How to Choose the Best POS System for Your Small Scale Business In this modern era, running a business is no longer a piece of cake. You have to face stiff competitions from your competitors and also look for new, better, and more effective ways to topple your competitors and boost your sales. There are several small business owners who look for the best POS or Point-Of-Sale for their business. If you are also one of them, then it is very important for you to understand the various tools that are important for your business to run and eventually grow. It is important for you to note that a good POS system will always allow you to process each sale securely and they always come with the best software that lets you take care of your various administrative tasks efficiently. What Exactly is a POS System? POS or point-of-sale allows you to ring up sales and also accept various payments efficiently. In other words, you may say that it is, more or less, like a cash register with its own … [Read more...] about How to Choose The Best POS System for Your Small Business
How to accept credit card payments
Some might say that a cash-only business is no longer an option. There are 364 million open credit card accounts in the U.S., according to a 2018 American Banking Association report, up 4.1 percent since 2016. Small businesses can’t afford to ignore a cornerstone of commerce, and accepting credit cards can actually increase their chances of success for a few reasons. A larger market An estimated 33 percent of consumers prefer credit as their primary payment form, according to a 2017 survey by TSYS, a payment processor. Small businesses that accept credit open their doors to a significant market segment. Indeed, customers who prefer credit cards possess a strong bias, enough to influence where they shop. A finder.com survey found that 45 percent of millennials won’t do business with a merchant that doesn’t accept credit cards; 37 percent of Generation Xers and 33 percent of baby boomers feel the same way. While not every shopper will use credit, providing the option … [Read more...] about 4 ways accepting credit cards helps small businesses
Last Updated Feb 28, 2011 4:49 PM EST When you run a small business, every penny counts. And one of the most maddening costs for a business owner is credit-card transaction fees. Well, I'm happy to report that one of the best merchant deals on the planet just got a little better. I'm talking about Square, the smartphone-based credit-card payment system. The reader is free, and you pay only a competitive per-transaction rate and fixed fee. Or, at least, that was the deal. As of last week, Square no longer charges a 15-cent fixed fee on payments accepted with the Square reader. Now, you pay only the 2.75% per-transaction rate. (Hey, 15 cents may not sound like much, but it adds up! If you enter a card number manually, however, the 15-cent fee still applies.) In case you're wondering, the industry standard for credit-card processing is around 2.95%, plus 30-45 cents per transaction. Many banks will also charge you a hefty merchant-account application and/or setup fee, which Square does … [Read more...] about How to Accept Credit Card Payments for Next to Nothing
Last Updated Mar 21, 2011 10:09 AM EDT Regular Business Hacks readers know of our fondness for the Square, a smartphone-powered gizmo that allows merchants to accept and process credit-card payments for next to nothing. We're so fond of it, in fact, that we named it one of the top business gadgets of 2010. So imagine our surprise when Verifone CEO Douglas Bergeron released an open letter -- and set up an entire Web site -- citing "a serious security flaw that Square has overlooked that places consumers in dire risk." What's the problem? According to Bergeron, the Square hardware (which plugs into your phone's headphone jack) is easily hacked, meaning criminals can "turn the device into a skimming machine in a matter of minutes." Scary, right? Well, yes, until you look at the facts:Verifone is a Square competitor, a Goliath to tiny upstart David. It would be one thing if Visa or MasterCard had raised concerns about Square security, but when a competitor does it, you can't help but … [Read more...] about The Square Credit-Card Reader Controversy: How Verifone’s Smear Campaign Went Bad
By Jason Steele/Credit.com Beyond the cold weather and snowstorms many Americans are facing this winter, a lot of us are also staring down a large tax payment. And when it comes time to pay what we owe, we actually have several choices when it comes to the method of payment. Unfortunately, many of us choose a form of payment that costs more than we thought it would. The cost of paying your taxes with a credit card The Internal Revenue Service authorizes several companies to accept credit card payments on its behalf. While this can seem like an easy way to make a payment, these companies charge significant fees. The fee for credit card acceptance starts at 1.87 percent of the amount paid, and can be as high as 2.35 percent. So someone who chooses to pay a $4,000 tax bill with a credit card will incur between $74 and $94 in fees. These same companies will also accept debit cards at a much lower cost, between $2.49 and $3.50 per transaction. So in most cases, taxpayers who are looking … [Read more...] about Should I pay my taxes with a credit card?