Keep Your Data Under Lock and Key And Avoid Embarrassing Information Breaches
A business owner must work with his or her employees to protect customer and employee information. In fact, this is a huge task that many businesses fail to take seriously enough and because of that, serious problems often result.
Fortunately, one can easily develop a comprehensive strategy that protects your enterprise information and saves your business time and money.
1. Secure Your Payment Information
When it comes to credit card processing, there are several measures you can take in order to protect your finances and client information.
When making any kind of payment, consumers look for security and convenience in that order of priority. Cash and checks are the most secure forms of payment, but they are slowly on the way out due to the convenience of card transactions and the convenience of not carrying jingling change in your pockets or worrying about losing your cash to pickpockets. Credit and debit card transactions are on the rise, with close to 66%of all in-person transactions last year being completed with plastic cards, according to Javelin Strategy & Research market report on retail point of sale.
Add to this the smartphone proliferation into our day-to-day lives as we manage our communications, socialize with friends and watch or listen to entertainment on the go. The logical result of these trends would be the convenience of using a mobile or smartphone as a form of payment instead of cards or cash. There are many experiments, field trails and actual transactions already happening this way.
Let’s look at Google Wallet as an example. Google Wallet enables…..
What do Hispanic small business owners want? Zions Bank, recognizing the growing Hispanic community in Utah, has turned to analytics software to better understand the needs of Hispanic and Asian consumers and businesses in its markets.
“Our mission was to provide Hispanic and Asian communities the opportunity to have banking services and to have more access to capital on the business side,” says Juancarlos Judd, senior vice president of the $53 billion asset bank, which is based in Salt Lake City.
Utah’s 2012 population was 2.8 million and non-white communities comprised 20%, reaching nearly 600,000, 67% of which Hispanic. Utah’s Hispanic aggregate income is projected to surpass $6 billion by 2017.
There are also burgeoning small business opportunities within this market. “Utah is a very entrepreneurial state, so by nature immigrants coming in are entrepreneurial themselves, it’s a really good place for thriving small and large businesses,” says Judd.
The bank has been using business intelligence software from Geospace to better understand the Hispanic market.
“You start out thinking you need Spanish language support, but it’s much more a matter of identifying the needs of every consumer,” says Judd. Continue reading
Online payments company PayPal launched a lending platform today whereby small-business owners can apply for access to capital and be approved in minutes.
Called PayPal Working Capital, the funding tool allows business owners to pay back their loans based on a fixed percentage of sales. For example, if you opt to pay back your loan at a 10 percent rate, and you bring in $500 in total sales one day, $50 goes toward paying off your loan. If you bring in $5,000 in total sales the next day, then $500 goes toward repaying the loan. If you make zero sales on a particular day, you don’t make any payments on your loan.
The other unique aspect of the PayPal capital access product is that borrowers pay a single fixed fee for the loan. The faster a business owner opts to repay the loan, the smaller the fee. Many loan products have multiple, hidden fees associated with late payments, initiation, processing and even early termination fees. The PayPal loan product prides itself on being exceptionally transparent about the entire cost of the loan up front. Continue reading
Introducing a credit card payment option is a great way to enhance customer satisfaction. Most shoppers prefer using credit and debit card when shopping online. In America, people have become more dependent on credit cards.
Thus, for small business owners, integrating credit card processing is a huge advantage over competitors. Using credit cards is convenient and easy for both the business owner and the customer. However, if not correctly implemented, credit card processing could be risky for small businesses.
Needless to say, online credit card processing is highly vulnerable to the illicit acts of cyber criminals. Nevertheless, there are several ways on how entrepreneurs can effectively integrate a credit card payment option with their small businesses. Continue reading
As many as 40 percent of small retail and service businesses are using some form of mobile payment technology like credit card readers, according to the latest findings from the Local Commerce Monitor, an ongoing study by BIA/Kelsey that looks at the advertising behaviors of small and medium-sized businesses (SMBs).
Mobile payment acceptance has been gaining significant traction with these businesses, who state that they now accept payments at the point of sale with a mobile credit card reader attached to a smartphone or tablet. Credit card reader devices are now available for most smartphones, from technology companies like Intuit, PayPal and Square. As much as 16 percent of respondents said they plan to add mobile payment capability within the next year.
Many small businesses are also turning to mobile to get customers in the door, with 32 percent of the small businesses surveyed are also using some form of mobile advertising to promote their businesses, up from 28 percent in 2012. Continue reading