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How to Accept Credit Cards at Your Small Business

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StrategyDriven Managing Your Finances Article | How to Accept Credit Cards at Your Small BusinessIn 2017, credit cards were used more than 40 billion times in the US alone.

If you’re a business that doesn’t accept credit cards you’re missing out. There are plenty of benefits for both you and your customers.

If you want to know how to accept credit cards at your business, then we’ve got you covered.

Read on to learn more.

Why Should You Accept Credit Cards?

Before we get into the detail of how you can accept credit cards, it’s worth understanding the reasons why. Here are some of the benefits.

More Sales

The more different types of payments you accept, the more sales you can make. If someone wants to pay by credit card, and you don’t offer that option, then you’ll miss out on a sale.

Many customers will prefer to pay by credit card for different reasons. It may be that they can earn rewards or cash back if they use their credit card, or they may just need to kick the payment further down the line.

More Choice for Customers

The more options you give customers, the better. If a site or store only offers limited payment options, and their competitor offers more choice, then the competitor is likely to get more business.

You should give customers as much choice as possible if you want to maximize the potential of your business.

More Secure

If you only accept cash payments, you’ve got to get that cash to the bank somehow and keep it in your store throughout the day.

That means you’re opening yourself up to a lot more risk. If someone breaks in or tries to take your cash when you’re on your way to the bank, you could end up losing a small fortune. With credit card payments, there’s nothing for anyone to steal.

You also don’t have to worry about any of your staff lifting money from the cash register, either.

Time-Saving

Taking money to the bank, paying it in, filling out your receipts, and recording your cash sales are all time-consuming processes.

With credit card payments, the whole transaction is done in seconds. The payment will end up in your account, a receipt will be generated, and some systems can even upload the transactions to your accounting software of choice. All of this will save you a lot of time in the long run, and as we know: time is money.

Online Credit Card Payments

If your business is online-only, then accepting credit card payments is fairly simple.

You’ll need a few things set up on your website. You’ll need a shopping cart first of all so that users can make multiple purchases. You’ll then need a payment gateway, which is the service through which your customers will make their credit card payment.

There are plenty of payment gateways to choose from. Popular choices include Paypal, Square, Venmo, Shopify, and more. Each of these gateways come with their own specific fees. Most of these are in the range of 2.7 to 2.9 percent of the transaction, plus a fixed fee of anything up to about $0.30.

Integrating these payment gateways into your website is simple to do, and if you choose one of the big names you know that your customers will trust the gateway for making a purchase.

One issue with online payments is that you may have issues with cards that are declined. This a particular issue if you offer a subscription service. In this case, you’ll need good dunning management in order to chase up any failed payments.

In-Person Credit Card Payments

If you’re going to accept payments in-person, things are a little more complicated as you’re going to need some additional hardware.

You’ll need a point-of-sale (POS) system in order to process credit card transactions. This will include a card reader that the customer will use to make their payment, as well as the software to process the transaction.

Alternatively, you can use a mobile phone combined with a card reader to replace the traditional POS system. This is particularly useful if your business doesn’t use a permanent location; if you sell from market stalls or a food truck, for example. Since the system only requires a phone signal, you can use it almost anywhere.

With this equipment in place, you have all the physical hardware that you need to accept credit card payments, but you’ll still need someone to process the payment.

Merchant Accounts vs. PSPs

The traditional way of accepting credit cards is to set up a merchant account.

This is basically a business bank account that is set up to handle your credit card payments. The money goes into the merchant account and then is transferred to your account, minus any fees. You can find merchant accounts with banks, payment providers, and independent businesses.

There will usually be significant set-up and equipment fees, and you’ll almost certainly pay monthly fees too.

Payment service providers are all-in-one businesses that handle all of the payment processes. Paypal and Square are examples of PSPs; these companies don’t require you to set up a separate merchant account to handle your payments. The payment structure is usually simpler to understand too.

Which you choose is really personal preference; for small businesses, the lower set-up costs of PSPs could make them a better choice.

Are You Ready to Accept Credit Cards?

We hope that this article has given you some insight into why you should accept credit cards and how to go about it. Credit card payments offer a range of benefits for both your business and your customers, so if you don’t accept them, it’s definitely something to consider.

If you’re looking for more great content, please be sure to check out the rest of the site.

7 Security Tips From Experts That Anyone Can Use

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StrategyDriven Practices for Professionals Article | 7 Security Tips From Experts That Anyone Can UseIt is not uncommon for celebrities and high-profile business people to travel with their own personal security details. The rest of us picture buff men clad in crisp black suits and headsets whenever we think of such security detail.

However, the day-to-day for the professionals in this line of work is far from that of the “Men In Black.” According to body guard school PWA it is the opposite of what many people believe these professionals do. Much of the work is in the preparation.

Many of the tactics that bodyguards use are adoptable by different travelers and we’ve taken a look at how they can be utilised below.

1. Always Be Aware Of Your Surroundings

Staying safe is often tied to being aware of your surroundings. Situational awareness is essential, more so when in unfamiliar places. Avoid walking while glued to a map or your phone.

The pros say that the more you clank and clunk, stumbling as you walk, you appear like prey, thus inviting predators to have enough time to come up with a quick plan.

2. Avoid Making Yourself An Easy Target

Dawning a T-shirt and baseball cap shouts that you are a tourist. Moreover, you will make yourself a target when walking around carrying a purse or your wallet in the back pocket. Instead, do your best to blend in; secure your valuables by opting to carry a cross-body bag and putting your wallet in a buttoned-up or zipped breast pocket. Also, consider neutral clothing that does not advertise your nationality.

According to PWA most criminals look at the path with the least resistance.

3. Plan Ahead

It would be best if you planned in advance; that is how you will be more aware of potential threats specific to your destination. Set your transportation early, for it also can help you avoid potentially predatory situations from the moment you arrive.

4. Ask Locals About Their Preferences

Hopping on the local bus might be the preferable and safe way of getting around in one city but not recommended in another. Every place has its risks; The experts say they works closely with different local partners to get suitable recommendations on the safe places to go and the best ways to get there

5. Share Less On Social Media

An Instagram post every other time during your vacation might be hard to say no to, but it is an effective way of advertising that you are away from home. For instance, Hillary Duff posted photos on vacation in Canada, and what followed was a break-in at her home. It only goes to show that snapshots shared on social media pose a significant risk to all travelers.

6. Secure Your Technology

Protect any technology devices in a locked safe. Avoid using public hotspots that can be easily hacked. Porter says that you should always have physical control of your computer, smartphone, and other equipment.

7. Carry A Burner Wallet

Muggings can happen even to the most cautious of travelers. According to PWA consider walking around with a “burner wallet” with an old ID and a few dollars if you are unfortunate enough to be assault during your travels.

3 Resource Management Tools for Streamlining Efficiency

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StrategyDriven Resource Management Article | 3 Resource Management Tools for Streamlining EfficiencyIt’s a hectic time to be managing a business. The stock market faces high volatility, set to continue throughout the year. Even if your business isn’t public, you’re feeling the ripples of changing trends.

Addressing new problems during the pandemic makes resource management for your business’ usual operations difficult. These issues are human resources nightmares and slow production, putting you off-schedule. If you can’t handle the avalanche of responsibilities and challenges, your business is at risk of failure no matter whether it’s established or starting out.

Thankfully, resource management tools are available to help you. If you’re short-staffed, this software can fill in. Keeping track of everybody remotely is easy with the right technology, too.

To learn more, take a look at this list of three popular resource management tools.

1. A Solution for Every Problem

As an up-and-coming business, it’s hard to keep track of all of your resources and responsibilities. Managing inventory, planning, sales, and human resources as the head of a small business is a lot to ask of one or a few people.

Epicor ERP is the perfect resource capacity planning software to take charge in all those areas. Its wide variety of tools takes a huge amount of pressure off of you.

Managing your business won’t be a disorganized headache anymore with Epicor ERP. Instead, you’ll have everything in one place and maximize productivity. Using this software, you’ll get more out of your workday.

2. Integrate All Your Apps

Many companies rely on a series of popular work apps to conduct business. Young startups at the highest risk for failure are most likely to use these tools. Yet, constantly moving between Google Calendar, Slack servers, Github, and other accounts are hard to manage.

Toggl Plan is a top resource management software that lets you integrate these apps and more. Communicating is easy with Toggl Plan, and your team will work like a well-oiled machine. Toggl is used by some large businesses like Netflix and Airbnb, proving its usefulness.

3. Resource Management in the Design World

Plenty of top resource planning apps work well for businesses in all industries. Communication and human resources needs are common between businesses, and most have some kind of schedule to manage.

Still, businesspeople in industries like architecture and marketing have particular needs.

10,000ft is popular in design fields like these. Its project and resource matching abilities streamline production processes. It has a tracking feature as well to make sure you stick to your timelines.

If you’re a fan of SmartSheet, you’ll probably like 10,000ft. They acquired the company and are planning on integrating it eventually. For right now, it’s a separate service with its own cost.

If you want to give it a go, they offer a free trial.

Maximize Efficiency and Your Success

Now that you know these seven vital resource management tools, you can implement them to optimize your company. Once you’re set up with this software, it’s time to look at improving other areas of your business.

Lucky for you, you’re already in the right place to learn everything you need to know. Click around the site and find the information you need to succeed.

Providing Your Staff With Everything They Need

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StrategyDriven Managing Your People Article | Providing Your Staff With Everything They Need

When you first start out with your small business, chances are you do everything yourself. That or you employ the help of third party, outsourced freelancers to complete more complex or specialist tasks that are outside of your skillset, such as creating a website or shooting product photography. Hiring staff doesn’t tend to be the first thing on any new business owner’s list. After all, employees are costly and you take on a big responsibility when you hire them. But as your business begins to grow and expand, you’re going to have to take on permanent staff at some point or another. It’s impossible to run a medium to large size business independently and employees will help to keep things ticking over and moving in the right direction. When you do take on staff, it’s absolutely essential that you understand their needs and provide them with everything that they do need to carry out their jobs effectively. Here are a few areas to focus on!

Carry Out Surveys

Sometimes, staff won’t be outright about what they need to do their work. They may feel awkward and fear repercussions for making requests. But it is important that you know their needs in order to cater to them. So, carry out anonymous surveys to check whether there’s anything that you can do for your staff to help them with their work. This could include suggestions for helpful software, changes to the working environment, or anything else that could prove beneficial to productivity.

Invest in Quality Software

Nowadays, most work is carried out online with the help of devices like smartphones, tablets, laptops and computers. So, your staff are going to rely heavily on good quality software to do their work. Make sure you have the best and most up to date necessary software available. You may even want to consider having custom software made to meet all of your business’ specific and unique needs and requirements.

Invest in Your Office Space

Your office space can have a profound impact on productivity. So, make sure it’s up to scratch. Your office should have all ergonomic furniture and accessories to protect your staff from strains and injuries. This could include the perfect ergonomic office chairs, desks, wrist supports, back supports, foot supports and more.

Invest in Health and Safety

When it comes down to it, health and safety guidelines are in place to protect your employees and it’s absolutely essential that you follow them. In fact, it’s so essential that you follow these guidelines that there are laws in place to ensure that you do. So, invest in everything you need in terms of health and safety. This could include fire extinguishers, permanent safety signage, temporary safety signage, electrical PAT tests and more.

Of course, there are a number of other areas you could focus on when it comes to providing your staff with everything that they need. But those outlined above should help to get you started out in the right direction!

How Can the Travel Industry Overcome the Impact of COVID?

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StrategyDriven Editorial Perspective Article |Travel Industry|How Can the Travel Industry Overcome the Impact of COVID?One of the hardest hit industries during the coronavirus pandemic has been travel and tourism. Whether it’s regularly for business or to get away on a summer holiday, we’ve all been unable to venture to where we need or want to as a result of major travel restrictions.
Many of the large corporations have been hit hard, with British Airways announcing they will be cutting up to 12,000 jobs, EasyJet around 4,500 and Virgin Atlantic 3,000, these businesses will need to put plans in place as a matter of urgency to ensure the continuation of their operations.

A major impact faced by all

It’s not only flights leaving the country that have been affected – inbound travel has also seen a huge blow. Speaking to the Digital, Culture, Media and Sport select committee, Patricia Yates, Chief Executive Officer of VisitBritain commented “So for inbound, I mean we were looking at the beginning of this year at about £26.6bn coming from inbound tourism, we reckon a £15bn drop on that.”

So far the industry has lot the benefit of the two bank holidays in May and a lot of the school half term periods as well. With the hopes of an additional bank holiday in October, the industry will be keeping its fingers firmly crossed that some of the restrictions have been lifted, or at least some further guidance in place.

What are the challenges that travel businesses have faced?

Aside from the obvious restrictions that were implemented during the lockdown period, many businesses are facing the reality that people may be too scared or anxious to travel just yet. Organisations now face an ever growing challenge of convincing people that it’s socially responsible to travel and enjoy a holiday once again, and that where they are visiting has put all the necessary precautions and procedures in place.

Hotels, campsites and other hospitality facilities also have a mountain to climb. With new rules and regulations to help protect their guests, many have had to spend large amounts of money to ensure they are Covid compliant. Because of these great expenses, some are facing crippling debts and the possibility of redundancies to ensure they can stay afloat.

What are the best solutions for the travel industry?

The World Travel and Tourism Council reported that up to 50 million travel and tourism jobs are at risk around the world as a result of the pandemic. Although we are in uncharted territory, there are a number of solutions businesses could introduce to help them weather the storm.

One of the major but potentially very beneficial options is for businesses to restructure. This will help them to become more streamline, thus freeing up money to help them keep the lights on so to speak. Specialist organisations such as RSM Global, who have key experience in situations like this are on hand to help businesses plan and implement their long-term survival strategy.

No matter what the future holds, we all need to adapt to survive if we’re to overcome what the coronavirus has thrown at us.