Successful Blog

Will Your Business Get Credit for Finding the Right Merchant Services Deal?

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Especially in a day and age when the economy is still struggling to get a firm grip, companies that are wavering on or turning their backs to small business credit card processing are missing the boat.

As a small business owner, you know myriad of challenges you must deal with when it comes to competing with large competitors. By having the right credit card processing system in place, your business can effectively compete and even win in some instances.

So, where do you start as a small business in securing the right credit card processing deal?

Options Abound for Merchant Services

The first step is locating a service that treats its merchants well, including providing stellar customer service and not tacking on a ton of fees.

Businesses would be advised to turn to sites like the Better Business Bureau and other such groups that have a handle on which businesses are best to deal with. Among the businesses you make look to for credit card processing include banks, independent sales organizations, third party processors and trade associations.

Once you have some companies with which to compare (consult as many financial institutions as possible, minimum three), be sure to sort out the different fees that they may possibly charge you. If you feel you may be hit with too many fees, do your best to negotiate them out of any contract. One reason for being charged high fees is if your history includes having credit issues, i.e. being in credit card debt.

After reviewing the companies and deciding on one, then comes the time to sign the contract.

Before signing a contract, make sure you read the fine print, including what happens if you decide to terminate the deal before it is up. In the event that should happen, will you be hit with any early termination fees?

The type of merchant account your small business will require depends on a number of factors, most importantly, how you conduct sales and process credit card payments.

A retail merchant account is slated for companies that physically swipe an individual’s card via a credit card terminal. In the event you need to process credit card payments electronically, you could find yourself facing additional fees, not to mention penalties and surcharges.

Meantime, both mail and telephone order merchant accounts are geared towards business without a physical card present. In this case, the credit card details are provided to a terminal with a keypad and then processed using software available on a personal computer.

In the event you travel at times with your business, making sales at your customer’s locale or other venues, you should look into a wireless merchant account. In this scenario, you will utilize a wireless credit card terminal that allows you to process the credit card transactions wherever you may be.

Lastly, you want to work with a vendor that deals with transactions from the major credit card providers, among which would be MasterCard, Visa, Discover and American Express to name a few.

Finding the right merchant credit card company doesn’t have to be like pulling teeth. If you do your research and listen to and read carefully the terms of agreement, you need to give yourself a lot of credit.

Photo credit: blog.chargesmart.com

Dave Thomas, who writes on topics such as business equipment leasing, writes extensively for online resource destination Business.com.

I Can Show You How to Do That in Less Than 20 Minutes

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All you have to do is ask.
People say that every day.
But you ask and it doesn’t work. Why is that?

I remember when I wanted to learn how to set up an ebook, I asked and asked and asked. You might think with the group of friends and connections that I have i might have been able to find one, two, or twenty, who already had dome something like that. In fact, I did.

And I asked.

But what happened next … became 6 of the most frustrating weeks of my life.

The 7 or 8 people I asked all told me the same things …. things like

  1. what a great idea
  2. it’s easy to do
  3. I can show you how to do that in less than 20 minutes.

Then they talked about random things for over an hour and still never showed me how.

I’d see them on Twitter and say hello. We’d chat. We’d update each other on progress. I’d mention that I’d still not figured out my way through the ebook maze. And again I’d hear something like

  1. what a great idea
  2. it’s easy to do
  3. I can show you how to do that in less than 20 minutes

But they never did.

All you have to do is ask.
It’s more complicated than that. What I’ve learned since then is that

  1. people like to help people who help themselves first.
  2. when you help yourself first your questions are specific and answering them doesn’t feel like work
  3. helping someone is even more meaningful when it moves our own cause forward too.

Now, before I ask, I learn all that I can learn on my own — read all my friends and connections have written about what I’m trying to figure out. Then when I still have question I can start with

I’ve read your blog and there’s one part of this process I don’t understand. Could you help me with it? You might get an idea for a new blog post out of it. I might even offer to write that blog post in return for the advice that I’m getting.

It’s always more attractive to help someone who has started by helping herself.

Be irresistible. Help yourself first and show how helping you will move them forward too.

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

3 Avenues to Safe, Reputable Business Advice

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Safe Advice for Smart Business Decisions

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If you already have your own small business you probably know that finding sturdy, credible business advice can be a tricky task. If you’re just looking to start a business, beware, for there is an endless sea of websites and business “professionals,” willing to give you the “latest and greatest” advice on how to start and run your company. The following tips should help lead you to some safe advice, or at least get you started down the path of making smart business decisions.

Personal, Real-life Advice

Although this can be a bit more expensive than the do-it-yourself route, the quality, personal poignancy, and accuracy afforded by this option is often well worth it. Hiring or meeting with a personal life coach or business coach is an effective way to get good personal business advice without wasting your own precious time searching high and low for it. These professionals will take the time to sit down with you and go over virtually any business concerns or questions you may have. They’ll make sure that the advice they offer is specific to your personal needs and take much of the guesswork out of the equation.

Good Websites

Much like the site you find yourself on now, there are plenty of trust-worthy business sites out there offering quality information. Finding them in the midst of all the clutter now on the net is the tough part. Here is a link to a helpful website offering a top 20 list of the best business websites for Entrepreneurs and CEOs in 2010. The list is still quite relevant for us here in 2012.

Friends and Relatives

If you know any personal friends or family members who’ve started their own successful (or unsuccessful) business ventures in the past, absolutely solicit some advice from them. This is as good an option as any, and one that usually casts a safety net over any intellectual property and personal business ideas depending on your level of trust with said acquaintance. People are usually very willing and often eager to discuss their personal models for success and business experiences with a fellow entrepreneur, especially one they already know. Don’t overlook the enormous potential that your personal connections may hold.

In this dog-eat-dog world, which currently hangs loosely in the balance of a delicate economy, sound advice can be the difference between a successful idea coming to fruition, or fading back into the ethos for someone else to find and successfully develop. Make sure you take the necessary time to research before embarking on any financial endeavors. You never know when or where that last missing link may be hiding. Using the right tools, in any case, surely gives you a better chance of finding it.

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Author’s Bio:
Alex Brown: Alex is a prolific writer with specialization on various aspects of financial finance. His articles on debt, mortgage industry and personal finance are offer valuable guidelines to the readers.

Thank you, Alex!

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

Investing: Even Fixed Income Products Have Risks

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Investment Risks in Fixed Income Products

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One of the key things to understand when investing in fixed income products is risks associated with this asset class. Contrary to popular notion, fixed income products are not devoid of risks and you need to be aware of them before investing in these products.

Investment risks: The Basics

Risks fall under two broad categories – Systematic risk (also called Market Risk and cannot be mitigated) and Unsystematic risk (this can be mitigated through appropriate portfolio strategies). Systematic risk impacts the entire market. Examples of this include change in government policies. Unsystematic risks are specific to a particular investment and can be mitigated through portfolio diversification. Within a fixed income portfolio, you can diversify your holdings across a number of products and minimize the risk. We will look at the unsystematic risks and see how you can avoid some of them.

Sources of Risks in Fixed Income Asset Class

Interest rate risk: This is caused by movements in interest rates. The value of bonds is inversely correlated to the interest rate and hence an upward movement in interest rates in the market will cause the value of bonds to dip. The Federal Reserve is holding the interest rates low for a prolonged period to spur credit demand in the economy. Once there are visible signs of the economy picking up, the Fed will announce an increase in policy rates which would cause the prices of bonds to decline. While you continue to receive your periodic interest payments on the bonds, the capital value of the bonds that you hold would decline, causing a capital loss. However, if you hold the bonds to maturity, you will not suffer a capital loss, as the bonds would be redeemed by the issuer at the face value.

Re-investment risk: This is the risk that you may not be able to reinvest the proceeds from an earlier investment at the same rate (as the original rate) at the time of maturity. If interest rates go up, you would gain and lose out in a declining interest rate scenario. You have to consider this risk when the maturity profile of the instruments you hold is less than your time horizon for investment. Laddering is a popular technique that helps reduce re-investment risk. What you should do is to invest your money in a staggered manner and vary the maturity profile of your investments. This would help you ride out the volatility on the interest rate front.

Liquidity risk: This is the risk that you may not be able to sell your holdings when desired. Or you may end up selling your holdings far below their intrinsic worth. Certificate of Deposits come with definitive lock in and are not liquid instruments whereas bond funds can be bought and sold on the exchange and carry minimum liquidity risk (the bond funds that are listed heavily traded). Always keep in mind your liquidity needs when you decide to allocate your funds to fixed income instruments.

Exchange rate risk: You would be exposed to exchange rate risk when you invest in instruments denominated in a currency, different from your domestic currency. You may find interest rates attractive in emerging economies and choose to invest in bond funds that hold these securities. What you should also remember is that this investment has an inherent risk of currency exchange rates. During uncertain times, an adverse currency exchange rate movement may offset the interest you earn and even cause a capital loss. One way of mitigating this risk is through currency hedges; however, these instruments are not available to all. And the cost of these hedges may outweigh the returns and make the whole exercise not worthwhile.

Credit risk: This is the risk that the issuer of the instrument may default on the obligations to pay the periodic coupon payments and/ or the principal. You should look for those instruments that carry a high credit rating and not get swayed by attractive coupon on offer. Instruments with good credit ratings carry a lower coupon as a general rule. Sticking to highly rated securities would protect you from this risk.

Summary

If you are looking at building a fixed income portfolio, it would be worthwhile to understand that this asset class is not devoid of risk. The objective of fixed income investing should be to generate steady income without taking undue risks. And understanding the risks in this asset class and ways of mitigating them would help you plan your allocation to this asset class.

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Author Bio:
George is a full time financial adviser and blogger. His interest lies in trading, investment, portfolio management and business finance. He also owns a couple of finance blogs which provide valuable information to intellectual readers.

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

Use the Psychology of Focus to Get More Done

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Beware the Illusion of Multitasking

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Have you ever had one of those days when you felt like you achieved a lot of things, but when you thought about it before a good night’s sleep, you found you’ve actually achieved nothing?

That is the illusion of multitasking.

Or as Clifford I. Nass, a professor of psychology at Stanford University once said, “Heavy multitaskers are often extremely confident of their abilities, but there’s evidence that those people are actually worse at multitasking than most people.”

And he’s not alone with his opinion. Various psychological studies have since found that multitasking comes with a host of side-effect, which includes everything from dampened creativity to lower IQ, and ironically, decreased productivity.

In fact, studies have shown that your brain can really only handle one task at a time, and even though it only takes one-tenths of a second to switch from one task to another, these “little” delays can add up and account for as much as 40% of a person’s productive time. And that’s not even including the 15 minutes it takes, on average, for people to get back “in the flow”.

So you want to multiply your productivity and grow your business? The answer is simple: focus.

Optimizing Your Work Space

Most people think focus is an issue of “willpower”. That if you just “try to focus more”, the problem would go away. I believe the inability to focus are really two problems: a lack of willpower and an abundance of negative triggers.

Before I go on, let’s get one thing straight: willpower is a limited resource. It’s not a motivational issue. It’s a capability issue. Studies have shown that if you spend your willpower resisting a piece of cookie, for example, you’ll spend less time trying to solve a complex puzzle later.

Willpower can grow, just like a muscle can get stronger, but there’s always a limit. It is a resource that should be managed like time and money. When we run out of willpower, we need to take a break. And because focus takes willpower, I believe multitasking, therefore, is a form of “mental break”.

So my approach to focus is twofold: increase willpower and conserving it. The first approach — willpower — is not only widely discussed, it’s also a painful process. I won’t go through it in this article.

The cleverer approach is to cut down on the distractions that drain your willpower. And one of the biggest drains of willpower are triggers. What are triggers?

According to BJ Fogg, founder of Stanford University’s Persuasive Technology Lab, three things must converge at the same time for a particular behaviour to take place: motivation, ability and trigger.

So according to Fogg, if you want to stop multitasking, you can try to change your motivation (difficult, in my experience) or you can hamper your ability (eg: hire a supervisor to stand over your shoulder). None of which are ideal, of course.

The last, and in my opinion, the easiest way to avoid multitasking is to simply get rid of triggers. Triggers are reminders for you to multitask. They are like temptations.

So for example, if you’re working on this report and Outlook pops up saying you have a new email… guess what you’ll do? That’s right, you’ll immediately check out the email. The same is true with any other alerts and notices.

Other common triggers include:

  1. Advertisements. Have you ever surfed the web for research but clicked through an ad and as a result, abandoned what you were doing? Enough said.
  2. The people around you. I used to work from home and one of the biggest triggers for multitasking at the time was my wife – once in a while she would ask me to check her email, or come into the room with a plate of food (it was a loving gesture, but that doesn’t make it OK!)

In your case, the trigger maybe the colleague who keeps dropping by, asking if “you have a minute”. Or perhaps it’s your boss always looking over your shoulder.

Mental Drains

Other than triggers, here are two more common mental-drains:

  1. Noise. Try this: Close your eyes and just listen. Can you hear your computer buzzing? How about the air conditioner humming? Maybe it’s traffic speeding by?

    These background noises have been shown to lower willpower and discipline, even if the subjects didn’t perceive stress from them. And as we now know, as your willpower drains, you begin to multitask.

  2. This one is the least talked-about mental-drain: functional control of your working environment. Functional control means you have to be able to adjust anything you want in your working space, things like the temperature, where you sit, what’s on your desk, brightness, etc.

    Functional control not only gives you physical comfort, it also give you psychological comfort. The fact that you can control the space gives you a sense of territoriality and safe space. It’s the difference between working in a strange environment and a place you’re familiar with.

    Now some entrepreneurs I know of are perfectly comfortable working in a cafe, but most of us just couldn’t handle the lack of functional control. The fact that there are strangers around you all the time puts most of us on edge.

So there, 4 easy ways to conserve your willpower and focus more. Do you have any tips? I’d love to hear them in the comments.

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Author’s Bio:
Andrianes Pinantoan is part of the team behind Open Colleges, an accredited business management courses provider. You can follow him @andreispsyched.

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

Start Doing

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Rosemary O’Neill

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“First shalt thou take out the Holy Pin. Then shalt thou count to three, no more, no less. Three shall be the number thou shalt count, and the number of the counting shall be three. Four shalt thou not count, neither count thou two, excepting that thou then proceed to three. Five is right out. Once the number three, being the third number, be reached, then lobbest thou thy Holy Hand Grenade of Antioch towards thy foe, who, being naughty in my sight, shall snuff it.” Monty Python and the Holy Grail

Stop messing around and just throw the grenade already!

King Arthur, Galahad, and Brother Maynard wasted a lot of time debating the proper way to hurl the hand grenade while the killer bunny escaped unharmed.

What are you doing that is sidetracking you from your real purpose? Your 200 blog subscriptions are useful, but only if you do something with the information you’ve read (and the ones you aren’t reading…I give you permission to delete them). The teetering stack of business books on your nightstand might contain ideas that will launch your business to the stratosphere, but only if you have a way to implement the ideas (and yes, they still count if they’re clogging up your Kindle instead of your bedside).

Instead of counting to three over and over again, take action that will get you closer to your ultimate goal.

Here’s how to toss the grenade:

  • Every time you read a blog, article, or book, write down the “action items” you pull from them. Keep a notebook handy so that you can remember what you decided to do.
  • Check off the hardest task first thing in the morning. That thing you’ve been delaying because it’s hard or unpleasant. That thing you need to tackle in order to get to the next step. Didn’t do yours yet today? Go do it right now!
  • Find something that will snap you back to the original goal. Some people keep a dream board, or a written “big picture” list that they refer to at least daily. Keep your eyes focused on the prize, and feel free to turn off your social network notifications in order to do it. (Note to self: read your own blog posts, lady.)
  • Spend some time mentally considering how you will feel once you’ve taken action. Give yourself the mental image, how it will look, feel, taste. Savor that feeling and it will give you the power to start moving.
  • Take one bite at a time. Often, inaction or indecision is the result of feeling overwhelmed by the enormity of a project. If that’s happening, you need to stop and break the project down into manageable pieces. Then, you can gain momentum as you check off each task.

What strategies do you use to get yourself to take action?

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Author’s Bio: Rosemary O’Neill is an insightful spirit who works for social strata — a top ten company to work for on the Internet . Check out their blog. You can find her on Google+ and on Twitter as @rhogroupee
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