Tag : credit card processing

Lead Management Fundamentals: How to close more leads? Part 1

“I’ll never buy another lead again,” so says a disgruntled sales person after failing to close quickly a lead he bought from a third party company.    Being in the lead business, I hear this all the time.  Rarely do you hear, “I’ll never advertise again.” Yet, in many cases 99% of the people who see your ad won’t buy your product or your service.   (Advertising serves other purposes like branding, but for most small businesses, advertising is to produce sales.) 

I once did a consulting job for a company that sold uniforms to Fire and Police depts ...

Stop Losing Deals over Poor Lead Management

My company has been doing lead generation for four years now.  We've learned something along the way. You would be amazed by how many leads are simply dropped a week or two after being generated.  The sales agents no longer calls or emails the prospects. 
Our company does an audit of the leads every six months.  During our last audit for our credit card leads, we found that 25% of the leads we sold, the merchant never got a call from our vendors.  25%.  I'm scratching my head.  Of the leads that did close, 15% to 20% were ...

3 Things You Need to Know for Your Small Business

3 Things You Need to Know for Your Small Business

Focus on Your Business to Stay Optimistic - Stop the distractions.  If you keep your mind on your business, you will find solutions for your problems. 

The Rise of Social Media as a Career - Social media is not for teenie boppers.  It's real and it's here to stay.  

The Price of Success is Hard Work - Enough said. 

Three simple tricks to lower your credit card processing rates

This is Dana Barrett with, where we help small merchants get a better deal.  As part of our small business prosperity series, I’m going to discuss 3 tricks to lower your credit card processing rates.

The first trick is to change your pricing plan to interchange plus or pass thru pricing.  Interchange plus is the most transparent and lowest cost plan available.  All the Fortune 500 companies are on interchange plus. 

However, most processors resist putting small business merchants on interchange plus pricing because the profit margins are so slim.   If your processor refuses, switch to one ...

Merchant Cash Advance: Part 4

Part 4 – Merchant Cash Advance How to Find Reputable Companies and Avoid Pitfalls

In parts one and two and three, I talked about what a merchant cash advance is, what the qualifications are, and  how it works.     In this segment, I will cover how to find a reputable cash advance company, and what pitfalls to avoid.

If you want to find a reputable merchant cash advance company there are several ways to do it.   I highly suggest that you get multiple quotes.  There are several reasons for this. The two most important reasons are you want to find a provider ...

Merchant Cash Advance: Part 3

Part 3 – Merchant Cash Advance How It Works

In parts one and two, I talked about what a merchant cash advance is and the qualifications.   In this segment, I will cover the cash advance payback, the payback period, the factor, the factor fee, and the daily retrieval rate.

So, your business has been approved for a cash advance.  In most cases, you will receive up to 100% of your monthly credit card processing volume or your monthly sales volume.  The total amount will vary from provider to provider.  The standard is 100% of your monthly credit card processing volume. So ...

Merchant Cash Advance: Part 2

Part 2 – Merchant Cash Advance Qualifications 

In part one, I talked about what a merchant cash advance is.  In this segment, I will cover the merchant cash advance qualifications.

A cash advance provider will look at your monthly sales volume and your monthly credit card processing volume to determine maximum advance amount.  Typically, the advance amount is equal to your monthly credit card volume and sometimes your monthly sales volume.  The providers use your credit card volume as proof of sales.  You can submit bank statements if you want to go the ACH route or if you want a bigger ...

Merchant Cash Advance: Part 1

Part 1:  What is a merchant cash advance?

This is Dana Barrett  with, where we help small merchants get a better deal.  Today, I’m going to discuss Merchant Cash Advance:  Is it right for your business?    This is the first part of a four part series. 

More and more businesses are turning to alternative forms of credit, because banks are not lending.   A recent study by Pepperdine University revealed that 60% of small business bank loans were denied in 2011.   To pick up the slack, private capital providers have stepped into the market.   

Cash advances are not ...

How Does the Durbin Amendment Affect my Small Business? Part 2

Part 2

In the initial part, I discussed what the Durbin Amendment is and how it affects your organization. In this segment, I will go over why merchants aren’t saving beneath Durbin and what action it is possible to take to ensure your small business realizes the Durbin savings.

Why aren’t merchants receiving the Durbin Amendment savings? The very simple answer is the fact that it is truly up to your processor to pass along those savings. If they have not passed those saving along to you, then they've kept them for themselves. That is what we ...

How Does the Durbin Amendment Affect my Small Business?

Part One

What exactly is the Durbin Amendment? Senator Richard Durbin from Illinois introduced the amendment in to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was passed by Congress in 2010. The amendment gave the federal government the power to set interchange rates for debit card transactions. The amendment went into effect in October of 2011 and considerably lowered the debit interchange rates by almost 95%. 
You could possibly be thinking, my organization does not take debit cards. I do not have a pin pad or give cash back. The truth is that more than 50% of ...

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