Monday, November 26, 2018

Start analyzing your 2018 business NOW!

Analyzing your 2018 business NOW!  


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Making sense of it all! 
·         What makes you money? What sells the most, when and by whom? Knowing this can help you decide many others lingering questions about your business.

·         What is NOT selling? Understand why it is not selling? Is it priced correctly? Is it being promoted to the right buyers? What made you order this to sell in the first place?

·         What on your to-do list that MUST be done to grow your business? I have asked business owners why I don't see them at local networking events; the answer is almost always, "I'm just too busy!" I say you have not set up your priorities to do what will help you grow that business.
o    Automate your systems; sales, customer capture for marketing, inventory, ordering & staffing processes.
o   Look at your sales reports once a week & adjust.
o   Take time once a week to review your inventory to make sure you have just the right of on-hand products to sell.                    
o   Check your marketing strategy, are you doing what you said? Is it working?

·         Build your Team! Surrounding yourself with an excellent team of professionals, all focused on your company's success will be your greatest achievement!
o   Accountant, Sales, Marketing, Advertising, Customer Service, & Operations people.
o   Measuring & understanding YOUR strengths and weaknesses will help you determine what professionals you need on your TEAM!
o   Train your TEAM on your VISION and empower them to do their job.

·         Delegate some of your to-do list. You need to realize that you, the owner, cannot do everything! Either you hired a TEAM or you automated processes and got systems to do the work. Now you need to ONLY do that which is only done by the owner!
o   Get it go.....don't do what you have others doing!
o   Empower your team to do what they were trained to do.
o   "GIVE UP" those things that can be done better by someone else!
o   Find out what you do BEST and do it!

·         Stay on top of your industry trends and customer trends. Too many business owners stay behind closed doors never realizing that their business world is changing...fast! Doing the previous 5 things should allow you the time to become a "subject matter expert" on your business and industry.
o   Attend local business events - chambers, expos & trade shows.
o   Talk to your customers. Find out why they buy or don't buy from you.
o   Check out your competition and find out why their customers buy from them.
o   Find out how your customers want to be sold; online, retail, in-person, catalog? Now ask yourself, are we providing that level of service to our customers?


·         Don't be afraid of change...............
o   To change your vendors, products or amount of inventory.
o   Add eCommerce or Mobile Payments to the marketing/selling mix.
o   To look at different marketing strategies to attract different buyers; Instagram, Twitter, your own Mobile App!
o   Allow your TEAM to be part of the experience and decision!


We hope you all had a great, successful 2018!

We look forward to working with you in 2019!


Happy Holidays!

From Merchant Processing Solutions Inc.
954-938-2420

              

              




Thursday, November 15, 2018

Be cautious in accepting credit card payments this Holiday Season!

Tis the Season...

Unfortunately, celebrating the holiday season and spending money go hand-in-hand. Now starting with "pre-Black Friday" sales through till "after Christmas" shopping, buyers allow their emotions rule their purchases! Many purchasers feel forced into buying gifts and the "keeping up with the Jones" creates a need to buy bigger and more expense gifts. All these purchases along with holiday entertainment and travel can really add up quickly! 



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The Holiday Season is Here!


According to data published last year by Mastercard, 15% of all online purchases will request a return for cash or credit to their credit card. Overall, 30% of all purchases over the holiday season will be returned. Even if your store has a 14 day - 30 day return policy with a receipt, Visa/Mastercard/Discover/American Express allows credit card disputes (chargebacks) for up to 180 days from date of purchase! You putting a sign on the counter does not OVERRIDE the credit card companies rules and regulations! 


Avoid returns, chargebacks and fraud during this Holiday Season? 
  1.  

  • Make sure that you clearly have signage in your store, kiosk, or at the craft show table, that explains your return policy - EXPLICITLY! 
  • If you have an online eCommerce website, make sure your return policy is clearly visible with even a "pop-up" indicating that the customer "Read" the policy! Image result for credit card receipt with return policy images
  • Add to the bottom of your receipt your return policy. The customer is required to include this with the dispute documents.

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    Add your own Return Policy to your Receipts! 

  • Implement a "security code protocol" at checkout. Train your staff to ask for Photo ID from EVERYONE. Check signatures, and photos!

  • If your business is retail with in-person sales, ALWAYS USE EMV CHIPPED TERMINALS! This helps eliminate fraudulent credit cards.

  • If you have an online eCommerce website, check with your Gateway Provider about the best FRAUD PROTECTION tools to implement. 
  • Online eCommerce business should request a Delivery Confirmation on shipped products with signature. This makes it much harder to claim the product was not received!
  • Be VERY PROACTIVE with your customers! Respond to emails, phone calls especially if they are complaints within a reasonable period of time. It has been said that good customer service center answer the call within the third ring!  

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Repeat Business comes from excellent Customer Service! 
  • Online eCommerce websites need to provide accurate, details descriptions with 360 photos of the products being sold. 
  • Make sure that your Business Name, Address (physical or digital) and a phone number appears on all receipts.
Need more information about this call 954-938-2420! 

Happy Holidays from Merchant Processing Solutions Inc!