Author: Pamela Swift

Categories
Business Trends

Contactless Payment Solutions in a Post-COVID Economy

As many businesses continue to offer an in-person shopping experience or consider reopening, safety is at the forefront of their minds. Keeping the customer protected helps lower the chances of further shutdowns being implemented in the future.

One of the best ways to provide a safer shopping experience for your customers is to ensure that you have contactless payment solutions to use when they check out. 

But what considerations do you need to make when you are looking into adding these solutions to your business? While the thought of changing the way you currently operate can sound daunting, the truth is that it is much easier than it may seem. To help you provide safer payment options in your business, here are a few tips on offering contactless payment solutions in a post-COVID Economy. 

Consider the Different Types of Contactless Payment Solutions Available

Offering your customers the right contactless payment solutions begins with understanding what technology is at your disposal and which types of payment options your customers are likely to need.

There are currently two types of contactless payment options available: credit or debit cards (Visa and Mastercard) containing near-field communication (NFC) chips and the use of mobile wallets like Apple Pay or Google Pay. Of course, there may be some devices or alternatives that fall outside of these two categories, but these are the two most important ones to focus on if you want your business to offer contactless payment options.

NFC chips offer the ability to pay by getting close to the payment machine rather than by making physical contact with it by inserting a chip into a chip reader or swiping a card. This type of payment option also gained popularity in pre-COVID times because it offers increased security, faster transaction speeds, and more convenience. 

You may also see another term come up while researching this topic: radio-frequency identification or RFID, which refers to a similar technology that led to the development of NFC. But what’s the difference between the two? While NFC does fall into the category of RFID technology, NFC can only be recognized by machines when the item being read is in extremely close proximity to the device, making it more secure and much harder to steal information or accidentally pay for something at a distance. 

With these two types of solutions available in your shop, you can cater to the ever-changing needs of your customers.

What Do You Need to Get Started? 

Being able to offer contactless payment means having the know-how and the right equipment. There are a wide variety of payment processors out there. The key feature to look for while researching them is that the point-of-sale device you choose is NFC-capable. That is what gives you the ability to accept both NFC credit and debit cards or payments made through NFC-enabled phones with wallet apps. 

Beyond this, the company that you choose to partner with will ultimately be a matter of personal preference. Take some time to evaluate your options and weigh the advantages and disadvantages (such as ease of use, overall cost, and complexity of setup) of each company on your list before making a final decision. 

Don’t Forget About Your Online Storefront

Setting up your physical storefront for safe shopping is the key focus of re-opening or continuing your operations without putting your customers at risk. However, taking the time out to ready your physical business by adding contactless payment solutions also gives you an opportunity to assess your online operations and make improvements simultaneously.

This can pose a major problem for customers who may prefer to avoid in-person shopping altogether and stick to the internet. It also makes it impossible for you to run your online business efficiently and grow your operations.

While you are focused on finding the right contactless solutions for your physical storefront, focusing on finding the right contactless payment solutions for your digital storefront is essential as well. For example, let’s imagine that you run a business where you sell a product like CBD oil online that has been continuously rejected by mainstream payment processors. You may need to seek out high-risk payment gateways that ensure you are able to meet the needs of your customers. This way, should they not feel comfortable shopping at your location, they can shop for the same products online and you can continue to operate both your digital and physical storefronts with ease. 

With the right payment processor on your side for both online and offline purchases, you can ultimately offer your customers a greater level of service all the way around. 

COVID-19 has had a massive impact on our lives, from the way that we socialize to the way that we conduct business. In order to overcome these difficulties as business owners, we must adapt to new ways of keeping ourselves and our customers protected. If this is of importance to you and you want to get started, use the guide above to make advancements in payment solutions and give your company the boost it needs in a post-COVID economy.

 

About the Author | Katie Tejada is a writer, editor and former HR professional. She often covers developments in HR, business, recruiting, real estate, finance and law, but also enjoys writing about travel, interiors and events.

Categories
Entrepreneurship

How to Ensure Your Business Reaches its Full Potential in 2021

Experienced professionals already know that a great business idea alone isn’t enough to ensure long-term success. Sadly, many excellent business concepts have failed for one reason or another over the years. And even the most dedicated entrepreneurs may have trouble launching a new business in the current economic climate. The good news is that you can take steps to protect your investment and ensure your company reaches its full potential this year. Just make sure to follow these four tips: 

Focus on Education

For a company to grow and evolve in any meaningful way, its employees need to grow as professionals first. As such, one of the best things a business leader can do to promote long-term success for their company is to invest in training and education now. Hiring a learning consultant to help your team develop new skills and perform with greater efficiency will provide immediate and future benefits. Plus, thoroughly training your staff will make it easier to promote from within and retain excellent employees. 

Set Realistic but Ambitious Goals

2020 was a rough year for most business leaders. However, just because things have been difficult in the past, it doesn’t mean you should stop making ambitious goals for yourself, your team, or your organization. Rather, just the opposite is true. If you want your company to improve, then you have to set realistic, but substantial goals to pursue. Merely going through the motions at work shouldn’t be good enough for you or anyone else. 

Identify New Opportunities

No matter how successful your organization is, a few things will always remain true. There are always going to be new markets to explore. There are always going to be new products you can develop. And there are always going to be better ways to connect with customers. The key to unlocking your business’s potential is –– in many ways –– simply being open to new possibilities when they arise. 

Invest

At the end of the day, money talks. As a business owner, you have an obligation to invest in your infrastructure and your organization to make sure that your employees have all the resources they need to succeed. Note of course that investing in your business can take many forms. It may include purchasing tech upgrades for your staff, for example. Additionally, though, it’s  just as important to “be invested” in your business as it is to support it financially. Small businesses in particular require time, energy, and support from leaders to fulfill their potential. Ultimately, there’s no substitute for old-fashioned hard work.

Categories
Technology

Professional AV Control Solutions Are a Wise Investment for Entrepreneurs

If there is one thing entrepreneurs’ value more than a good idea, it is time. With only 24 hours in each day, we know that we cannot be spending most of it dealing with small technical issues. That is why professional AV control solutions like neets.io is an incredibly prudent investment for those who conduct meetings with clients, freelancers, or employees. Neets takes away most of the technical issues from switching between physical and virtual meetings to save you time.

Neets Makes the Conference Room Much Smarter

If you have a conference room of any size, it can be a time waster to get it set up whenever you need to use it. This does not even factor in any issues that may arise that could prevent the meeting from happening at all. And, what if you want to use that workspace for virtual meetings? Is it equipped to be effective for what you need?

For those unsure, Neets can provide exactly what you need. For in person meetings, it will act as the brains for the conferencing room. It can turn on the lights the second you walk in, have your projector activated when you open your laptop, and share your display at the click of a button. It completely removes the need for cables and remotes and allows you to be more efficient with your time.

Moreover, Neets is also an expert in video conferencing. One of their signature products is Solvo. This product will allow you to connect to your favorite video conferencing application (Zoom or Skype), and be able to use all your AV equipment (projectors, lights, etc.), just by connecting a USB cord to your laptop. With this product, you can turn any small room into a video conference room in seconds.

Categories
Finance & Capital

Can an Entrepreneur have “Good Debt”?

Debt is something that weighs heavily on the minds of most entrepreneurs. Some debt may be necessary to launch your enterprise, but taking on too much debt can ultimately sink your business. The important thing to remember is that when you use debt responsibly and strategically to advance your business goals, it can be an effective way to enhance growth and opportunity.

Debt 101: The Basics

Chances are, you’ve had loans and debt. A car loan, student loans for college, a mortgage, and credit card debt that you have not paid off in full all count. The annual percentage rate (APR) charged against the principal amount you borrowed is considered the “cost” of the loan. The APR is what the bank or lender charges every month for letting you borrow funds. Some APRs are very low and have a lesser impact on your repayment amount. Other APRs can be very high —upwards of 20%—and add significant time to a loan repayment schedule.

Good debt is generally considered a worthy investment. Federal student loans for college or job training that can help you launch a career are considered “good debt” because of their tax-deductible low-interest rates. 

While auto loans may have a higher interest rate, if you purchase a budget-friendly car (not a BMW or Mercedes) that helps you grow your business, it can be a good debt despite the depreciating value.

Using Good Debt to Your Advantage

Here are two way to look at good debt:

  1. If your car loan is 6%, will having that asset help you earn at least 6% more than if you didn’t have the car? If you’re confident that the cost of the debt can easily be exceeded by the income you’ll earn, it may be a debt worth having.
  2. If you look at debt from an accounting perspective, you are “in debt” when what you owe is more than what you have (cash and material assets). When deciding if taking on a business loan is right for your business, look at the total amount you would owe on the loan and compare it to what you already own or have saved.

Successful entrepreneurship means making sure you are only incurring liabilities that will benefit your productivity and your business’s value. Don’t be afraid of increasing your liabilities – just make sure you do your homework to ensure the debt will increase your profitability. This is especially true when determining if it’s the right time to hire employees. Payroll is a debt or liability you’ll have to pay, but in return, you’ll have employees to help you increase business and cash flow.

Examples of Bad Debt

Bad debt is something that is working against growing your business. It’s money you spend every month that isn’t productive. Here are three examples of where bad debt can make an appearance.

  1. Perhaps your business is seasonal. In the off-season, cash flow dips, and incoming funds are reduced. It’s tempting to rely on credit cards to offer stability and balance during times like this. You assume the balance can be paid off in a few months once business picks up again, so you take on bad debt (with an outrageously high APR) rather than tightening the budget and slashing expenses.   
  2. Are you trying to keep a business model afloat that is no longer competitive in your market? Taking on more debt may seem like a more comfortable solution, but it’s a financial hole you may not recover from. Better to take a hard look at your business plan and do some market research to see if you can reposition for success.
  3. If you’re encountering early success with your business, it’s tempting to upgrade your lifestyle (trade in the budget-friendly car for a luxury model!) and reap the rewards of success. But remember, a business needs time to mature and develop a consistent cash flow. Give the business breathing room and time. Don’t let overconfidence put you in a position where an economic downturn or industry change will put you in a tough spot.

How to Avoid Bad Debt

The best way to avoid bad debt is to practice sound business practices to help your business grow and thrive. Here are a few:

  • Avoid wasteful spending and always look to minimize expenses.
  • Hire with a clear purpose and only when you can afford it.
  • Never overextend the business – even with “good debt.”
  • Have ample cash reserves and back-up plans to weather downtowns.

Staying aware of the difference between good debt and bad debt and how liabilities impact your business shouldn’t cause alarm. If anything, debt should be included in your business’ operating plan and funding options, and you should review it regularly to make sure it’s working productively. When you make wise choices about business loans and debt, you’ll be able to take your entrepreneurial ideas and turn them into a thriving, successful business enterprise.

About the Author | Katie Tejada is a writer, editor and former HR professional. She often covers developments in HR, business, recruiting, real estate, finance and law, but also enjoys writing about travel, interiors and events.

 

Categories
Branding

How to Develop a Memorable and Unique Brand People Will Love

Running a successful business is no walk in the park. Getting a company off the ground and spreading brand awareness takes hard work, dedication, and determination. No matter what field of business you’re in, your brand needs to stand out from competitors, resonate with your target audience, and be appealing to the eye. To help you on your journey, here are some tactics that will help you design and develop a brand that consumers will love.

Find Your Purpose

For your brand to stand out for all the right reasons, you need to establish your niche and show how you’re not like competitors. You need to determine what kinds of products or services your business offers to consumers and why you should be the go-to over rivals. If you start off without a solid plan in place, you’re more likely to fail within the first year. And with half of all startups losing momentum within the first twelve months, having a solid business plan behind you is key for success. 

Create a Striking Logo

Your brand’s logo will say a lot about your business. When consumers research your brand, your logo should be a combination of imagery and text that lets people know who you are, what you sell, and how you differentiate from everyone else. An eye-catching logo also fosters brand loyalty, helping to build a strong following. The packing is just as important as the product, which is why your logo needs to be clearly displayed to build recognition and trust among your customers. 

Know Your Target Audience

If you don’t know who your target audience is, you will have difficulty building a memorable and trustworthy brand. Whether you want Gen Z to take notice of you, or you’re after millennials, your products or services need to correlate well with your audience. Conducting market research, checking your website’s performance and using Google Analytics are just a few tactics you can perform to establish who is interested in your brand. 

Use Social Media Channels

As each year passes, the number of social media users increases. All new startups and established companies use social media as a way to build their brand and connect with their customers. Creating social media business pages on Facebook, Instagram, and Twitter should be your first step in building brand awareness. If used correctly, social media can be a great way to boost revenue and turn potential customers into long-term followers. 

Have Patience

Success rarely happens overnight for entrepreneurs, so you need to have patience and drive to see the results you want. Developing a brand takes time and hard work, which is why you must stay motivated and try out different approaches until you create a brand that catches your audience’s eye.

All the recognizable brands we see online and in day-to-day life had to start out somewhere. If you’re launching a startup, the sole goal will be to drive as many consumers as possible to your business. All the tips above can help you create a memorable brand that will keep your operation on top.