to contact someone about getting it fixed.

Swipe Instead of Entering
Credit card transactions are usually split into different tiers for discount rates. For the most part, to qualify for the least expensive rate, you need to have the card present and swiped through a card reader. When card numbers are entered into the system over the phone or online, you’re usually charged a higher rate. This isn’t to say that you shouldn’t offer phone and online payments, but having in-store payments as your primary payment method will help reduce the amount you pay in credit card processing fees.

If you feel that you’re paying too much in credit card processing fees, you may be right. Do your research to understand the processing fees you’ll be charged and find a merchant service provider that offers a plan that aligns with your business model. Make sure that you won’t be charged extra for customer service, and if possible, swipe cards at a point-of-sale system rather than entering them manually. Taking these steps can help you reduce the amount your business pays in credit card processing fees every month, helping your business become more profitable and successful.