Cash v Cards

Cash v Cards (Guest post from processing partner NxGen blog):

Advantages of Cash:

• Instant money in hand, except taxes of course. (Hey, nothing is entirely free!)
• There are no transaction fees with cash like there are with credit cards
• Minimizes bookkeeping, which means less stress & less hassle

Disadvantages of Cash:

• Money in the drawer can be tempting for some employees to steal
• A safe needs to be on site or frequent trips to the bank for deposits must be made, which takes time and money.
• Money at your location increases your risk for theft not just from employees but criminals as well.

CHECKS
Checks have always seemed funny to me, don’t get me wrong, we all use them, but a check is simply an I.O.U. (“I owe you”). Checks have been around for probably longer than you think but lately are becoming somewhat of a dying form of payment. With the technology boom of online banking & online bill pay, which have become a fast favorite for most people, written checks are becoming less and less common.  However for a merchant, like cash, the beauty of checks is that it costs nothing to accept. Now that being said, this payment method does come with drawbacks.
Advantages and Disadvantages of Different Payment Types

• Some customers prefer to pay with a check instead of carrying cash or using a credit card. The age of your customers may also be a factor, folks over the age of 40 tend to be more comfortable with checks than with credit cards. Checks are also better to send in the mail for payments and invoices.
• Checks can now be processed electronically at the point of purchase much like a credit card but cost less to process in most cases. If you team up with a large processor, they may offer Point of Purchase check processing (P.O.P).
• A check is usually better than a customer walking out the door because they don’t have cash or plastic. (There are exceptions to every rule)

Disadvantages of Checks:

• Just because you have a check in hand, that doesn’t guarantee payment; bounced checks can even cost you money. Depending on your bank, they may assess fees for these bounced checks. Checking accounts can be frozen, empty or even nonexistent. A hand full of NSF checks can mean you start bouncing checks of your own since your account is lighter now than it should have been.
• Customers can put stop payments on checks, close their account, and even post-date checks if the cashier is not paying attention. All of these delay payment.
• If your bank does not offer remote capture, you again will be spending time and money away from your business driving to the bank regularly, hoping these are more than “I owe you” notes.

CREDIT CARDS
Credit cards came to the market in the 1950s growing in popularity ever since.  Credit cards, like cash and checks, have come a long way since they first rolled out. Today, the statistics show that approximately 7 in 10 Americans have at least one credit card in their wallet. According to the U.S. Census Bureau, the population at the beginning of 2016 was 322 Million people, which means there are approximately 232 million American potential customers with credit cards ready to purchase.
Advantages of Plastic:

• Accepting credit cards boost sales. Credit cards are becoming the most common method of payment, and your customers expect the ability to pay by credit card at any location. Studies show consumers who pay with a credit card spend more than if they were paying with cash. Who doesn’t love a good “impulse buy?”
• Accepting credit cards increase cash flow. Credit card transactions are deposited directly into your account, no need to head to the bank. As a general rule, a reputable processor should have your funds deposited within 24 – 48 hours after settling out. (Bank standards and holidays apply, just like for all other forms of payment)
• Accepting credit cards creates legitimacy. Customers see those credit card logos on your door, the brands they trust that are in their wallet, and strangely enough, there is a transference of confidence to your business. Merchants who are “cash-only” seem foreign and ancient in this new credit card-centric worldview.

Disadvantages of the Card:

• Credit Cards can add another level of difficulty to bookkeeping and accepting credit cards can be an added monthly expense in most cases. Surcharging products can alleviate the costs associated with credit card acceptance.
• Credit cards do come with risks such as chargebacks and fraud. But added steps like EMV and PCI Compliance give you the protection you need to combat fraud. Additionally, finding a reputable processor who can help you with tokenization and encryption is an important consideration. The more steps you take to protect your business and your payment system at the time of set-up will allow you allay your worries once you start processing.
• Refunds on credit cards are not immediate. While a credit card transaction may take seconds, the reversal or refund is not nearly as fast. Many steps are involved in issuing refunds, the general rule of thumb for a refund to be processed on a credit card is 2-30 days depending on many factors.

MOBILE PAYMENTS
How times have changed from bartering with sea shells (8000 years ago) to wearing a watch that pays for lattes.  Mobile wallets are the newest craze to hit the market, and Apple Pay, Samsung Pay, and Google Wallet are the front runners blazing the trail. Not all mobile wallets are the same, some accept loyalty programs where others do not, some only accept certain types of cards, etc. If you decide you want to be on the cutting edge of technology, talk to your merchant service provider about what they recommend.
Advantages of the Mobile Payments:

• NFC (Near-field Communication) payments are the newest form of accepting credit cards, and if you like to be on the cutting edge of technology you won’t want to be left out
• Nearly two-thirds of Americans in 2015 owned a smartphone. Chances are if your customer has a smartphone they will likely have a mobile wallet. The more options you can offer your clients the happier they will be.
• Mobile payments are secure. The POS system does not have access to the full card number so malware cannot take the information. Apple Pay, for example, does not store your card information at all.

Disadvantages of the Mobile Payments:

• You must have NFC equipment. No NFC hardware = no mobile wallet payments
• There are many mobile wallets out there, and they don’t all work the same, you will have to figure out which one is right for you.
• The rewards for the customer to use a mobile wallet are not 100% clear yet. The customer may not receive certain “perks” at that approved retailer because the system would show the charge coming from Google instead of the authorized retailer.

In the end, regardless of what types of payments, you decide to accept, your customers at the very least will expect to be able to pay with cash and credit cards. You have many decisions to make about which payments are right for your business. If you’re still on the fence about what payment methods to accept, talk to a merchant service provider, talk to other business owners, consult the world wide web but always do what feels right for you and your business.

Helping merchants keep more of their hard-earned revenue

Great call regarding our Stryde cost audits offering for our (your) merchants on Tuesday -- and a follow-up call tomorrow.  Details in Home screen of interface. 

Points of Clarification:

Audits by Stryde are an ADDITION to the credit card processing audits that we have been doing for years.

The audits are for the purpose of seeing how much excess merchants are paying on fees they HAVE to pay in order to be in business.  And when we find the excess, we reduce and recover it so the merchant can keep more of his hard-earned revenue.  Audit areas include:

1. workmens' comp
2. waste management
3. energy
4. commercial property taxes
5. cost segregation deductions
6. research and development
7. hiring incentives

and many more...about 30 or so!

We also show the business owner a way he can exit his business when he is ready to retire.  Don't think that's a big deal?  Recent studies show that 'how to retire from his or her business' is in the Top 5 Business Owners' Worry List!

Tune in tomorrow for more info!

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YAAAHHH!!!  STRYDE IS OFF TO THE RACES!

Find out about this unique and FANTASTIC service offered to business owners by YOU as a Digital World Agent -- aka cost remediation and recovery.

This is the week and here is the place:

It's time to talk about Stryde! We're bringing in Jim Colip  to give everyone an introduction to one of our most lucrative programs! If you haven't heard of it, you'll want to be on this call! If you have heard of it, this is a great opprotunity to ask questions!

Stryde
Tue, Oct 25, 2016  2:00 PM  CDT  Noon Pacific time

Please join our meeting from your computer, tablet or smartphone.
You can also dial in using your phone.
United States +1 (669) 224-3212
Access Code: 343-319-885
Join Meeting

EIGHT Questions that Open Merchant Doors

Status update: 

Sorry for paying too much attention to the riveting presidential election drama AND baseball (who knew it was SO exciting??  or...  what happened to baseball during the past year when it changed from being a good way to go to sleep to something we now can't stop watching?!)

Some of you have been bizzy adding new merchants because the merchant count in our 7 levels has gone up 4 in 2 days!

GOOD JOB(S), GUYS!


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I do solemnly swear to turn off the presidential histrionics and start tending to DW merchant gathering .... but not so fast with turning off baseball!  

Aren't you glad that DW is there for you when you're watching baseball and when you're finished watching baseball?


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EIGHT Questions that Open  Merchant  Doors:

1. What do you like about your current processor?
2. What do you not like about your current processor?
3. In an ideal world, what would you most want from your processor?
4. On a scale from 1 - 10, how would you rate the importance of service from your processor?
5. On a scale from 1 - 10, how would you rate the importance of rate from your processor?
6. On a scale from 1 - 10, how would you rate the importance of equipment from your processor?
7. On a scale from 1 - 10, how would you rate the importance of EMV and NFC capability from your processor?
8. What is the biggest challenge your business faces in daily operations that processing can help with?

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These questions are a guideline to spur you to remember this premiere truth:

IT IS MORE IMPORTANT TO GET TO KNOW YOUR MERCHANTS NEEDS AND DESIRES than it is to ...well, THAN ANYTHING ELSE !!

Work up your own list of questions; work up a 'get acquainted' survey -- a 'can I help you?' questionnaire;  create some tool of your own that will assist you in giving your merchant prospects real value in letting you and Digital World be their processor!



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Market Your Business for the Holiday Season

5 Ways to Market Your Business for the Holiday Season

By kmurray, Contributor and Moderator   SBA.gov blog

Published: October 23, 2013 Updated: October 4, 2016

The holiday season is quickly approaching, and the time is now to make sure you get the most of your marketing efforts to help secure sales success in the coming months. Here are a few budget-friendly ideas to help get you started.

Social Media Contests
If your small business has a social media presence, contests on Facebook and Twitter are often a popular way highlight your brand and engage with customers, reminding them that your product or service is available – and a potentially great gift idea. With a few rules, a clever hashtag and incentive such as a prize or discount on your offerings, you can drum up excitement about – and draw people in to – your business.

Extra Appeal for Your Loyal Customers
Take this time to make your loyal customers feel extra special – it may come back to you by way of additional business and referrals. Without breaking the bank, you can provide special offers, sneak previews, free shipping or secret sales.

Special Events or Open Houses
Make your small business stand out by hosting an open house or special event at your store or restaurant. Use it to showcase holiday season gifts, menus and merchandise so customers can get a glimpse of your seasonal goods in advance. Pair the browsing with light refreshments – a mug of hot cocoa or a glass of cider – to get people in the holiday spirit. On their way out, give a special offer or coupon that invites customers back to make their purchases at a discount.

Holiday Help
This is a great idea from Illana Bercovitz at Small Business Trends: use social media to offer helpful tips during a stressful holiday season. Consider your industry, product or service and related advice you could offer to make customers’ lives easier. “Everyone appreciates useful advice and your customers will thank you for pushing content that makes their holidays slightly less stressful,” Bercovitz says. Use an original hashtag to maintain brand awareness across platforms such as Twitter and Facebook.

Email
Although it’s often considered overused, email remains inexpensive and easy to implement when it comes to maintaining contact with existing customers. That’s a key to remember – to be effective, email marketing should be used with folks you have already done business with or who have expressed an interest in your business and have requested email from you (otherwise known as permission marketing).
Keep these tips in mind if you plan to use email to support your holiday marketing efforts:

• Keep the e-mail short and sweet. Link directly to the content of interest so you make the process as easy as possible for your customers.
• Clearly state the email’s intent in the subject line. For example, "A Special Offer Just for You. Thanks for Your Business in 2013.”
• Be festive in your design. Appeal to the sights of the season with a special design for the holidays.
• Follow online marketing rules. Don't forget that online marketing is regulated, so whatever tactics you employ be sure to follow government guidelines that apply to list management, SPAM and other guidelines.

For more great holiday marketing insight, check out this recent post from guest blogger Rieva Lesonsky, “Start Now to Plan Your Holiday Retail Marketing Campaign".

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Find your niche and fill it!

Find a niche and fill it:

Guest Post

You may have the desire to provide as much as you can to as many people as you can. But with that kind of thinking, you’re just setting yourself up for failure. It’s impossible to be everything to everyone. You can try, but you will fail 100% of the time.
Everyone isn’t your target market (or they shouldn’t be), so why should you try and be everything to everyone?

Put yourself in the shoes of a potential customer. If you needed a lawyer to handle your personal injury case, would you choose a personal injury lawyer who specializes in these types of cases or would you go with a lawyer who handles these cases among their many others? You’d go with the first. Why? Because they have a set focus and niche and only spend their time within that area of focus, meaning they’re highly skilled and knowledgeable in that area. This is exactly what you need to be doing if you want to be considered a thought leader in your industry.

When you try to be everything to everyone, you face several challenges and dangers. Here’s the hazardous road you’ll drive down if you choose this method of thinking:

• Your brand message becomes lost because you’re straying from it.
• Lose value to your brand.
• Slows down your business growth.
• Takes away the time you could be spending providing better, more meaningful efforts.
• The more you try and do, the less consistent you are with your work so you deliver mediocre instead of great work.
• Gives off a sense of desperation.
• Get easily burnt out.

Basically, trying to be everything to everyone means you’ll be nothing to no one.
The only way to be a thought leader in your industry is to focus and go narrow and deep into a niche. You earn more from this method of thinking, and can offer more to your target audience. It’s much easier and more profitable to connect with a smaller, more focused niche in a bigger way than it is to try and connect with a large, broad audience in a big way. Your mind and efforts aren’t being pulled in every direction, so you have the time and capability to offer a higher value to your audience. When you focus and go more narrow and deep, you offer the less-is-more method, which works greatly for you and is appreciated by your customers.

Your brand is stronger and your business grows faster when you’re focused. When you offer concentrated services to a target audience, 3 things happen: it’s easier to find your customers, it’s easier to convince potential customers to become loyal customers and your expertise in your industry grows, which in turn attracts more customers your way.
It’s human nature to not want to limit yourself and your abilities or turn away someone who could be a potential customer. But you will actually find more customers and more easily find them and turn them into loyal customers when you focus and go narrow and deep into a niche. You become indispensible, needed and highly sought after for your skills in your niche area. You turn yourself into the go-to thought leader in your industry, and that’s exactly what your goal should be.

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Decide on a DW 'niche' and see if that path doesn't help your merchant-gathering efforts gain serious traction!

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LIKE YOUR HAIR'S ON FIRE

Why stocks are in for a roller coaster ride: NYSE trader

By Alan Valdes, Director of Floor operations at Silverbear

Fasten your seat-belts! In the next four weeks the stock market is in for a roller coaster ride. Today began Q3 earnings season. Oil is front and center, and we have a wild, unpredictable presidential election just 28 days away.

First and foremost for traders is Q3 earnings. This could be the beginning of one of the most volatile earnings seasons in recent memory. S&P 500 stocks are trading at a forward multiple of 17.0 times earnings—close to an all-time high. This is where the bubble broke during the dot-com fiasco.

The global oil glut is not going away

Oil is driving stocks lower today. Also, we have a slew of Fed speakers this week. As of last month, the mere talk of a rate hike sent the markets into a tailspin which, in turn, sent the dollar up. Today the US dollar index is up 0.74% to 97.64 and the US 10-year note hit 1.78%. All this puts pressure on the price of oil.

US crude, after reaching a high on Friday, was off by as much as -1.30% this afternoon and is trading below $51.00 a barrel. The real catalyst in knocking the price of oil down is a glut on the worldwide market. The US, which had a 40-year ban on exporting oil, is now a major exporter. US shale is now a major force in the US oil industry, and then there’s the reemergence of Iran, Iraq and Libya adding millions of barrels a month to this glut. Saudi Arabia, with all this talk of a freeze, is still producing record amounts of black gold. Given everything in play, the world will be awash in oil for the conceivable future. You may wonder how relevant OPEC will remain going forward.

Presidential election to get uglier

With only four weeks to go before we elect a new president, expect to see possible “lead” changes in the polls almost hourly. On Friday, it appeared as though Mr. Trump was done due to an 11-year-old explicit tape, which sent even Republicans scurrying for cover. On Sunday, during the debate, he may have changed his course, as Mr. Trump performed better than many expected. While Hillary Clinton still leads in the polls, WikiLeaks expects to release thousands of more leaks, promising to embarrass the former US Secretary of State. What effect, if any, these may have on the campaign, is anyone’s guess. One thing we can expect for sure, it will most likely get uglier.

Finally, the good news: jobs

One of the bright spots in the last week was the jobs report. Yes, we missed analysts’ expectations. But look past the headline number and you get to see a glimmer of sunshine. Hourly pay for production and non-supervisor employees rose 1.5% year over year. The labor force increased by 3 million in the past 12 months versus 738,000 the previous 12 months. The big number—full-time labor employment in the US—is now at a record high of 124 million.

With the holidays fast approaching, most expect to see seasonal spending increase by 4%. In an economy that is powered by consumer spending, this would be a welcome holiday gift to all investors.

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READING THE ABOVE TELLS US THAT NOW IS THE TIME TO PUSH YOUR DW BIZ LIKE YOUR HAIR'S ON FIRE! 

SHOPPING SEASON WILL BE BIG.
MERCHANTS WANT SAVINGS, TOO.
NO SECURITY IN STOCKS:  RESIDUALS FROM MERCHANTS/SHOPPERS IS FRUITFUL FOR ALL! 

When it comes to making payments there is a new king in town!

Sean's Tip Bundle 2 and 3, listen here!

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DW is throwing $$ at new Agent merchant-gathering:

Up to $2,000 EXTRA to sponsor and new Agent for merchant-gathering...see your interface for breakdown!

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Watch webbie in interface or download new Agent Prez.

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This $2,000 is about $2,000 MORE than previously,  because the DW comp is enhanced by this addition of these bonusesl


All the more reason to get a new Agent started TODAY!

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NEWS YOU CAN USE:

Move over cash: Plastic cards are now king of the world

Eli Blumenthal , USA TODAY 3:45 p.m. EDT September 27, 2016

(Photo: Martin Meissner, AP)

When it comes to making payments there is a new king in town, and it's plastic not paper.

In new research released Tuesday by Euromonitor International, payments made using credit, debit, charge and other cards will overtake cash payments worldwide for the first time in 2016, registering $23.1 trillion in consumer spending compared with cash's $22.6 trillion. Both numbers are up year over year, with card spending rising from $21.4 trillion globally and cash spending up from $21.8 trillion.

“This stagnant growth of cash payments signals a shift ... and is a major victory for card and electronic payments,” said Kendrick Sands, senior consumer finance analyst at Euromonitor International, in a press release.

What does the switch from cash to credit and debit mean for consumers? While they need to stay in control of their debt and watch out for interest costs and fees, there is a possible benefit, notes Michelle Evans, digital consumer manager at Euromonitor. Consumers can more easily monitor their budgets, particularly with debit cards, which don't require the same monthly payments as credit cards.

"Debit is the payment card that is most like cash," Evans says, "so if consumers like to use cash as a way to monitor their budgets, then debit is the best vehicle for that."

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