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Economic Forecast 2012 for Small Business

The last three years have been extremely difficult for small businesses.  In 2009 alone, there were nearly two hundred thousand small business closures than business openings.   

The good news is that the economy will not be getting worse.  The bad news is that we are in a stagnate economy.  The growth projections for the next four quarters will not be more than 2.0%.   We need at least 4% quarterly growth to get us out of our economic funk.    With the economic uncertainty going into the election year and no real boom industry on the horizon, 4% will be difficult ...


Trends in Credit Card Processing for Small Business

The biggest trend continues to be the Durbin Amendment. Small businesses received the biggest reduction in their credit card processing charges in the history of the electronic payment industry.  Most small businesses will not realize these savings unless they take action. 

As part of the Dodd – Frank Wall Street Reform and Consumer Protection Act of 2010 passed by Congress in 2010, the Durbin Amendment was written to give the Federal Government the power to set interchange rates for debit card usage.  Essentially, this amendment significantly lowered the rates beginning October 1, 2011.

In the past, debit card processing rates, or ...


1099 Reporting for Small Business

1099 Reporting.  If any payments to vendors over $600,  you must issue a 1099.  Failure to do so can result in a fine per violation.  This reporting is going to cause a lot of headaches and wasted hours filing reports.  These are the requirements from the IRS website.

IRS FORM 1099 REPORTING REQUIREMENTS

The Internal Revenue Service (IRS) requires businesses (including not-for-profit organizations) to issue a Form 1099 to any individual or unincorporated business paid in excess of $600 per calendar year for services rendered. This is required whether these payments are spread out over the course of the year ...


Trends in Merchant Cash Advance

The great news is that the factor rate of merchant cash advances continues to come down.  A merchant cash advance is like a loan, but based on your businesses future sales.  The industry is unregulated so the advances are made much quicker without all the paperwork, and financials.  The advances are unsecured.  Those are the advantages. 

The disadvantage is that the factor rate is higher than a bank loan interest rate.  Only a few years ago, the factor rate was around 1.35.   Now, the factor rates have come down through market competition.  It is possible to get a 3 ...


How small business can exploit Groupon

The Groupon phenomenon has grown like wildfire.  If implemented correctly, a Groupon campaign or a living social campaign can significantly transform your business and increase your bottom line.   Let’s be honest, a successful Groupon campaign is not cheap.  Groupon wants you to give at least 50% off to its members.  Then Groupon splits the upfront money.  So you are giving away 75% of your product and service.   If you have a 50% margin, then the campaign will cost you 25% of the wholesale price minus the percentage of no shows which is usually around 10%.  

For a Groupon campaign ...


Top 10 Keys to Lower your Credit Card Processing Costs

Top 10 Keys to Lower your Credit Card Processing Costs

1.     Switch to Interchange Plus Pricing

2.     Know your Business Type

3.     Get set up under the correct Visa/MasterCard Program

4.     Know your card mix and average transaction

5.     Use Latest Processing Technology

6.     Review your statements (at least every 6 months)

7.     Accept All Card Types and transaction methods

8.     Be in Contact with your account executive

9.     Get multiple bids for card processing service 

10. Buy value – not price

Introduction

Blindbid is conducting a series of whitepapers to empower small business merchants to save on their processing ...


Advantages of wireless processing

Credit card payment has become commonplace nowadays, which is why most retailers are now using credit card processing services in order to provide this payment option for their customers. Some even went beyond that and turned to wireless credit card processing. How exactly does wireless or online credit card processing work, and how will this benefit your company? This article discusses all the information you will need to know about this payment option.

How does wireless credit card processing work?

Wireless credit card processing works essentially the same way as ordinary credit card processing, in that a customer can use ...


Credit Card Processing for small business

The retail and business industry today continues to challenge itself by providing merchants with technology that can help them, no matter if they are considered to be small business, to run with the bigger corporations and companies.

One such technology that these businesses can use are credit cards. However the problem with credit cards is that it would require people to get the necessary affiliation before they can accept credit card payments on the fly. This is why there are a lot of new businesses that are called credit card processing for small business or better known as merchant services ...


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