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Add You - 27 Ways to Reduce Your Merchant Account Chargebacks
Housing Starts - Why Business Won't Be Usual
Some will blame current economic pressure on a subprime market that was more enthusiastic than realistic. Housing starts are down with consumer confidence following suit. According to The Conference Board its “March [2007] consumer confidence index fell to 107.2, the lowest level since November and a decline that was larger than Wall Street expected.”The good news is the Dow has performed well in the midst of this news while labor statistics remain strong.Federal Reserve Chairman Ben Bernanke's testimony before Congress on March 28th, 2007 found him concerned about the impact of defaults on subprime loans. Bernanke indicated that, “Although the turmoil in the subprime mortgage market has created severe financial problems for many individuals and families, the implications of these developments for the housing market as a whole are less clear. The ongoing tightening of lending standards, although an appropriate market response, will reduce somewhat the effective demand for housing, and foreclosed properties will add to the inventories of unsold homes.”Interestingly, news of the ‘bubble p
xcessive history of chargebacks may result in the disastrous consequence Some will blame current economic pressure on a subprime market that was more enthusiastic than realistic. Housing starts are down with consumer confidence following suit. According to The Conference Board its “March [2007] consumer confidence index fell to 107.2, the lowest level since November and a decline that was larger than Wall Street expected.”The good news is the Dow has performed well in the midst of this news while labor statistics remain strong.Federal Reserve Chairman Ben Bernanke's testimony before Congress on March 28th, 2007 found him concerned about the impact of defaults on subprime loans. Bernanke indicated that, “Although the turmoil in the subprime mortgage market has created severe financial problems for many individuals and families, the implications of these developments for the housing market as a whole are less clear. The ongoing tightening of lending standards, although an appropriate market response, will reduce somewhat the effective demand for housing, and foreclosed properties will add to the inventories of unsold homes.”Interestingly, news of the ‘bubble p
Postage Machines
Postage machines were introduced in the United States in 1912. Since then, they have come a long way. These machines have evolved from mere mechanical devices to Internet-based postage dispensing services. Postage machines usually carry out the functions of mailing, logistics, and document handling.Postage machines or postage meters are used when bulk mails need to be affixed with correct amount of postage. They can be considered as sound business investments for an office that sends even a relatively small amount of mail on a regular basis. These machines have a professional look, are convenient and cost-effective, and eliminate the trouble of running off to the post office every now and then.Postage meters are electro-mechanical devices used for producing evidence of postages. The postal authority of the U.S., which is known as the United States Postal Service, regulates these machines. This service specifies the rules of support, creation and the use of postage meters. They help to mark correct prepaid postage on pieces of mail and record the total charges involved. Postage Machines stack a
When your merchant account provider reverses a customer's transaction as a result of his disputing the charge, then, unless you successfully challenge the reversal, you lose the sales proceeds, incur any shipping & handling costs and are levied a chargeback fee of $25 to $50.Postage machines were introduced in the United States in 1912. Since then, they have come a long way. These machines have evolved from mere mechanical devices to Internet-based postage dispensing services. Postage machines usually carry out the functions of mailing, logistics, and document handling.Postage machines or postage meters are used when bulk mails need to be affixed with correct amount of postage. They can be considered as sound business investments for an office that sends even a relatively small amount of mail on a regular basis. These machines have a professional look, are convenient and cost-effective, and eliminate the trouble of running off to the post office every now and then.Postage meters are electro-mechanical devices used for producing evidence of postages. The postal authority of the U.S., which is known as the United States Postal Service, regulates these machines. This service specifies the rules of support, creation and the use of postage meters. They help to mark correct prepaid postage on pieces of mail and record the total charges involved. Postage Machines stack a
And, an excessive history of chargebacks may result in the disastrous consequence o
Shipping Basics
When one wants to transport goods, either for personal or for business reasons, one has to deal with the issue of shipping. There are some basic guidelines on how to efficiently go about it.What one generally wants out of shipping is basically to get the goods on time, on the place specified, and on good condition. The cost of shipping is another factor that most people would consider when availing of such services. It is thus best that one takes the time to compare prices for each shipping provider.Most established shipping service companies would give you a quote on the expected cost of your shipping requirements. You can ask this thru their sales staff or you may conveniently access the standard computation thru their websites. With information you provide as dimensions of the package, weight, destination, expected time of arrival to the designated place and other details, you will have an idea of how much to eventually shell out when it comes to paying for the shipments.There are also companies, usually who also have internet presence, who offer to provide you with the lowest p
a result of his disputing the charge, then, unless you successfully challenge the reversal, you lose the sales proceeds, incur any shipping & handling costs and are levied a chargeback fee of $25 to $50.When one wants to transport goods, either for personal or for business reasons, one has to deal with the issue of shipping. There are some basic guidelines on how to efficiently go about it.What one generally wants out of shipping is basically to get the goods on time, on the place specified, and on good condition. The cost of shipping is another factor that most people would consider when availing of such services. It is thus best that one takes the time to compare prices for each shipping provider.Most established shipping service companies would give you a quote on the expected cost of your shipping requirements. You can ask this thru their sales staff or you may conveniently access the standard computation thru their websites. With information you provide as dimensions of the package, weight, destination, expected time of arrival to the designated place and other details, you will have an idea of how much to eventually shell out when it comes to paying for the shipments.There are also companies, usually who also have internet presence, who offer to provide you with the lowest p
And, an excessive history of chargebacks may result in the disastrous consequence
Are Merchant Account Fees Too High?
My grandmother has always taken an interest in my personal and professional undertakings but I was still surprised when she expressed the desire to learn more about my job as a merchant account manager (not exactly a titillating position). During the course of our discussion, I explained that we generally charge between 1.5% and 1.75% for retail transactions (depending on the type of card) and over 2% for Internet and MOTO (mail order telephone order) transactions. My grandmother shook her head in disbelief and immediately determined that these fees “were too high.” “Andy, she exclaimed, “You’re making 2% profit on each transaction! How much is enough?”It was time to give Grandma the abbreviated course, Merchant Accounts 101. I explained that our company, indeed all processing banks, are governed by interchange rates – uniform rates that Visa and Mastercard charge their member banks. These, in essence, are our buy rates and if we charge lower than the interchange rates, we will be losing money. “So, you see Grandma,” I added, “We don’t make 2% on every transaction, but only several basis point
enge the reversal, you lose the sales proceeds, incur any shipping & handling costs and are levied a chargeback fee of $25 to $50.My grandmother has always taken an interest in my personal and professional undertakings but I was still surprised when she expressed the desire to learn more about my job as a merchant account manager (not exactly a titillating position). During the course of our discussion, I explained that we generally charge between 1.5% and 1.75% for retail transactions (depending on the type of card) and over 2% for Internet and MOTO (mail order telephone order) transactions. My grandmother shook her head in disbelief and immediately determined that these fees “were too high.” “Andy, she exclaimed, “You’re making 2% profit on each transaction! How much is enough?”It was time to give Grandma the abbreviated course, Merchant Accounts 101. I explained that our company, indeed all processing banks, are governed by interchange rates – uniform rates that Visa and Mastercard charge their member banks. These, in essence, are our buy rates and if we charge lower than the interchange rates, we will be losing money. “So, you see Grandma,” I added, “We don’t make 2% on every transaction, but only several basis point
And, an excessive history of chargebacks may result in the disastrous consequence
Winning With Diversity - The Next Phase
*Diversity refers to the broad mix of people currently or soon to be a part of your organization. It exists whenever you encounter anyone who has a view of the world, or "paradigm", different from your own. **Managing diversity is a deliberate effort to create a work environment that allows these differences to contribute equally to the common goals of the organization.Managing diversity emerged as a key strategic issue in the1990's. Unfortunately, for some, it has also emerged as the latest new management fad. As such, there has been a lot a talk recently about the value of diversity training. After all, several companies took a pioneering approach to diversity and were among the first to "do something" to address the issue. Typically, the “something” they tended to latch onto was diversity awareness training. In fact, these companies are now in their second or third year of awareness training on diversity.Diversity training is certainly a necessary part of any diversity initiative, but it is not the only part. How often have you attended a really outstandin
ling costs and are levied a chargeback fee of $25 to $50.*Diversity refers to the broad mix of people currently or soon to be a part of your organization. It exists whenever you encounter anyone who has a view of the world, or "paradigm", different from your own. **Managing diversity is a deliberate effort to create a work environment that allows these differences to contribute equally to the common goals of the organization.Managing diversity emerged as a key strategic issue in the1990's. Unfortunately, for some, it has also emerged as the latest new management fad. As such, there has been a lot a talk recently about the value of diversity training. After all, several companies took a pioneering approach to diversity and were among the first to "do something" to address the issue. Typically, the “something” they tended to latch onto was diversity awareness training. In fact, these companies are now in their second or third year of awareness training on diversity.Diversity training is certainly a necessary part of any diversity initiative, but it is not the only part. How often have you attended a really outstandin
And, an excessive history of chargebacks may result in the disastrous consequence
Cheapskates!
Pennypinchers, churls, moneygrubbers, niggards, pikers, pinchfists, scrimps – I HATE them. They have a scarcity mentality and they nickel and dime everyone. I don’t spend any time with them. Frugality is good, but being cheap is not smart when you want to create abundance, friends and happiness. One of the things I have learnt is that I should spend money where appropriate. Don’t take someone to a fast food joint to close a big deal. And don’t spend a fortune on things that show no ROI. But the biggest lesson I learnt is not to do business with tightwads.Pennypinchers want everything for nothing, and they always want discounts. Here’s what you should know about discounts: Assume you’re selling a product or a service for $200 and your costs total $150. That means your profit is 25% or $50. Did you know that if you give some scrooge a 20% discount, you cut your profits by a massive 80%? And, if you really believe in your product or service, increase your price by only 20% - that means an 80% increase in products!Also, when you discount your product or service, what you’re REALLY saying is, “I
xcessive history of chargebacks may result in the disastrous consequence of losing your merchant account and your ability to accept credit cards.Pennypinchers, churls, moneygrubbers, niggards, pikers, pinchfists, scrimps – I HATE them. They have a scarcity mentality and they nickel and dime everyone. I don’t spend any time with them. Frugality is good, but being cheap is not smart when you want to create abundance, friends and happiness. One of the things I have learnt is that I should spend money where appropriate. Don’t take someone to a fast food joint to close a big deal. And don’t spend a fortune on things that show no ROI. But the biggest lesson I learnt is not to do business with tightwads.Pennypinchers want everything for nothing, and they always want discounts. Here’s what you should know about discounts: Assume you’re selling a product or a service for $200 and your costs total $150. That means your profit is 25% or $50. Did you know that if you give some scrooge a 20% discount, you cut your profits by a massive 80%? And, if you really believe in your product or service, increase your price by only 20% - that means an 80% increase in products!Also, when you discount your product or service, what you’re REALLY saying is, “I
So, it's obviously important to take prudent steps to minimize the occurrences of chargebacks - especially if your transaction volume is high.
The disputes are usually based on a customer's claim that he did
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