It’s not too hard to understand why customers love rewards programs. I myself can think of at least six stores that offer a rewards program. With customers spending money frequently it’s nice to receive something in return, this is what makes rewards programs very appealing to shoppers and retailers. Let’s dig into a few statistics! Saving Money! Firstly, and undeniably, consumers love the opportunity to save money or receive products on discounts.
As our businesses grow we are increasingly relying on collecting customer data and storing it for future use. Even if you aren’t planning on it, more data is collected today at the register than ever before. Storing more data can cause more problems such as making us look tastier to hackers across the globe. Data breaches are more commonplace and harder to spot than we think. According to IBM’s 2015 Global Study, the total increase in data breaches across the companies participating in a survey has risen to around 23% and that’s just the companies that chose to participate!
A reserve account is simply a portion of funds which are set aside. These funds are in place to protect both the merchant and credit card processor in the event the merchant is exposed to unforeseen risk. There are three main types of reserve accounts and are used depending on the nature of the business: Up-front reserve Accrual reserve Rolling reserve Up-front Reserve An up-front reserve is usually applied to new merchants who have limited previous earning history.
Cash registers, employees, rent and stockroom all run the base of a successful retail and restaurant business. With demand for eating out and buying merchandise increasing, a POS system can either manage you, or help you run your business. We get so wrapped up with the tech that we forget about our business and how to use it as a great tool for staying on top of things. Efficiency and Organization Looking for a great system to keep things running in tip top shape is probably right in front of you.
Apple Pay, is quickly rising to the top of our most favorite ways to pay in many convenience stores. It has now had a successful run over the last few months in ecommerce stores online. macOS has slowly been rolling to convergence with iOS and it’s bringing exciting new features such as payments to web merchants! How Apple Pay is Simplifying Payments With the rollout of EMV at the register, Apple saw an opportunity to jump into payments and smooth the road for a faster way to pay.
Mobile is everywhere and customers love it. We have seen many large companies adopt mobile solutions for all of their business needs. Mobile solutions are growing as desktop POS systems are shrinking in number for all the right reasons. Large Computers, Difficult Upkeep The cost of maintaining large desktop servers in the back and tabletop POS systems in the front adds up greatly. With traditional systems you are stuck with them for years, maintaining large catalogues and databases stuck in contracts with hard to extend software.
Every one of us that has a credit card has heard about the rollout of EMV chip and pin cards. However, we’re all left scratching our heads about why this is such an important issue for merchants and consumers. Let’s clarify why this technology is important for everyone and how it can improve the future of payments. EMV in The Checkout Line Most of us have had the experience of waiting in line at the grocery store for the payment terminal to beep at us angrily to remove our card.
Many merchants, for years have refused to upgrade the outdated credit card terminals they use to process everyday transactions. It may seem costly to upgrade your terminals, but refusing to do so could cost you more in the long term. Your processing equipment is the front end of your business, meaning much of your profit comes in through all the transactions your terminal processes in any given day. Here are some signs your terminal is due for an upgrade:
Credit card processing is more complicated than it may seem. There are many different parties involved, which all work together to process one transaction. If you aren’t aware of the process and everything involved, you will be more likely to overpay for the credit card processing at your business. Just becoming aware and learning the basics of how credit card processing works, you can be sure that you’re getting the best deal.
Chargebacks occur inevitably as a part of running a business that accepts any payment. A chargeback is when a customer refutes a charge with the bank linked to the card used to purchase anything online or in store. Therefore, it is important to try to minimize your number of chargebacks as much as possible. There are several ways businesses can decrease the risk. Merchants should try to do everything possible to ensure that customer disputes do not reach the chargeback stage.
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