Month: January 2012

Categories
Online Business

Accepting Credit Cards Online

accet-credit-card.jpg

Accepting credit cards online is a great way to boost the success of any online business. Once your business begins to accept credit cards over the Internet, you’ll enjoy greater sales, increased revenues, and better cash flow, among other benefits. This article describes the main benefits of accepting credit cards online, and then presents an overview of the process and all the terminology and background information you’ll need to get started.

The Benefits of Accepting Credit Cards Online

Most business owners choose to begin accepting credit cards as a convenience to their customers, but they are often pleasantly surprised by all the other benefits that accrue to the business. Most notably, accepting credit cards online causes sales to increase. In a traditional bricks-and-mortar store, credit card users make impulse purchases more often than do customers who are paying with cash, because it doesn’t feel like “real money.” Online, this effect is multiplied by the fact that online shoppers can make their purchases within seconds of finding what they want to buy. In contrast, if your site doesn’t accept credit cards, the potential customer who is browsing your website has too much time to rethink the purchase during the time that he or she is calling customer service or filling out the order form and writing a check.

With greater sales, your business’s revenue increases. Even more importantly, your cash flow improves. When customers pay with a check, you may have to wait up to one week for the funds to be made available in your bank account. Credit card payments, however, are processed much quicker, giving you access to the cash you need to run your business.
Another benefit of accepting credit cards online is that you’ll have to deal with fewer bounced checks. The credit card’s available balance is verified at the moment of the purchase, so there’s no chance that you’ll make the sale and then subsequently find out that the customer didn’t have funds to cover the transaction.

What You’ll Need to Accept Credit Cards Online

If you’ve never accepted credit cards online before, initially it can be intimidating, but in essence you will need only four things: an online shopping cart, a payment gateway service, a credit card processor, and an internet merchant account. Let’s consider each of these in greater detail.

An online shopping cart is the platform though which customers make their product selection(s) and input their credit card information. It comprises the catalog of products that you sell, the “cart” to which customers add their desired purchases, and the checkout/payment page where customers provide their credit card information. The online shopping cart is the user-friendly side of things that customers see on the website. It needs to appear professional and secure, so that your customers feel confident entering their financial data on your website. The online shopping card automatically submits customers’ credit card information to a payment gateway service.

The payment gateway service collects that information and securely transfers it to the credit card processor (i.e., the acquiring bank) to request the transaction’s approval. The customer is unaware of the payment gateway service, as it is primarily a tool that allows your online shopping cart to communicate with financial institutions and credit card companies. When selecting a payment gateway service, be sure that it is compatible with your online shopping cart and pay attention to the fees and the level of security offered.

The credit card processor accepts the data from the payment gateway service and then contacts the bank that issued the credit card to verify that the requested funds are available. Once the transaction is approved, the credit card processor sends the results back to the payment gateway service, which sends the results to the online shopping cart system for the customers’ review. (Although the process described above seems long and complicated, it is fully automated and can be completed in just a few seconds.) The credit card processor also deposits the funds into your bank account.

The Internet merchant account, provided by the credit card processor, gives you the authorization to collect funds from your customers’ credit card accounts. All funds will either be deposited into a bank account of your choice or one that you will have to open at a bank designated by the credit card processor.

Unfortunately, if you are only accepting credit cards online (not in a traditional bricks-and-mortar store), many banks view your business as being more high-risk and therefore charge exorbitant fees for the Internet merchant account. The increased revenue of credit cards payments may or may not offset these high fees. Consequently, many online retailers opt to use the services of a company that specializes in e-commerce, as described below, rather than try to obtain an Internet merchant account on their own through their local bank.

All-in-One E-commerce Packages

If you aren’t experienced in the world of ecommerce, getting an online shopping cart, payment gateway service, credit card processor, and Internet merchant account can be confusing, overwhelming, time-consuming, and expensive. Fortunately, as online sales have grown in popularity, many full-service merchant account providers have arisen in the marketplace. They provide all-in-one ecommerce packages, allowing your business to quickly and easily obtain an online shopping cart, payment gateway, and even arrangements for processing credit card payments through a bank. In the long run, many of these companies’ fees are expensive, but the peace of mind is usually worth the price, at least during the first few years that you’re accepting credit cards online. Of course, there are affordable full-service merchant account providers so an investigation is warranted.

When shopping around for one of these all-in-one solutions, take the time to do your research. If a company doesn’t respond to your inquiries promptly, eliminate it from consideration. Ask about the application process and all the fees (application fees, setup fees, discount fees, transaction fees, monthly fees, etc.). Know what the total start-up cost will be, as well as your ongoing maintenance costs. Finally, be sure you know exactly what services you’ll receive and whether there are any limits on the volume or amount of your monthly transactions. Once you have all this information, you will be ready to select an ecommerce package and begin enjoying the many benefits of accepting credit card payments online.

Andy Lax has worked in the credit card processing industry for over five years and is now an Account Manager at IntelliCollect, a merchant account provider that enables business owners to accept credit cards and electronic checks.

Categories
Branding

Why Improving Your Business Signage Is a Must

Article Contributed by Martin Neil

Having an attention-getting sign is critical for your local businesses – no matter the industry.  Your business signage identifies your business and location and it establishes your business image. Your business signage is the core of your brand identity strategy, whether it is proudly mounted on the building, on your booth or display at a trade show, or on your company vehicles.

It’s also the most cost-effective advertising you can do.  The Small Business Administration says, “…signs are the most effective, yet least expensive form of advertising for the small business.”  Building signage is often taken for granted, but signs are always on the job, advertising 24 hours a day, 365 days a year.

How Improved Business Signage Will Help You Brand Your Company, Communicate with a Highly-Mobile Society & Leverage Your Advertising Efforts

1        Your business signage is the only indicator that you exist and would like your prospect’s patronage.

2        A frequently-noticed business sign sends your message to more people per dollar invested than any other form of advertising.  For example, if you display a $200 sign for one year at a location where 10,000 cars pass every day, you’ve reached over 3.5 million people (not counting passengers), at a cost per person of less than $.000057. (Less than six hundred-thousandths of a dollar.)  Even a high-end, lighted or monument sign that costs $5000, still reaches those people at a cost of $.0014, or a little over a tenth of a cent each.

3        95% of retail business is location-based.  As consumers pass by your place of business, an attractive and effective on-premise sign will leave a positive impression. When the time comes to make a decision or purchase, consumers will be attracted to you.

4         About 40 million Americans move annually to a new home, all needing to buy goods and services, and looking for brands that stand out.

5        Enhanced sign technology allows sign faces to be easily changed to match evolving marketing circumstances.  New developments in lighting, plastics, digital printing resolution, and color profiling mean signs can now achieve the same visual effect as four-color magazine advertising.

6        Your company does not need to be a national franchise with a major advertising budget to “brand” your site with effective signage.  If appropriately designed and placed, your sign can develop top-of-mind awareness of your products and services, no matter the size of your business.

7        Many communities and cities have strict sign codes requiring that signage remains attractive and in harmony with the look and feel of the community, while encouraging business activities.  Advances in sign design and technology means that via signage, your company can communicate more effectively to potential customers in a way that enhances both your site and the community at large.

8        Purchase habits can be influenced with effective signage.  Pricing or product information can influence a purchase decision or prompt an unplanned stop, which is critical, since nearly all businesses rely in part on impulse visits.

9        A well-designed sign can provide a positive perception of quality and service and create the image of a leader, even for the smaller business.  For the national franchise or chain, on-premise signage reinforces all other media advertising, and maximizes advertising effectiveness at a low cost.

10    By adding your business signage to your car and “wrapping” your company vehicles with striking vinyl, you can generate over 600 visual impressions for every mile driven  At about $0.35 per thousand impressions for a typical vehicle wrap, the cost is almost trivial compared to $3.56 for outdoor advertising or over $20.00 for typical magazine advertising.

About the Author:

Orange County Business Signs Specialist Martin Neil contributes value to businesses and non-profit organizations across the United States by increasing their brand awareness with the very best sign solutions. He specializes in custom requirements for commercial building signage, vehicle wraps, office inside signage, trade show displays, promotional banners & flags, and large-size wall graphics. Improve your business signage by going to: http://www.Calibersi.com/Building-Signage.html

 

 

Categories
Entrepreneurship

Entrepreneurship – The Road Less Traveled

Article Contributed by Lisa Cherney

I believe that life is a journey, and just like any journey, it has some bumps in the road along the way. For me, those “bumps” came in the form of three layoffs in two years.  I drove home from my last job, the remains of its existence in a cardboard box beside me, and I received this message: “Why go to work for somebody else when you can work for yourself?” I literally looked around like, “Who said that?”  And then I realized: “This is my life. I need to create a way for it to support me and bring me freedom and joy.” So… I started on that journey of entrepreneurship.

I knew that the road to entrepreneurship would not be an easy one to travel – with fear, risk, and uncertainty lurking around every corner. But as I drove down that freeway, I also knew there was no turning back now. It was time to follow the right path, and for me, that path was helping others discover theirs!

That third layoff was a turning point in my life: a point in which I realized I needed to make a change. And that change resulted in helping others to make changes as well. In fact, this is a step in my “Stand Out, Be Juicy” program that I call Juicy Benefits – communicating how you change someone’s life. And we all do it! We, as entrepreneurs, all offer services that change people’s lives. You just have to realize it.

To illustrate this point, one of my clients, a professional organizer, wasn’t meeting her goal of making a six-figure income. While she viewed herself as an organizer of stuff, her clients were saying, “You’re so much more than a professional organizer!” She couldn’t see it. So I asked her: “How are people different after working with you?”

Like most people, she couldn’t answer. But I helped her find her voice, her answer, which was: “I help people get to the root of the cause of their clutter so it never comes back.” Ta-da! There it was. Her Juicy Benefits. She started charging more and hit her six-figure mark that year.

The answer to, “How are people different after working with me?” should roll off your tongue, but most likely, it doesn’t. For most entrepreneurs, this is the case.  My own dissatisfaction while working in corporate America should have been obvious to me, but it wasn’t. My point? We don’t always see what’s right in front of us. Sometimes it takes someone from the outside to help us see what we should see, say what we should say, do what we should be doing. Juicy Benefits is just a piece of the puzzle, one curve in your road to discovery. Take the wheel for a moment, and let’s see where we can go!

About the Author: 

Lisa Cherney, a.k.a. the Juicy Marketing Expert, founded Conscious Marketing 12 years ago to help small business owners find their authentic marketing voice, attract their ideal clients and increase their sales. Following her own Stand Out & Be Juicy program, which centers on owning your unique self and laser-focus marketing, Lisa has tripled her income while working
part-time.

Prior to Conscious Marketing, Lisa worked with many Fortune 500 companies, including AT&T, Lipton, Nissan, Blue Cross and Equal. She is a highly sought after speaker and often shares the stage with experts such as Jack Assaraf (The Secret), Jack Canfield and Jill Lublin. Learn more about Lisa at www.consciousmarketing.com or call 887-771-0156.

 

Categories
Business Trends

5 Hot Retail Sectors for Start-ups

Article Contributed by IBISWorld Analyst Eben Jose

It hasn’t been the best of times for small businesses lately, but with the national unemployment rate finally decreasing and disposable income increasing, consumers are hitting Main Street once again for some retail therapy. Often facing overwhelming competition from retail megastores, many small businesses face an uphill battle from the outset and often don’t survive beyond a couple years. Some industries, however, offer better prospects for entrepreneurial endeavors. Based on IBISWorld research, the following are the top five small-business retail sectors based on start-up costs, barriers to entry and estimated revenue growth in 2012.

Retail Sector - Estimated 2012 Revenue Growth (%)
Tire Dealers 10.0%
Handbag, Luggage and Accessory Stores 5.5%
Art Dealers 4.0%
Furniture Stores 3.4%
Specialty Food Stores 2.3%

Tire Dealers
Opening a tire dealership probably isn’t on the top of anyone’s to-do list for 2012, but based on numbers alone, it’s one of the most promising small-business retail sectors to start a business. Changes in consumer preferences toward more fuel-efficient tires and pent-up replacement tire demand from people who postponed purchased during the recession are expected to fuel industry profit in 2012. IBISWorld expects revenue to grow at an average rate of 3.1% per year in the five years to 2016, and 10.0% in 2012 alone.

Handbag, Luggage and Accessory Stores
With the recession in the rear-view mirror, people are slowly loosening their purse strings on more discretionary purchases, including of purses nonetheless. Aside from small hiccups during the recession, handbag, luggage and accessory stores have fared rather well. The dips in consumer confidence and disposable didn’t significantly discourage shoppers, and now that both of these factors are on the rise, sales are also forecast to increase. With revenue expected to grow at an average annual rate of 5.1% through 2016, this retail sector offers appealing opportunities for start-ups.

Art Dealers
It’s unlikely that consumers will come across an original Picasso at their local art dealer, but that won’t stop them from looking in 2012. Similar to most luxury goods retailers, art dealers experienced a surge in demand while the economy was booming, with wealthy consumers splurging on original art. Although that demand slowed during the recession, it is expected to return as fine art’s investment and aesthetic appeal increases. Requiring only the ability to source and value artwork, the low levels of labor and capital needed to get started in this sector make it an appealing one for start-ups. IBISWorld estimates revenue for art dealers to grow 4.0% in 2012 and at an average annual rate of 4.3% through 2016.

Furniture Stores
Although some furniture can be viewed as nondiscretionary, demand for furniture generally follows trends in consumer sentiment and income levels. Prior to this year, furniture stores experienced a harsh drop in demand as confidence in the economy fell and Americans reduced their spending. But with homeownership and per capita disposable income expected to increase in 2012, consumers will stop flipping over the couch cushions and finally upgrade their furniture. As such, 2012 offers great opportunities for furniture store entrepreneurs, especially with revenue projected to increase 3.4% in 2012 and at an average annual rate of 3.0% through 2016.

Specialty Food Stores
The foodie population is expanding fast. While supermarkets continue to serve the majority of this customer base, there is a growing number of consumers who want a finer, and sometimes even more exotic, eating experience. There’s no doubt that spending on high-end food took a hit during the recession as Americans tightened their wallets and became more price conscious. But with disposable income increasing, people are once again seeking out their favorite foods. With low initial start-up costs and revenue expected to increase 2.3% in 2012, specialty food storeowners can expect business to heat up in the coming years.

About the Author

Eben Jose is an analyst with IBISWorld, the world’s largest independent publisher of U.S. industry research. IBISWorld’s team of expert analysts covers 700 different market segments.

Categories
Branding

10 Cool Ways to Protect Your Brand Name Online

Article Contributed by DSLserviceproviders.org

Because our society has grown so dependent upon the internet for marketing, networking and branding, it’s hard to imagine that the technology has only existed for about fifteen years. In such a short time, it’s become nearly impossible to manage your brand or protect it without some working knowledge of the internet. If you’re looking to keep your brand secure, here are ten tips that might smooth your path.

  1. Keep It Distinctive – The best brand names are those that are unique and easy to remember. As you begin to build your brand’s reputation, you’ll have to live with the name you’ve chosen or forced to start from square one. Take your time choosing a brand name, and make sure it sticks in the minds of your customers.
  2. Trademark It – While it’s not legally required, the best and most effective way to protect your brand name from trademark disputes is to register the name as soon as possible. There are a myriad of services that will run trademark and common-law searches to be sure that the name you’ve chosen isn’t already in use; it’s a good idea to utilize these services before attempting to register.
  3. Sign Up For Google Alerts – Using Google Alert will help you to track the reputation of your brand with little fuss. The first step to keeping your brand’s reputation up is to know what people are saying. With this service or others of its ilk, the process is painless.
  4. Design a Memorable Logo – A well-designed logo is an absolute must for establishing your brand; building an online presence as soon as possible will protect your brand from any confusion if a business with a similar name begins to do the same. Your logo will be the one that people recognize first, if it’s eye-catching.
  5. Go to War With Negative Reviews – Despite your best efforts, bad reviews will inevitably crop up. Disgruntled former employees or even competitors may seek to malign you by leaving undeserved poor reviews; make it a priority to learn how to “wash out” negative mentions.
  6. Create YouTube Videos – One of the first returns on almost any Google search is a related YouTube clip. Use this to your advantage by creating your own form of viral marketing videos; do something edgy and people will talk about your brand.
  7. Make Social Networking Work For You – Sites like Facebook and LinkedIn are crucial for raising brand awareness and protecting a brand name. Create profiles and build the strongest possible brand presence on the sites; in addition to being a top Google search return, these also allow customers to interact with you and to share information about your brand with one another.
  8. Blog Religiously – Start a blog, and update it with relevant content as often as possible. Informative blog entries will attract attention, boosting your online presence and creating a buzz about your brand.
  9. Twitter Away – Tweet, tweet and tweet some more. Retweet posts relevant to your brand, follow those who are following leaders in your industry, and create goodwill by helping to promote your peers.
  10. Make Sharing Simple – Add buttons to your website and blog that make sharing on Facebook, Digg and Twitter as simple as the click of a mouse. When content catches a user’s eye, they can easily share it with all of their friends and followers. These shares will boost your presence exponentially.