Business

Business Tips & Info


Credit Card

Although many small business owners may be anxious for a credit card company to offer them permission to accept credit card payments, they should shop around for the best rates and application or set-up fees. Credit card accounts also may vary, depending on the issuer, so make sure the account meets your needs.

ADVANTAGES:

Business generally receives same-day or next-day credit for all major cards (like Visa, Master Card).

Credit card can boost sales because customers tend to buy on impulse.

Customers enjoy the convenience of free credit they receive.

Reduces risks of keeping cash.

DISADVANTAGES

Risks because you are liable if you accept a card that's stolen or counterfeit.

Rental fees for equipment.

Percentage fee of each transaction known as "discount fee" (about two to five per cent, depending on the volume you handle).

Transaction fee, depending on the equipment you use.


CREDIT CARD TIPS:

Follow all procedures and guidelines from the credit card company:

Check the number, expiry date, name and signature.

Circle the expiry date before you hand the sales slip to your customer.

Verify the card is not on the stolen card list.

If you have computer or electronic cash register ask your banker about software interface, because even if you have to buy software with this option you don't have to rent an imprinter or terminal.


OTHER INFO

Credit card accounts usually have an annual fee or fee per transaction, just make sure you're not paying for features you don't use.

Credit cards are good if you paying off your balance in full by the due date, but if you make only a partial payment you must know that you will be charged a higher interest rate than for a bank loan or credit line.

Besides the benefits of increased sales a small-business owner can realize as a result of accepting credit card payments, financial institutions will credit a businessperson's bank account faster with credit card payment than with a cheque.


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Defusing Difficult Relationships

Being a business owner can sometimes test you patience. Cranky employees and difficult customers can sometimes make you feel like you are a magnet for attracting frustrated people and problems. In order to survive and keep your sanity in going forward, address all factors that affect your business with a strategic and patient approach. Remember the first golden rule of conflict resolution: "LISTEN AND KEEP YOUR COOL." The second rule is: "BE PLEASANT AND KEEP AN OPEN MIND." The third rule is: "ACCEPT RESPONSIBILITY, SHOW EMPATHY AND OFFER APOLOGY IF YOU MADE MISTAKE OR CONTRIBUTED TO THE PROBLEM." How you respond can make the difference between solving the problem or losing.



Accept responsibility
rather than blaming someone else
Let difficult people know
you can see their perspective
Keep your cool
show empathy and apologize

Did You Know?

It doesn't take a fortune to sell your products and services on the Internet. It just takes some knowledge of what your customers want and how to find a way to present your sales solution to them.

For business people either selling products or promoting their services on the Internet, the importance of attractive, fast, usable sites can't be overstressed. Much like a counter person or storefront, the appearance and function of a business' website conveys an image of the company to the customer.

Your website is your image on the Internet. That image can either be good or bad, and bad images don't sell. Adhering to a few common sense web design rules can help with the public's perception of your company and increase your sales. Find out more...