Deprecated: mysql_connect(): The mysql extension is deprecated and will be removed in the future: use mysqli or PDO instead in /home/a26f9f83/public_html/articles/includes/config.php on line 159
Increase Your Sales - Accept Credit Cards > NetSparsh - Viral Content you Love & Share

Increase Your Sales - Accept Credit Cards

Many people today simply prefer the convenience of paying by credit card. If you want their business, you must be able to accept their credit-card payments.

In part one of this series we will discuss why you should accept credit cards, and the basics of getting merchant status. Part two will deal with objections you might get, which credit cards to accept, and the check paying option.

Obtaining merchant status, which allows you to accept credit-card payments, might seem like an unnecessary hassle, especially for those in business where the majority of their customers pay by cash or check. But by not accepting credit-card payments, you lose sales. This is especially true if yours is a mail order business, or consulting business. Just look at the majority of business today, all of them accept credit cards, and becoming more and more popular all the time are debit cards.

As many businesses have found, up to 70 percent of people never mail the check, so accepting credit cards is crucial. When the customer places an order, he's excited and eager to buy. Faced with the prospect of sending a check, waiting for it to clear and then awaiting shipment, his interest is likely to wane. In the meantime, you lose sales.

The Basics of Merchant Status

In order to accept credit cards, you need to work with a bank that will transfer the money into your account within a day or two of the sale, and then collect the money from the customer. In return, you pay the bank a commission of 1.5 percent to 5 percent for each credit-card transaction; a set, per-transaction fee; and a setup fee. You will also have to pay monthly support or equipment-rental fees for a point-of-sale terminal-the machine used to swipe the card-depending on the contract.

The fee is based on two things, the average amount per transaction and the total volume for the year.

When you apply for merchant status, the banks evaluate your business based on its sales track record, the type of business it is, your credit record, the business's credit record and your overall financial picture.

Apply for merchant status when you get your start-up financing. This accomplishes several things. First, it shows that you've thought ahead. And you will probably have customers that you wouldn't have otherwise. In fact, some people don't pay with anything but credit cards.

Second, you show you're taking steps to minimize the time and expense involved in recovering bad debts. If someone writes a bad check, for instance, it will cost you time and money to recover the loss. If you swipe a customer's credit card through a point-of-sale terminal, you can be sure you'll get paid. The machine contacts the issuing bank to authorize the transaction and runs the account numbers through a variety of fraud-protection procedures.

In part two of this series we will deal with objections you might get, which credit cards to accept, and the check paying option.

Copyright 2004 DeFiore Enterprises

Interested in having your own successful, home based creative real estate investing business? Chuck and Sue have been helping folks start successful home based businesses for over 19 years, and we can help you too! To see how, visit http://www.homebusinesssolutions.com for the latest FREE tips and tricks, educational products and coaching in creative real estate investing and home based businesses. No time to visit the site? Subscribe to our "how to" Home Business Solutions Digest, it's like having your own personal coach: mailto:[email protected]

In The News:


Forbes

Eight Essential Qualities Every Great Sales Manager Needs
Forbes
The quality most important in any manager -- sales managers included -- is gravitas. Like obscenity, as defined in the famous Supreme Court case Jacobellis v. Ohio, when someone has gravitas, "you know it when you see it." Sales professionals will ...


Commercial Integrator (blog)

Why Your AV Business Sales Management Needs to be Like 'Nurse Ratched'
Commercial Integrator (blog)
Nurse Ratched has the rest of the inmates under control until Randall shows up and attempts to shake up the status quo. Bedlam ensues with a surprise ending —if you haven't seen the movie, it's worth your time —that may speak to your sales management ...

and more »

Sales Management Association Announces the Addition of a Sales Solutions EXPO to the Upcoming Sales Force ...
PR Newswire (press release)
ATLANTA, Oct. 5, 2017 /PRNewswire/ -- The Sales Management Association, a global cross-industry association for sales management, sales operations, and sales effectiveness leaders, announced the addition of a Sales Solutions EXPO to their upcoming ...

and more »

HuffPost

Is Sales Management Ready to Go Agile?
HuffPost
In The Ultimate Guide to Agile Sales Management, Houghton and the book's co-authors discuss 10 key agile management principles that enable sales leaders to maximize the efficiency and effectiveness of their sales force at scale - whether they are ...


Financial Times

Movers & shakers: October 23
Financial Times
He joins from MPL Management, a Luxembourg-based fund services provider. • Chris Hofmann has moved to BNP Paribas Asset Management as a senior sales manager in the ETF and index fund team. Ms Hofmann previously worked for UniCredit.


Cleaning boss swept all before him after redundancy shock
The Times
Sylvie Neylon had a mortgage and a young child when he was unexpectedly laid off from his job as national sales manager for a cleaning company in 2004. It was a big job and the company decided to split the role between three regional managers, leaving ...


The State Journal-Register

Illinois Lottery's new manager projects $4B in sales
The State Journal-Register
In this Friday, July 7, 2017 file photo, signs display the lottery jackpot prizes at a store in downtown Chicago. The Illinois Lottery announced Friday, Oct. 20, 2017, that the state has signed a contract with Camelot Illinois to serve as the state's ...
Illinois Lottery deal gives new firm higher base fee, extra 'incentive' payments and no penaltiesChicago Tribune

all 6 news articles »

Michelin's (MGDDF) Management on Q3 2017 Net Sales Conference Call (Transcript)
Seeking Alpha
The four of us would like to welcome you to Michelin's third quarter 2017 net sales conference call. Presentation was made available on group website together with the press release, I hope you could all access to our materials. For your information ...


Kansas City Business Journal

Becker: An outsider's look at keeping sales moving forward
Kansas City Business Journal
Sales and sales management techniques are intertwined with technology with respect to CRM (customer relations management), customer databases, client data and many more areas that work within a company. In addition, getting the appointment has ...


Business Wire (press release)

PureWRX Hires Europe Sales Management to Continue ...
Business Wire (press release)
PureWRX is pleased to announce that Spencer Mitchell has joined the company as Vice President, Europe – Middle East – Africa (EMEA), where.

and more »
Google News

Determining Sales Fit; the Key Growth Process for Your Business

Help your organization grow by assessing the right indicators in... Read More

Increase Your Sales Accept Credit Cards, Part 2

In part two we will discuss overcoming objections, which credit... Read More

The Product or the Sale

This is a quandary not unlike the chicken or the... Read More

Keeping Your Sales Team Motivated

Sales managers frequently approach me for advice on how to... Read More

Why Performance-Based Recruiting Produces Top Sales Performers

Many recruiting ads and job descriptions include "knockout factors" that... Read More

How Your 60-Second Elevator Script Can Transform Your Staff, Your Sales, & Your Business

When attending a Chamber of Commerce breakfast networking get-together, I'm... Read More

Project/Program Management Best Practices for Success in ANY Industry!

Where is our success? Although there have been improvements, over... Read More

5 Secrets to Managing Your Sales Manager Productively

Many people believe that the main reason for representatives leaving... Read More

How You Can Raise Your Business Earnings By 50% With An Age-Old Magic Truth

Imagine increasing your business earnings by 30, 40, or 50%.... Read More

Ten Awesome Ways To Incease Your Sales In Holidays

Everybody thinks that the businesses will slow down a bit... Read More

Not Enough Fresh Sales Leads? Marketing is the New Sales

Your sales are down and leads are rare. The phone's... Read More

The Spirit Of Change

A Highly Conscious Approach To Business Management. For more on... Read More

Outsourcing the Sales Function

Small to medium companies that want to increase sales or... Read More

A Coachs Handbook For Sales Managers

This article may be reprinted in its entirety with express... Read More

The Hardest Job Of A Trade Show

You've heard this before: There were four people named Everybody,... Read More

Hire A Six, To Consistently Produce Sales Success

For many years as a sales manager, I would only... Read More

Back-to-School List - 10 Tips for Trade Shows

There's a new year beginning now - the school year.... Read More

We Will Make It Back----- A Fictional Story Based on Fact About Sales Management Success

Bill Borders stepped up onto the podium. He had just... Read More

Building Trust For Lifetime Success

Trust.One word.One very powerful word that can increase both first... Read More

Is Your Sales Trust Factor High Enough to Win Against the Competition?

How high is your sales trust factor?Is it higher than... Read More

6 Steps to Avoid Losing Summer Sales

It's a fact - the online world dies down in... Read More

Retail Operations - Effective Branch Manager Support and Guidance

Performance and behaviour management is by far the most difficult... Read More

How to Sell Strategically

If you want to maximize your sales performance, take a... Read More

Do You Know How to Fire Up Your Sales Staff (When Money Isnt Everything)?

Money is the only thing that motivates a salesperson, right?... Read More

Promoting Your Private Label at Industry Trade Shows

So everyone thought you were crazy when you announced 6... Read More