Monthly Archives: October 2014

Defining the Different Types of Merchant Accounts

It’s no secret that in order to succeed in today’s ever-changing business environment, you need to accept credit card payments. The first step to accepting credit cards is to open a merchant account. In the payment processing industry, every merchant is classified into a specific “merchant account type” category based on how they collect and process credit card information. When it comes to credit card processing, there are two main categories: swiped and keyed. Each of these categories has its own set of sub-categories, broken down according to the business environment and processing technique.

Swiped Merchants

Swiped–also known as “card present”–merchants directly interact with their customers face-to-face. Credit card information is captured by physically swiping cards through a point-of-sale system. The sub-categories within this group are retail merchants, restaurant merchants, mobile merchants and lodging merchants.

• Retail merchants: Retail merchants typically conduct business in a storefront where they interact with their customers face-to-face and physically swipe credit cards through a point-of-sale terminal. Retail merchants are usually offered the lowest transaction fees, but they have the most restrictive rules associated with them.
• Restaurant merchants: Restaurant merchants are similar to retail merchants in that business is conducted in a storefront and cards are physically swiped through a POS terminal. However, restaurant merchants require the ability to add tips to their charges.Using a special tip function, they are able to authorize a card for a certain sale amount and then settle the authorization with an adjusted amount that includes the tip.
• Mobile merchants: Mobile, or wireless, merchants need the ability to accept cards wherever they are located, which includes being on the road. Mobile merchants use portable wireless terminals that allow them to process on-site transactions wherever their customers may be.
• Lodging merchants: Lodging merchants include bed and breakfasts, hotels and motels. Lodging merchants process transactions similar to retail merchants except they require the ability to adjust the settlement amount depending on a customer’s length of stay or to include any additional charges made on-site.

Keyed Merchants

Keyed, or “card not present” merchants, indirectly collect credit card information from their customers. Depending on their business environment and the technology used, they can process transactions in various ways. The sub-categories within this group are: keyed face-to-face merchants, mail order/telephone order merchants and eCommerce merchants.

• Keyed face-to-face merchants: Keyed face-to-face merchants eventually meet their customers face-to-face to deliver the product or service, but they collect credit card information without the customer or card being present. Generally, they take credit card information via phone, Internet, mail or fax and then manually enter the card information into software, a payment gateway or other point-of-sale system.
• Mail order/ telephone order (MOTO) merchants: MOTO merchants rarely meet their customers face-to-face. Instead, they conduct transactions and collect credit card information over the phone or by mail and manually key-enter transactions. Once a payment has been received and an order has been confirmed, the product is shipped to the customer.
• eCommerce merchants: E-Commerce merchants conduct all of their business online, and all credit card information is collected and processed online in real-time using a payment gateway that’s built into the website’s shopping cart.

Each type of merchant account is very different, but each is built and intended for a certain type of business. Once you choose the right type of merchant account for your business, you’ll find that you’ll be able to process credit card transactions much more efficiently.

7 Reasons to Use Promotional Products for Your Business

Promotional products are everywhere these days, and it’s easy to understand why. They’re inexpensive, versatile and make a great addition to your existing marketing plan. Business leaders know how much of an impact promotional products can have. Promotional products deliver a better cost per impression than any other type of media, and they have the ability to be extremely powerful sales and marketing tools. Promotional items are perfect for new and established businesses alike.

Although the benefits are endless, many businesses are still hesitant to dedicate part of their marketing budget to promotional products. If you’re still on the fence, here are seven reasons to use promotional products for your business:

They’re targeted

Radio and newspaper ads go out to a wide audience where only a fraction of the audience might be in the market for your product or service. Promotional products give you the ability to control the distribution and target people who are interested in your product or service. This results in a more powerful marketing effort and better return on investment.

They last

Promotional products have a longer “shelf life” than more traditional forms of advertising such as magazine or radio. People tend to keep promotional items longer than other forms of advertising, and many people actually use the items that they’re given on a regular basis. This gives your company greater exposure among your target audience.

They’re customizable

There are thousands of promotional items on the market, and you’ll easily be able to find one that fits your business’ marketing strategy and budget. Promotional products give you the ability to get creative, and you get to choose the message, colors, audience and more.

They’re versatile

There are many different ways to use promotional products, and you’ll likely find that there are multiple ways you can use them in your own business. Some great uses for promotional products include customer loyalty items, employee appreciation gifts, trade show giveaways, thank you gifts, sales meeting gifts, sales incentives, holiday party gifts, etc.

They build brand awareness

Every time someone uses your promotional products, your company name is being seen. This leads to recipients thinking of you the next time they need the products or services you provide. If you give away items like hats, t-shirts, sweatshirts or bags, recipients become walking billboards every time they wear it.

They’re memorable

When people receive promotional items, they tend to remember who they got it from and where they got it. People tend to forget magazine ads, billboards or radio ads unless they’re extremely memorable, but ask someone about a recent promotional item they received, and they’ll have a much easier time remembering what it was and who gave it to them. Simply put: promotional items are memorable.

People love them

Who doesn’t love a free gift? The fact is that people love promotional items. Whether it’s a sporting event or trade show, people gravitate towards tents, stands and booths that are giving away items. A useful or fun promotional item creates a positive, lasting impression of your company.

6 Ways to Make Payroll More Efficient for Your Business

[fusion_text]Payroll is one of the greatest expenses for any organization, but it’s also a necessary element of a successful business operation. Payroll is often complex and time consuming, and it can quickly turn into an administrative nightmare if not done correctly. Businesses of all shapes and sizes are always looking for ways to make payroll more efficient and accurate. It’s important for businesses to find ways to reduce stress, time involvement and error when processing payroll, but doing this isn’t always an easy task. Here are some tips to help enhance your organization’s current payroll process in order to make it more efficient.

Adopt a self-service model

Employee self-service helps manage many HR related tasks that would usually have fallen to management or administrative staff. Employee self-service allows the staff that usually handles payroll to focus on other tasks while allowing employees to manage their personal information. Adopting a self-service model helps to streamline administration of payroll because the HR department doesn’t have to spend time updating employee information, giving them time to focus on other tasks.

Keep policies simple

The more complex your attendance, paid time off, expense reimbursement and other policies are, the more complex your payroll process will be. Keep your policies simple and concise. Also, don’t overcomplicate policies by creating different policies for different levels of staff or create strict, detailed guidelines that will add more administrative complexity to payroll.

Provide electronic pay stubs

Delivering paper pay stubs is time consuming and expensive, and most people don’t even keep paper pay stubs anymore. With the rise of technology, many people prefer to store their pay stubs electronically. For employers, using electronic pay stubs is a way to streamline the delivery of pay stubs.

Use direct deposit

Direct deposit is quickly becoming a standard in many businesses, and if you’re not already using direct deposit for paychecks, consider adopting this model. Many businesses worry about cost, but studies have shown that employers actually save money by offering direct deposit. Although it’s uncommon, you may hire an employee that doesn’t have a bank account. If this is the case, look for a new, more efficient way of paying them, such as offering pay cards.

Establish a payroll calendar

If your business does payroll in-house, consider creating a payroll calendar that lists pay periods, when payroll will be run and other facets of the payroll cycle. You may want to outline what input is needed for processing, when it will be completed and due dates for all tax deposits. This will help everyone in the department be on the same page when it comes to processing payroll, and it allows everyone to see what needs to be done for payroll.

Consider outsourcing your payroll

Outsourcing payroll is increasingly common among businesses today. Processing payroll is time consuming and complex and can cause a headache if not done correctly. Outsourcing payroll is ideal for businesses that don’t have in-house staff to manage payroll or businesses that have limited HR staff. Outsourcing payroll ensures that you remain compliant with all laws and regulations, and it can help increase productivity within your office. When you outsource your payroll, your staff has time to focus on more important business-related tasks while someone else handles payroll.

Using Promotional Products to Attract New Customers

5 Desk Organization Tips to Boost Productivity

Are your papers all over the place, sticky notes as far as the eye can see and you have no idea where that important creative brief is? Instead of taking the time to clean your desk, you just search for what you’re looking for by trying to remember where you left it in the first place.

It’s okay. We’ve all been there.

We’ve all tried to tell ourselves that a messy desk is a sign of creativity. But if you find yourself overwhelmed, disorganized or even having trouble concentrating, cleaning up your desk and work surroundings can have a positive impact. Having an organized and comfortable workspace can help lower stress levels while increasing productivity and efficiency. However, for many people, the thought of designing and maintaining an organized workspace doesn’t feel achievable. If you’re looking for ways to boost your productivity, begin with these 5 simple desk organization tips.

Eliminate sticky notes

Placing sticky notes on your desk is a simple way to jot down reminders for use later. But sooner or later, your desk is covered in sticky notes, and you can’t find the note you’re looking for or you can’t remember if you completed a task. Eliminate sticky notes by keeping a notebook on your desk. When you need to jot down a note or reminder, write it in your notebook instead, and cross it off when you’re done. Or, consider using an online or computer-based version where you can create virtual sticky notes. This will help you reduce clutter on your desk while still giving you a place to jot down all of your notes and reminders.

Organize business cards

If you have a job that requires you to collect business cards or if you’re just one of those people who has a collection piled on your desk, find a way to give them a permanent home. It’s easy for business cards to collect in your drawer or on top of your desk, but this will ultimately cause unnecessary clutter and stress. Try entering the contact information into an electronic address book, scanning them or even taking a picture with your phone and storing all of the cards digitally in an app on your phone. If you want to keep the hard copy, try creating a business card photo book that you keep in your desk drawer. Having too many business cards scattered on your desk causes unnecessary clutter which ultimately lowers your productivity.

Try not to over organize

This may seem a little ironic, considering the idea is to get organized and clean up your desk. But sometimes, we can overwhelm ourselves (and our workspace) with all of the containers, shelves, trays, writing utensil holders and sticky note dispensers. In our effort to be organized, we actually create a space full of organizational chaos. It’s okay to have a little bit of mess or clutter as long as it doesn’t get out of hand. Look at your workspace and find a good place to put all of your office supplies. If you have too many office supply holders, try consolidating them into something more functional. If you’re not using something on a daily basis, try putting it in your desk drawer instead of on top of your desk.

Keep personal items to a minimum

It’s always nice to have a familiar face at your office every day – whether it’s a picture of your significant other, a drawing that your child made, a coffee cup from home or the souvenirs you bought during your latest vacation. It’s good to add a bit of home and familiarity to your desk, but too many personal items can actually turn into a distraction. If you find that you’re distracted often, try removing some of the personal items from your desk.

Find a good seat

Often times when we work in an office setting, your boss gives you a desk, computer and chair. If your chair isn’t giving you the support you need, don’t be afraid to go out and get one that does. You may not think that comfort and support really matter to your productivity, but there are not many people who are productive when they’re uncomfortable. If you spend most of your time sitting in a chair when you’re working, it’s important that you have a chair that you’re comfortable sitting in.

If you’re overwhelmed looking at all of the clutter on your desk, don’t be afraid to take some time to reorganize. Even though it may require that you step back from your work for a few minutes, it will ultimately help you increase your productivity in the long run.

Credit Card Security Risks Your Business Should Know About

If you’re a small business owner, you’ve probably learned by now that accepting credit card payments isn’t an option – it’s a necessity. People rarely carry cash these days, and not accepting credit cards can have a negative impact on your business. Choosing to accept credit card payments means that you expose yourself to possible security risks. However, there are steps you can take to reduce these risks.

Overlooking some simple security risks could lead to a costly mistake such as stolen customer information, lost revenue, fines and even having your credit card acceptance privileges revoked. When it comes to accepting credit cards, the best things you can do are to be informed and to know the rules. Here are 4 things to keep in mind if you’re a small business that accepts credit card payments:

Fake credit cards

When you have a long line of customers waiting to check out, it can be easy to overlook the signs of a fake credit card. However, accepting a fake credit card can be detrimental to your business. Fake credit cards often have heavy scratches and damage to the magnetic strip, forcing a cashier to enter the credit card manually. Another clue to spotting a fake credit card is to look at the numbers. Often times, people with fake cards use poor equipment to create them, resulting in cards that don’t look normal. For example, the numbers may be crooked and may not line up the way they’re supposed to. The best way to know if something isn’t right is to learn the appearance of real cards. If you’re a business owner, take time to familiarize yourself and your staff with what a real credit card looks and feels like. This will help you better identify a fake when you see it.

Matching signatures and names on card and ID

Another overlooked security issue when merchants accept credit cards is a missing signature. When you accept a credit card, always check to see if the card is signed. If there’s no signature, it’s important that you request to see a photo ID. Larger companies rarely ask to see a photo ID, but for smaller businesses, it’s always a good idea to see identification when accepting credit cards.

Storing customer credit card info to charge later

If you’re storing customer credit card information only to charge them later, you could be violating the terms of service of your merchant account. Additionally, you’re putting your customer’s credit card information at risk, and many customers probably wouldn’t be comfortable knowing you have their credit card information on file. Credit card data is only allowed to be stored in very specific ways, and violating these rules can have serious consequences. When it comes to credit card information, never write down someone’s credit card number. This is the easiest way for information to be compromised. If the data is compromised, it can put you in financial risk in terms of both fraud liability and fines.

Untrained staff

If you’re a new small business owner, one of the first things you should do when you open a storefront is to do training on how to properly handle credit card transactions. Not being properly trained leaves your business vulnerable to fraudulent transactions and even legal action. It’s important that both you and your staff fully understand how to handle credit card data and what you can and cannot do when accepting credit card payments. As a business owner, you have a responsibility to do everything you can to protect your customers’ personal data. It’s not only good business – it’s also the law.

Accepting credit card payments may seem like an overwhelming task, and you may be wondering if it’s even worth it. Accepting credit cards isn’t as scary as it seems, and you can easily avoid security issues by being aware and using your best judgment.

Mistakes to Avoid When Buying Promotional Products

It’s no secret that promotional products can be a highly effective addition to your existing marketing strategy. When used correctly, promotional products have the ability to increase brand awareness and keep you in front of your prospects for when they plan to use your products or service. Unlike more expensive forms of marketing and advertising, promotional products are extremely versatile and can be personalized in many different ways. This versatility is a double-edged sword because although you have more choices, there’s also more room to make mistakes. It’s easy to think that choosing promotional products means buying a little bit of this and a little bit of that, but in reality, you need to put thought and effort into the promotional products you choose. Here are four common mistakes to avoid when buying promotional products:

The items aren’t tailored to your audience

One of the most common mistakes businesses make when buying promotional products is selecting a product that you like rather than one your audience will like. Rather than choosing items that appeal to you, try to pick items that your audience will enjoy and appreciate.

A common promotional item is koozies, and while they’re great for many businesses, they’re not right for everyone. If you’re an office supply store, a healthcare provider or a company that’s geared towards children, koozies may not be the right promotional item to throw into your marketing mix. On the other hand, if you’re a craft brewery, koozies would be more appropriate. Before buying promotional products, think about the demographics of your audience as well as their personal interest and hobbies. This will help you find a product that your customers and prospects will enjoy.

Too much or too little information

When was the last time you saw a pen that tried to cram too much information on it or a white mouse pad with only a logo? A common mistake that businesses make is putting too much or too little information on their promotional items. It’s fairly common for businesses to pass out promotional products with nothing more than a logo. While this may seem like an easy solution, playing it safe can be problematic because people are less likely to respond to a design that’s not interesting to them. You want your product to be recognized as part of your brand, and you want it to inspire someone to take action. At the very least, give people a way to reach you – whether that’s a phone number, email address or website URL. On the flip side, trying to cram too much information onto a pen or key ring isn’t pleasing to the eye, and people don’t want to keep items that aren’t visually appealing.

Waiting until the last minute

There are many promotional product companies that can handle rush orders with little to no problem, but waiting until the last minute costs more and it will give you less time to fix mistakes, should they arise. If you know that you’re going to need promotional products for an event, make sure you give yourself enough lead time between your purchase and the event. If you can, try to order your promotional products several months before an event. This will give you time to effectively implement a distribution plan, correct any mistakes and order extras if needed.

You buy the items solely based on price

If you’re on a tight budget, it’s easy to just buy the cheapest items you can find. However, when you have less money to spend, you should focus on quality instead of quantity. Don’t compromise your brand’s image with a cheaper version of a more expensive item. For example, if you have $1.00 to spend on each promotional item, you should buy the highest quality item you can buy for $1.00 rather than buying a cheaper version of the item so you can save money.

When ordering promotional items, don’t rush through the planning stages. Take time to find the right items for your audience, order far enough in advance and don’t dismiss an item simply because it’s more expensive. Finding the perfect promotional product can go a long way in helping your marketing and advertising strategy.

Why Your Employees Need a Space to Relax

When you think about the smell of fresh coffee brewing, beanbag chairs and video games, you probably imagine being in your living room on the weekend. But what if these amenities were in your office? When you think about work, you typically don’t think about fun and relaxation, but more and more companies are investing in spaces where employees can relax at work.

There’s a common misconception that relaxed work environments lower productivity. However, the opposite is usually true. A relaxed workplace can benefit your business by increasing job satisfaction and reducing stress. As any employer knows, high stress levels among employees can be detrimental to a business. Stress often causes burnout, health problems, the inability to focus and workplace conflicts. Giving your employees a place to unwind when things get overwhelming is a great way to help reduce stress around the office.

Change the function of your break room

Many businesses have a break room, but sometimes, this space doesn’t reach its full potential. We’ve all heard stories of depressing break rooms: poorly-stocked kitchens, glaring lights, uncomfortable folding chairs and old trade magazines that are passed as reading material. It doesn’t have to be this way, nor should it. Your break room should be a welcoming and relaxing space where employees can unwind, strengthen bonds with coworkers and relieve stress throughout the workday.

Investing in a break room can sound like it will cost a fortune, but it doesn’t have to. Despite what larger companies and dozens of magazine articles will tell you, you don’t need a foosball table, soda fountain or vintage arcade games to make your space fun and exciting. What you do want is to make the space conducive to relaxation. Stock your break room with beanbag chairs, TVs or anything else you feel your employees would value.

Create a social space

The workplace is becoming increasingly digital, and even companies with an open floor plan may notice that employees are keeping to themselves more often. Giving your employees a space to hang out with their coworkers is a great way to increase collaboration among employees. Encouraging interaction with other employees can increase creativity and create a stronger bond within the workplace. Providing comfortable chairs, board games and cards is a great way to encourage your employees to interact in a relaxing environment.

Encourage daydreaming

Yes, the goal of an office is to get people to work, but problem solving and creativity can receive a jump-start when people daydream. This is why we often think of great ideas in the shower or while doing dishes. Encourage this same kind of thinking in your office, and give your employees a place to do it. Whether it’s a break room or game room, employees will appreciate that you’re giving them a place to get creative.

Don’t be afraid to stray from the traditional workplace and create an environment where your employees will be able to relax when they’re overwhelmed or stressed. Your employees will appreciate the thought and effort, and you’ll likely see less stress and more productivity in the workplace.

What is the Cost of Not Offering Credit Card Processing?

Credit card processing seems simple enough: get a merchant account, set up your point-of-sale system and start accepting credit cards. But for many small businesses – especially mom-and-pop shops, one-person businesses and home-based sellers – the decision to accept credit cards is often more difficult. When you’re a small business owner, you’re not bringing in as much money as larger businesses, and credit card processing fees likely have more of an impact on your cash flow.

It’s easy to decide not to accept payments via credit card, but doing so can have a negative impact on your business. We live in a technological age where people rarely carry cash, and for your business to succeed, you’ll need to accept some form of credit card payment. Businesses that only accept cash will quickly find themselves losing out on sales to competitors and big box stores.

Although transitioning from a cash-only model to one that allows customers to pay with credit cards may seem like a difficult task, but there are many services available to small business owners that make the transition simple. If you’re still hesitant to accept credit card payments, here are several benefits to consider:

Accepting credit cards eliminates the risk of accepting a bad check

If you don’t accept credit card payments, you probably accept two other forms of payment: cash and checks. One bounced check can take a large chunk out of your profit for the day. Plus, you’ll waste time tracking down the customer who gave you the bad check in order to make good on the sale. The fee for a bounced check will likely cost you more than the credit card processing fee for that transaction. Additionally, credit card transactions are screened as they’re being processed in order to reduce the risk of fraud.

Credit cards are convenient for shoppers

Think about the reason you went into business in the first place. Aside from wanting to make money, you probably started your business so you could share your passion and product(s) with the world. Not accepting credit card payments is a simple way to prevent people from buying your product. Customers want to use a method of payment that’s convenient and beneficial for them, and that usually means paying with a debit or credit card. Can you really afford to lose a customer just because you don’t offer credit card payments?

Accepting credit cards is a relatively inexpensive business expensive

While it’s true that paying a credit card processing fee on every transaction may seem like too much to a small business owner, it’s important to understand how much the industry has evolved. Credit card processing has become a highly competitive industry, and there are many different merchant service providers out there. Because of this, you’re likely to find a merchant service package that fits your budget – even if you’re a mom and pop shop.

Although the cost of accepting credit cards may seem high, the cost of not accepting credit cards is even higher. Credit card processing is a relatively inexpensive business expense when you think about the return on investment it will provide.

Promotional Products: Why They Work

Look on your desk or inside your desk drawers. Do you have a pen with a logo printed on it? How about a mouse pad, microfiber cloth, sticky notes or a t-shirt? Promotional products are everywhere, and we usually have at least one within easy reach. Although many business owners have reservations to using promotional products, the truth is: they work.

Promotional products are increasing in popularity because they’re flexible, inexpensive, tangible and long lasting. Promotional products should be used in conjunction with your existing marketing strategy, and they can help to improve your brand and reputation when used correctly. Just like with any other marketing strategy, it’s important that you do your research before you buy all of the promotional products you can find.

Reasons why promotional products are effective

They provide extended brand exposure: Traditional advertising comes and goes – one day, your ad will be online or in the newspaper, and the next day it’s gone. Promotional products, on the other hand, last longer than traditional advertisements. People tend to hang on to promotional products longer, giving your brand more exposure. A tote bag with your logo on it will likely get seen more than a newspaper ad, and people will get more value and use out of the tote bag.

They allow you to get creative: There are thousands of different promotional products available, so you have the ability to get creative about your strategy. Don’t think that you have to settle for pens and notepads. When you buy promotional products, buy items that you think your audience will value. Whether it’s microfiber cloths, coffee mugs or even crazy hats, don’t be afraid to buy out-of-the-box items that you think will work with your overall marketing strategy.

They create lasting impressions: People keep promotional products longer than flyers, cards and other marketing items, and this usually leads to people remembering your business. Regardless of whether someone chooses to do business with you after receiving a promotional product from you, it’s important to understand that seeing your logo every day will help them remember you. And if they do ever need your service in the future, you’ll be one of the first people they think of.

Promotional products are effective because they are tangible items that leave lasting impressions in the minds of recipients. Promotional products have proven time and time again to be one of the most effective media available to advertisers, and they work great for businesses of all shapes and sizes. Whether you’re a small business looking to get your name out in the community or a large business looking to do more with your marketing, promotional products are a great way to increase exposure to your business.