Successful Blog

Show Customers How Secure Doing Business with You Truly is

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Stress free zone totally relaxed without any work pressure succeIf you had to worry about one thing driving some of your customers away, what would it be?

In some instances, things are pretty much out of your full control.

When the economy is struggling, consumers tend to pull back on buying items, sticking to mainly those things they truly need. As a result, business owners can see their financial revenue streams start to dry up to a degree.

There are a number of ways that your business can be prepared for such issues, though there are certainly not guarantees that they will always work.

So, will you be ready the next time things appear to be heading south?

Keep Customer Satisfaction at High Levels

First and foremost, you need to make sure that customer satisfaction levels never dip dramatically.

One danger to steer clear of as a business owner is being complacent.

Yes, you may have great products and/or services, not to mention a great rapport between your employees (including you) and your customers.

That said don’t take those customers (current and potential ones) for granted. If you do that, you open the door to possible heartbreak.

So, what are some levels of customer satisfaction that should always remain high?

One of the most important is making sure customers feel secure doing business with you.

In a day and age where identity theft is a constant fear, many customers worry about how much time and money you invest into keeping their data and any transactions they make with you fully secure.

When it comes to secure credit card processing, it is important that customers feel safe and sound doing business with you.

Each and every credit card transaction with your business needs to be one where no glitches (notably identity theft) can rear their ugly heads.

If you’ve been having some doubts about your payment processing provider up to this point, look around to see if there are better options out there for you. Remember, keeping your customers happy and secure should always be a top priority.

Making Sales on the Go

Speaking of that happiness, more and more consumers are looking to make purchases when on the go. As a result, having ability to make mobile sales is also an important feature your business should certainly consider offering if not already.

For example, when is the last time you flew on an airliner?

If it was in recent times (even the last few years); you will notice that airlines no longer accept cash for alcoholic drinks or when purchasing snacks at 30,000 feet etc. It is easier for the airlines to conduct all their sales through credit cards, meaning flight attendants do not have to carry change on them when serving customers. A simple swipe of a credit card through a mobile app reader and the sale is complete.

For your business, make sure you can and do accept credit cards anywhere at any time, with an emphasis again on secure and safe transactions.

Finally, always be quick to respond to customers in the event their personal financial information is in fact compromised.

Yes, you may lose some customers over this for the long haul, but many others are more apt to stay with you if they see you have taken a pro-active and swift response to the problem.

This means identifying the problem as quickly as possible, finding a solution so that customers do not feel a major financial impact, and working to make sure (as best you can) that it does not happen again.

When working with a credit card provider, be sure to discuss with them the importance of coming up with safe and expedient purchases for customers.

Today’s world is predicated on the ability of businesses to serve their customers in a fast, courteous, and safe manner. When one or more of those traits are missing, the customer might ultimately be the one who ends up missing down the road.

Don’t be that business owner who doesn’t understand how important those three characteristics of a successful business truly are.

Be the business owner who is secure enough in what he or she is doing.

Photo credit: BigStockPhoto.com

About the Author: Dave Thomas covers business topics on the web.

Credit Reports Matter for Businesses and Consumers

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credit-history-represents-debit-card-and-bankcard-100297005Whether you run a business or are just your everyday consumer, you more than likely know how important your credit history is, especially when it comes to meeting your financial needs.

For the small business owner, one’s credit score is very important in order to solidify yourself as being financially sound, most notably in the event you need to acquire a small business loan.

For the typical consumer, a solid credit score rings important when trying to get a new or used car loan, a loan to buy a home and much more.

With that in mind, do you truly know whether your credit report is thumbs up or thumbs down?

Obtaining a Loan or Credit Card

Typically the top reason you want a positive credit score is when it comes time to try and obtain a loan. The same holds true in looking for your first or an additional credit card.

Whether you get your information from CreditSesame.com or another such provider, your score will go a long ways in determining whether you get the funds you seek.

For starters, do you know where you stand when it comes to your credit score?

While the number range can fluctuate to a degree, the following scores mean:

  • 630 or below (Bad credit) – This range means you likely have missed some credit card payments, you have no credit card history, or you at some point filed for bankruptcy (personal reasons such as high medical bills and/or a small business that has gone under). One of the down sides to numbers in this range is that you will have to deal with larger interest rates and fees moving forward;
  • 630 to 689 (Average credit) – This range puts you in with millions of other Americans. While not the worst, your credit could be better if you did away with a sizable portion of bad debt hanging around. Numbers in this range can make it difficult to get a loan;
  • 690 to 719 (Good credit) – This range allows you to be eligible for a variety of different credit cards, with lenders also viewing you as a good risk in most cases;
  • 720 to 850 (Excellent credit) – This range is as good as it gets for consumers. Many will have the opportunity to receive cards that offer great rewards.

Check Your Report in Detail

When you get a copy of your credit report, make sure you go over it with a fine tooth comb.

Look for any inaccuracies, especially given today’s world of identity theft.

If you find something amiss, reach out immediately to the fraud departments of those you do business with and have your account placed under review, making sure no money can be withdrawn until the matter is cleared up. You should also have a security hold placed on your credit report.

Whether for personal or professional use (running a business etc.), your credit report and your history of handling credit will go a long way in determining your financial future.

Photo credit: Image courtesy of Stuart Miles at FreeDigitalPhotos.net

About the Author: Dave Thomas writes for a variety of websites on topics such as marketing and small business.

Don’t Take Credit if Your Business Only Accepts Cash

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The smart small business owner is the man or woman who gives their customers options.

With that being said, what options do you give the customers who buy goods and services from you? Is it a cash-only policy or do you also let customers charge, perhaps even using mobile payments?

As more customers look for the most affordable and convenient shopping experience, it behooves the small business owner to let consumers buy with more than just cash.

If you stop and think about it, look at what you are missing out on if you have been a cash-only business up to this point:

* Many customers do not like carrying sizable amounts of cash on their person, so they will typically spend less with you if they can’t charge via traditional means or mobile payments;

* Many customers will shop on impulse if they have the plastic option, meaning you stand to gain more sales. As many consumers battle through tough financial times, they are less apt to spend when you only accept cash, as it is more painful to part with the green stuff from their wallets or purses;

* Many customers like the ability to buy while on the go or do online shopping in the convenience of their homes. If you only accept cash payments, you limit the amount of sales you can register.

With those three reasons for accepting more than just cash payments, will 2013 be the year you expand your customer offerings.

When it comes to standard credit card transactions, don’t let the reports of customers cutting back on their plastic scare you.

Yes, a number of surveys do indicate that customers are slicing down their credit card debt, but that doesn’t mean they won’t charge for quality products and services.

According to The Fed, consumers have cut back on using credit cards since the 2008 credit crisis. Just over four years ago, Americans had compiled $1.03 trillion in credit card debt, an all-time high. In July of 2012, it was $850.7 billion — or 17% less. One financial expert pointed out that while many Americans continue to spend, they have instead turned to using pay-as-you-go-debit cards and cash as opposed to credit.

Despite that news, the smart business owner will make sure that credit cards are an option for his or her customers. Without them, one’s sales are likely to be impacted.

Mobility Matters Going Forward

Another area to focus in on in 2013 is mobile payments.

Portio Research recently reported that more than 81 million people around the globe used their mobile devices to make purchases (including in-app payments, mobile ticketing and mobile coupons) only three years ago. Prior to 2015, that figure is projected to hit some 400 million users worldwide.

If you have yet to delve into mobile payments for your business, think about the potential sales you could be missing out on by not offering them. With more mobile technology on the way, it only stands to reason that many consumers will want the speed and ease of making purchases with such payments.

In the event you have had a cash-only policy up until now, rethink the options available to you going forward.

With credit cards and mobile payments, your company could unlock the door to substantially more business.

Photo credit: bizplanhacks.com

About the Author: Dave Thomas covers small business topics for various websites, including gold prices.

Take Credit When Starting Up a Business the Right Way

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For the new small business person just starting out, putting necessary start-up costs on a credit card can be very tempting. It can also be financially damaging, leading the business owner to have to dig out for a long time to come.

In the event you’re about to open a small business, do things the right way when it comes to your business plans, avoiding placing yourself in a financial hole.

You will want to look at two facets of credit cards – potentially using one for some of your start-up costs, while also looking at accepting credit cards for purchases from your customers.

Among the things to focus on in getting a credit card:

  • Avoid running up credit – If needed; apply for a small business loan which normally will present smaller interest rates than a credit card would. This of course is provided that you do not have a bad credit history;
  • Pay off sizable credit card debt – In the event you have a lot of credit card debt, be sure to get it paid off. It should not come as a surprise that paying it off as quickly as possible is less expensive over the long haul since you’re not dealing with major interest rates. Among the ways to do this would be paying more than just the minimum each month, starting with paying down the card with the largest interest rate first;
  • Check your credit report – Make sure you periodically check in on your credit report to look for any mistakes that could negatively impact your credit along with your interest rate. In the event there are mistakes, be sure to report them to the credit-reporting agency;
  • Pay all bills on time – Nothing is worse for your credit record than being late with payments. In the event you are going to be late with a payment for whatever reason, contact the credit card company so they are alerted to the situation. In some cases, they may be willing to work with;
  • Shopping around – In the event you will be getting a new credit card, make sure you compare cash advance rates along with your balance transfer options. In some instances, banks will waive a transfer charge, meaning you can switch a present balance to a card with better rates;
  • Know the ramifications of failure – If your business does not take off and you are saddled with bills, there is a good chance you will still have to pay off your credit company credit cards. Check with the credit card issuer to see what their terms and rules are should this scenario present itself.

If you have your small business ready to roll and want to accept customer credit cards as a form of payment for purchases, here are some things to remember:

  • Credit card payments boost business – It is relatively well-known that those businesses accepting credit card purchases tend to finalize more sales from customers than those that do not. Along with aiding consumers when they are low on cash funds, credit cards can present them with rewards features and programs;
  • Determine pros and cons of merchant accounts versus third-party credit option – It is always a good idea to review the advantages and disadvantages of both. If you are an online business, utilizing a third party can lessen costs when it comes to setup charges for one. Saving on setup costs, however, typically means a large charge per transaction;
  • Know how to work the hardware – Lastly, make sure you and/or staff have proper training and support when it comes to terminal usage. The majority of merchant service providers will make available employee training workshops and manuals related to terminal usage. As for online third-party vendors, they generally are available on both e-mail and IM.

At the end of the day, credit card services for a small business start-up can be beneficial for both owner and customer.

But like with all things centered on money, know how to properly use the cards so that both owner and consumer are not left staring a massive debts.

Photo credit: ehow.com

Dave Thomas, who discusses subjects such as small business online marketing, writes extensively for San Diego-based Business.com.

What to Know Before You Choose a Loan to Finance Your Business or Your Life

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Borrower Beware

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All loans are scary, because you are signing yourself over to a debt; but some loans are much scarier than others. Some are scary due to the product you are purchasing; some because of who the money is being borrowed from; and some due to their very structure. It is a sound plan to know what type of agreement you are entering into.

It is a good idea for your financial well being to avoid these loan monsters:

  1. Lifestyle loans. Whether you are taking out a loan to fund a vacation, a big-screen TV, plastic surgery, a wedding, or something completely else, loans for lifestyle changes are bad for your finances. Usually the improvement in lifestyle is short-lived, and then you still have loan debt to be repaid.
  2. Home-equity loans. Considering the way that the bottom dropped out of the housing market in recent years, its amazing that anyone would want to risk borrowing against and their home. As the economy begins to improve, it is very likely that the home-equity loan will regain its former popularity with banks and consumers alike. When a person borrows against their house, it can be a strong indication that their spending habits are out of control. Many people that do take out this type of loan do so to pay off a car loan or credit card bills, which is not wise because a home-equity loan is a 15-30 year loan being used to pay for products or services which will only be useful for a fraction of that time.
  3. Interest-only loans. Taking out an interest-only loan does not get one any closer to paying off the product the loan paid for. These loans only benefit the lender, because the consumer pays interest indefinitely, way over and above the amount they would have paid for the product to begin with.
  4. Loans with a longer term than the useful life of the product. No one wants to continue paying on a product after its useful life has ended. It’s very risky for the lender, and any borrower who would knowingly do this must be crazy. The only incentive to pay off such a loan is the threat of a lawsuit or damage to your credit report.
  5. Pawn shop loans. Pawn shops value your sellable possessions much less than you do, and thus almost never lend the full amount that the borrower wants. This is because the pawn shop wants to be able to make a profit on your electronics, jewelry, or other valuables should you not repay your loan and they have to sell your possessions.
  6. Credit card cash-advance loans. Credit card cash advance loans start charging interest immediately, not every month like regular credit card use. A person would be better off just using their credit card regularly, and paying it off at the end of the month to avoid interest charges.
  7. Debt-consolidation loans. Debt + debt = debt. Most people who get a debt consolidation loan wind up running up the credit cards again they used the loan to pay off, which completely defeats the purpose. Then they are back to having multiple payments to make. It is much wiser to compose a budget, and stick to it.
  8. Co-signed loans. Co-signing a loan can be very dangerous because it obligates you to pay off the loan, should the other party fail to pay it. Why would you want to pay for something that you didn’t own? Sometimes parents will co-sign a loan for their children to help them build credit, but a secured credit card is a much safer option for that purpose.
  9. Car title loans. Unless you like the possibility of losing your car, taking a loan from a title loan shop is not smart. If you fail to repay your loan, the lender will take your fully paid-off car and sell it. The lender also does not have to return any money to you, when they profit from selling your car.
  10. Overdraft Loans. If you need an Overdraft loan, then you should be paying more attention to your bank account. This type of inadequate attention can get you into financial trouble. Know how much money you have, and don’t spend more than that amount
  11. Tax refund anticipation loans. If you have a tax refund coming, you should never get a loan from your tax preparer. If you really need your tax refund money faster, have your paperwork e-filed, and ask that your refund be direct-deposited into your checking or savings account.
  12. Payday loans. Taking out a payday loan is the beginning of a vicious cycle of debt that is very hard to break. Payday loans are designed for very short periods of time, usually up to only a month, and have very high interest rates which make it hard for borrowers to catch up. Many only manage to pay the weekly minimum, which doesn’t even cover the full interest.
  13. Margin loans to purchase stocks. There are people out there who have made a lot of money by buying stocks on margin, but this is only when they are lucky enough to have the stock they bought increase in value. If you take out a margin loan, and your stocks decrease in value, the broker can demand cash deposits to your account to cover the loss. If the loss is bad enough (usually 25% of the amount you borrowed) the broker can sell your stocks, and you could end up owing money to your broker and having no stocks at all.

For the sake of your pocketbook, avoid these loan monsters. More often than not, they do more harm than good on the borrowers side.

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Author Box
George Martin is mortgage loan expert also he provides expert advice on credit card balance transfer and credit card management.. He provides advice on high interest credit card and sensible credit transfer.

Thank you, George, for this practical advice.

–ME “Liz” Strauss
Work with Liz on your business!!