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Further
Reading ...
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B.Y.O.B - Be Your Own Boss - Merlin Banks
In this article I will cover the basics of setting up a business and also offer some useful tips for first timers who are considering taking the plunge. To B.Y.O.B is easier said than done. Nevertheless, millions of people do it year after year,...
Management wants faster implementation of new Organizational Strategy. (Part II.) - Mike Hayden
Management wants faster implementation of new Organizational Strategy. (Part II.) ============================================================ This week, I will continue the discussion from last week's PVT, where we discussed four steps to...
Some tips people need to know about internet business - heshuo
Internet business has the same philosophy like those businesses in the real world. Networking and relationships are the crucial factor for success. For example, being as a direct sales person, you need to knock door by door to gain customer, talk...
10 Electrifying Ways To Explode Your Orders - Rudy Cline
1. Persuade visitors to link to your web site. Give them a freebie in exchange for them linking to your web site. It could be content, software, etc. 2. Link to web sites that provide useful information or services for your visitors. If you have...
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Increase Your Sales - Accept Credit Cards
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Written By:
Sue and Chuck DeFiore
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Many people today simply prefer the convenience of paying by credit card. If you want their business, you must be able to accept their credit-card payments.
In part one of this series we will discuss why you should accept credit cards, and the basics of getting merchant status. Part two will deal with objections you might get, which credit cards to accept, and the check paying option.
Obtaining merchant status, which allows you to accept credit-card payments, might seem like an unnecessary hassle, especially for those in business where the majority of their customers pay by cash or check. But by not accepting credit-card payments, you lose sales. This is especially true if yours is a mail order business, or consulting business. Just look at the majority of business today, all of them accept credit cards, and becoming more and more popular all the time are debit cards.
As many businesses have found, up to 70 percent of people never mail the check, so accepting credit cards is crucial. When the customer places an order, he’s excited and eager to buy. Faced with the prospect of sending a check, waiting for it to clear and then awaiting shipment, his interest is likely to wane. In the meantime, you lose sales.
The Basics of Merchant Status
In order to accept credit cards, you need to work with a bank that will transfer the money into your account within a day or two of the sale, and then collect the money from the customer. In return, you pay the bank a commission of 1.5 percent to 5 percent for each credit-card transaction; a set, per-transaction fee; and a setup fee. You will also have to pay monthly support or equipment-rental fees for a point-of-sale terminal—the machine used to swipe the - continued below ...
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card—depending on the contract.
The fee is based on two things, the average amount per transaction and the total volume for the year.
When you apply for merchant status, the banks evaluate your business based on its sales track record, the type of business it is, your credit record, the business’s credit record and your overall financial picture.
Apply for merchant status when you get your start-up financing. This accomplishes several things. First, it shows that you’ve thought ahead. And you will probably have customers that you wouldn’t have otherwise. In fact, some people don’t pay with anything but credit cards.
Second, you show you’re taking steps to minimize the time and expense involved in recovering bad debts. If someone writes a bad check, for instance, it will cost you time and money to recover the loss. If you swipe a customer’s credit card through a point-of-sale terminal, you can be sure you’ll get paid. The machine contacts the issuing bank to authorize the transaction and runs the account numbers through a variety of fraud-protection procedures.
In part two of this series we will deal with objections you might get, which credit cards to accept, and the check paying option.
Copyright 2004 DeFiore Enterprises
About the Author
Interested in having your own successful, home based creative real estate investing business? Chuck and Sue have been helping folks start successful home based businesses for over 19 years, and we can help you too! To see how, visit http://www.homebusinesssolutions.com for the latest FREE tips and tricks, educational products and coaching in creative real estate investing and home based businesses.
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| _Additional Resources ... |
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Lose your career and find your new life - Cathy Goodwin Ph D
I hear from many people who feel trapped in a career after fifteen or twenty happy, productive years. It's been a good ride, they say, but now it's time to jump off the train. They want to fulfill a creative dream, recover from burnout or just try...
Does Your E-Newsletter or E-Zine Pass the "So What" Test? - Robert Moment
A great number of e-newsletter and e-zine programs fail every day, no matter how much time and money is spent on attempting to make them work. Perhaps they don’t reach their target audience, or they don’t make their sales goals. For some reason or...
Can I Be Successful In My Own Home Business? - Sherry Starnes
Can I Be Successful In My Own Home Business? Copyright © 2004, Sherry Starnes http://www.awesomebuys2.com Have you ever wondered why some people are successful in their own Home Business and others are not? One of the key answers to this question...
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