Responding to Changing Market Needs
With an ever changing world of technology and commodities, how does a company stay the course and continue to develop the right solutions for its customers? One answer can be found in Peter Senge’s book The Fifth Discipline. He argues that only those organizations [learning organizations] that are able to adapt quickly and effectively will be able to excel in their field or market. Another potential answer can be found in Charles Fine’s Clockspeed. Fine notes that companies and individuals must simultaneously exploit their current capabilities while consciously and purposefully building new ones for the inevitable moment when the old ones no longer provide a competitive advantage. Rather you run an establish business, are developing a start-up company or are an individual employee; this principle applies. With the internet boom of the last decade information moves must faster and thus so does everything else. We have moved from industry to information and from inventory to internet business. Gone are the days when companies dominate their market for decades, and these shifts have impacted industries and individuals alike. Through all the chaos, bubbles bursting and a down economy, how does an individual create security? How does a business carve our market share and sustainable revenue? Although having a big bundle of cash would ease some worries, we believe that security is truly attained by developing abilities. The way to do this is by strongly pursuing excellence in the chosen field, learning from the experts and continually going through the business development process. It does not happen on accident but takes years of hard work to achieve . “We are what we repeatedly do. Excellence, then is not an act, but a habit.” ~ Aristotle...
Read MoreCard Payment Basics
In today’s marketplace, merchants are faced with a complex set of terminology and conflicting information when they look to set-up their payment processing options. In addition the payment card industry as well as the federal government are constantly changing rules and regulations when it comes to taking payment. From the most complex integrated solution to a single stand alone POS terminal, all card payments follow the same simple steps. How a Payment Card Transaction Works: A cardholder purchases goods or services from a merchant. The merchant sends the transaction information to an Acquirer (Merchant Bank) and is reimbursed for the sale less a discount rate. The Acquirer submits the transaction to the Issuing Bank for payment by either the MasterCard or Visa settlement system. The Issuer pays the Acquirer for the purchase through the settlement system The cardholder repays the Issuer for the goods or services originally purchased from the merchant. Below illustrates the process flow of a typical credit card transaction Merchants, large and small, established and brand new, benefit from accepting payment cards and telling their customers about it: Increased Sales – Customers spend more when they have options besides cash. An old truism says that the more ways you give a customer to pay, the more money you make. Customers paying with payment cards typically spend more. And the cost of accepting card payments is paid for and increases profit by the increase in gross sales. In other words, your business will enjoy higher average tickets and additional purchases that might not otherwise have been made. Customer Satisfaction Today’s customers demand the flexibility to pay How Where When they want. Electronic transactions save you time and money by… Automating manual store procedures Speeding checkout lines Providing better customer service Increasing cash flow Offering higher profits Whether it’s by debit or credit card or a specialty product, happy customers will be loyal customers. Safety and Slippage Electronic payments keep cash-on-hand at a minimum and reduce the opportunity for clerical mistakes and pilfering....
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