Entries tagged with “Mobile Payments”.
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Mar 17 2015
Fraud prevention has the potential to be one of the most cost-effective investments your company makes. To calculate your ROI, however, you need to understand the opportunity cost associated with fraud prevention.
A recent Yahoo Finance article reports on how much UK businesses lost due to fraud. Here are two of the most important figures:
- The average amount of money lost was $4,000
- 1% of SMBs lost more than $15,500
The article also explains that all businesses, whether small or large, can be impacted by fraud. We often say that small businesses are at a greater risk of fraud since hackers know they don’t have sufficient resources to invest in fraud prevention. Hacking small businesses isn’t as fruitful as hacking banks, but it’s easier to infiltrate unprotected technology systems that small businesses often use.
A cost-effective way to practice fraud prevention and protect your business is to use encrypted state-of-the art payment processors. These add an additional layer of security when your clients pay with credit cards. Moreover, you get to track payments in case someone tries to scam your business. The important thing is that you choose a payment processor which fits your company’s needs. There are tons of payment processors out there, and they all vary in terms of features and functions.
We recommend taking your time and researching a few payment processors until you’re completely satisfied with one. Feel free to reach out to if you have any questions about technical specifications.
Mar 13 2015
When you want a great product and a great service, it always comes with a price. Some of those prices are known ahead of time, but sometimes there are hidden fees that companies do not find out about until later. In the industry that handles merchant services, it is generally not the price that raises eyebrows, it is the way providers hide their fees. The price that you are given may seem reasonable, but then you will be hit will several hidden fees at one time.
When you are trying to find a payment processor, the fees will certainly be a big factor that will have a part in your decision. If you are given a proposal from a payment processor provider with a list of services and prices, you may not get what you are expecting and you may not pay what the proposal claims you are going to pay. For these reasons, it is important to know how to protect yourself from hidden fees from payment processors.
Here are some of the common fees that you may expect to see from a payment processor or merchant service:
In many cases, you can expect to pay up to 20 cents when one of your customers swipes a debit or credit card. You will see this fee even if the transaction does not go through completely. This can be listed as a transaction fee, but it can be different for debit card transactions. You should ask the provider of your payment processor to outline all of this information, for both credit and debit transactions.
Fees For Paper Statements
You can expect to pay a fee for the monthly paper statements. This fee can be as high as $15 and as low as $5. However, you do have the option to receive these statements online. If you choose this option, the fees may be removed or these fees may be reduced. You should speak with your payment provider about this to be sure.
You need to select a provider who will be honest and upfront about all of the fees that you will be charged for. No one wants to receive a bill that will surprise them because of all the hidden fees. Contact us for support in protecting your business from those hidden fees.
Mar 10 2015
The need to protect the financial data of your customers is more important now than it’s ever been. Not only could a cyber breach set you up for multiple lawsuits, but it could badly hurt your company’s reputation online. Here are some tips on how to avoid cyber security breaches regarding financial data.
Use Cloud Access
It’s true that this can be difficult to set up, but having a “bring your own device” option for employees will not only make them happy, but it will also allow you to institute cloud policies instead of trying to clear each and every device that accesses your sensitive financial data.
This is important, because if the device is stolen or lost by an employee, it means that the system will automatically block them out, and anyone who gains access to the device won’t have access to the financial data since there’s none on the device.
Some financial breaches are actually inside jobs in which employees gain privileged access to detailed financial data. You can prevent a potential cyber breach before it happens by doing proper background checks and screenings on all employees before giving them access to your sensitive systems.
Use Trust Seals to Protect Your Website
There are various companies out there that will help you protect your site from potential breaches on a daily basis. These sites will let you put their seal on your site. This will reassure your customers that their data will be protected, and it may also deter potential cyber thieves from even trying in the first place.
For more information on ways to prevent breaches, please contact us today.
Mar 9 2015
Owners of small businesses are a group of hard-working and dedicated people. Small business owners only come up for air when, well, do they ever come up for air? This can be one of the problems that several small businesses have. They are so bogged down with daily tasks and the pressure of running their own business that they forget that there are other things that need to be taken care of.
It is good to take a few steps back and review everything that is going on. If you have been going non-stop for months, now is a good time to take a step back to ensure your business has success for the remainder of the year and years to come. Here are some small business financial success tips that can help you achieve your long-term goals.
When Do You Normally Manage All Of Your Finances?
It is always important to set aside some time to manage and keep track of your finances. Getting accustomed to spending time each day reviewing and organizing your financial documents, such as your invoices, your billing statements, etc.
When you put together a plan like this, you will have a better understanding of where your small business is financially. It will certainly make things easier on you when you have to find documents at the last minute or when you need documents to file taxes.
What Happened Last Year?
If you were not pleased with what happened in 2014, then you may need to establish better habits for the rest of this year. It is always important to begin the year with good financial habits because you will become accustomed to those habits for the remainder of the year. How did you track your finances last year?
Whatever methods you used, did those methods work? Were you able to accomplish all of your sales goals that you set? Do you expect your business to grow this year? Do you expect to hire more people this year? These are all serious questions that needs answers. Take these questions into consideration when you are reviewing your business and financial plans.
We understand that constant time constraints can make it difficult to accomplish financial organizational tasks. However, we offer multiple resources to serve as a guide as you seek to improve your business throughout this year. Feel free to contact us at any time.
Mar 2 2015
It my be tough for many small businesses to offer their customers an option to pay with their credit card or debit card. However, just because it may be tough does not mean it can’t be done. Your small business still has the opportunity to get the competitive credit card processing deals that the other businesses have. How can you achieve this? Follow these small business financial success tips.
Accept Credit Cards
Although it may cost a bit more to accept a credit card, some customers prefer to use their credit cards over any other payment method. If you tell customers that they can not use their credit card, you can miss out on big business. As a small business, you can not afford to miss out on repeating sales.
Choose A Payment Provider That Has Stability
Since there are so many complexities surrounding the security and infrastructure in payment systems, there are now payment and technology providers that are all different in their size and depth. You will want a payment provider that will be able to process debit cards, e-checks, gift cards, and a variety of other payments. You will also need point-of-sale, mobile capabilities, the ability to accept phone payments, web payments, and other features that will fit your needs.
If you have a business plan, that does not necessarily mean you will have success. However, if you do not have a plan, you will certainly have a greater chance of failing. You have to execute all of the ideas that you have put in place. Contact us for assistance in executing all of your financial and business plans.