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Shaping the Future of Credit Cards Four Important Trends

April 25, 2013

As a merchant it is important to keep abreast and know where the future of credit cards is heading. It is with this in mind that we review four important trends of innovation and technological advancement in the credit card space.

Multi-function Cards

A common challenge faced by the global credit card industry is combating attrition and diminishing wallet share, particularly as the use of debit over credit continues to increase. Historically, rewards programs were used to encourage consumers to choose a particular card over another. As these programs decrease in perceived value, issuers are searching for another tactic to encourage customer loyalty. One way is with a single, multi-function card.

Multi-function cards have the capability of giving the holder access to multiple accounts on a single plastic. The most common multi-function card structure gives consumers the ability to access both a debit and credit account on the same card. While multi-function capability has generally been used to enable consumers to choose between credit and debit accounts, the functionality can also allow different categories of accounts or different modes of credit to be accessed. (more…)

Helping Your Accountant Can Save You Time And Money

April 22, 2013

Many small businesses have a conversation with your accountant before, during and after the tax preparation process. This can be a costly mistake.

Does your accountant know your accounting software?

First of all, your accountant (CPA or EA) should have an understanding of the accounting software that you use. Most have significant experience with Quickbooks & Peachtree, but you should certainly confirm that with them. If you’re wondering what is the best and cheapest software for you, it really depends on your company size, industry & budget. Outright, Xero & Wave accounting all offer free versions or trials and are generally free for small businesses and freelancers. The larger names in the space as we mentioned before are Quickbooks, which has over half of the small business market, and then there’s Peachtree. Our advice to you is to use an accounting solution that works well for you and provides for a seamless transition when you hand over your books to your accountant. (more…)

Easy Money Saving Tips for Merchant Processing!

April 18, 2013

The first thing you should know is that there are a series of what are called interchange levels which affect the cost of a charge at every stage, depending on a number of factors—including the type of card presented, specific information contained in the transaction and how/when the transaction is processed.

Here are tips on how you can prevent being assessed higher processing fees: 

1. Swipe the card, key-entered transactions are charged higher rates

2. Obtain a valid authorization from the terminal/register

3. Provide all original electronic authorization information at the time of settlement

4. Settle transactions daily (more…)

Tips For Financing Your Business

April 17, 2013

Tips and strategies for business financing as we move forward in the 2013 economy.

Q: What skills will entrepreneurs need to make the most of the credit environment?

Many more businesses are learning the value of expanding into the world market, but lenders need a higher comfort level to help them with these plans. Entrepreneurs have to be visionaries who are able to clearly project future revenue streams, understand what infrastructure is necessary to support those streams and how to develop it, and what the net results of putting that structure into place will be.

Then, they need to be able to communicate that clearly with strongly supported assumptions to their lender. The business owner capable of doing that will continue to grow no matter what the economy at large may do. (more…)

Traditional Crowdfunding Can Help Vets Start Businesses

April 11, 2013
Veteran crowdfunds for franchise, hires six employees 

Many veterans come home to a persistent high unemployment rate and a mountain of debt. They’re not welcomed by banks for small business loans because of their bad credit, their lack of assets and at the beginning, no cash flow. However, certain franchises are inexpensive to get into, and finding the kind of money that veteran Larry Colley needed to acquire an air conditioning service business can be relatively easy via crowdfunding.

Through the veteran themed crowdfund platform Sprigster, Colley found $4000, and soon after hired six people. This is surely one of the best ROI for jobs on record.

For determined veterans seeking to start a small business in a local setting, the help of friends, neighbors, veterans groups and eager consumers can quickly turn a well conceived dream into reality, with a built-in fan base. (more…)