Business Tips

Chargeback Fee

Chargeback Fees Explained + 7 Tips for Prevention

Chargebacks are painful and expensive. Billions of dollars are lost in chargebacks by businesses every year, and in 2017, the average dollar in chargebacks cost merchants $2.40. That means for $500 in chargebacks, you could be paying up to $1,200 in fees! Now expand that number over every chargeback and multiple years in business, and it’s easy to see why this is a big issue for many businesses. Chargeback costs include: The immediate revenue of the lost sale. The possibility of forfeited merchandise. The non-refundable chargeback fee charged by your acquiring bank. Your bank charges these fees due to the administrative costs of reversing the transaction. You also risk your business reputation and ability to accept credit card payments when incurring chargebacks fees. If you rack of a high amount in a short period of time, credit card networks may temporarily block you or your bank may restrict certain financial…

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Gift Cards for Your Small Business

Gift Cards for Small Business: Why & How to Get Started

The blog below has everything you need to begin accepting and growing your business with gift cards. From choosing what type to various marketing ideas, you’ll walk away confident about how to best approach gift cards. Gift cards are useful for all businesses Gift cards are a win-win for both small businesses and customers. They provide a more thoughtful gift avenue than cash for consumers, and for businesses they help bring in new and repeat customers while fighting back against lull periods (I’m looking at you post-Christmas). Think about it. Every customer that walks into your shop or goes online searching for a gift card and doesn’t find one takes that business elsewhere and doesn’t spread the word about your business. You lose both short-term and long-term cash potential. This can really add up over time. Gift cards double as both a marketing and revenue tool simultaneously, so if you…

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Credit Card Machine Costs

How Much Does a Credit Card Machine Cost?

So you’re on the lookout for new credit card machines for your business or, perhaps, you’re forecasting replacement costs for your stores and need a working range to work off of. Whatever your reasoning for being here, it’s important to understand that credit card machines are a bit tricky when it comes to pricing. Almost all of them carry a variety of associated fees, and it’s never “just” the hardware. With this caveat in mind, we’ll breakdown the costs into three separate categories: hardware, associated fees, and other miscellaneous fees. Hardware Costs Credit card machines can cost anywhere from $200 to $1,000, depending on the features you need and the company you purchase them from. At the base level, you can expect a magnetic strip, display screen, keypad, and chip card capabilities. If you’re only looking to provide basic service, then you shouldn’t be spending more than a couple hundred…

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What is EBT, SNAP, Benefit Transfer?

What is EBT?

If you work in and/or around the B2C food industry, you’re probably familiar with EBT or customers asking you if you support SNAP program payments. EBT stands for electronic-benefit-transfer, and it’s the government’s transaction method for what most of us know as food stamps. Physical stamps were used for financial assistance up until the 1990’s, at which point the program was officially renamed the Supplemental Nutrition Assistance Program, or SNAP for short. Depending on a citizen’s needs, the government sends a pre-loaded debit card to eligible recipients — like a gift card of sorts. Once the citizen receives the card, they are able to use it at any eligible SNAP location, but only on certain categories of items. EBT is most often used at grocery stores, but depending on the state, fast food, farmers markets, bakeries, and more can accept EBT transactions. While it varies slightly from state to state,…

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