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Industry research confirms what we all suspect and even have experienced: consumers using credit cards spend from 20% to 250% more than those who rely on checks or cash.
The average cash payer at McDonald’s spends $4.50 while those using debit or credit cards part with $7.00. The theory goes that those handing over dollar bills want to conserve them, but those using credit cards focus more what they’re getting from their purchase.[ii] In short, this second set focuses more on that steaming burger than the money in their hand.
American consumers love convenience of credit cards. Where 66% use credit and debit cards to buy both items and services, just 27% use cash. Further, experts expect the number of cash-using consumers to drop another few points to 23% by 2017.[iii]
These statistics lead to one conclusion: even the smallest business needs to accept credit cards to maximize sales. While a large corporation can put a team on finding the best merchant services provider for their needs, small business owners must evaluate competitors in the minutes between running their marketing program, taking calls and re-stocking shelves. It’s not easy juggling so many tasks. We well understand the saying,
“It’s great having a small business.
You get to choose which 100 hours per week to work!”
If you are looking to accept credit cards while maintaining solid creditworthiness for your business, finding an ethical merchant services provider who will be your partner in success is critical. These steps will shorten and clarify your research process.
1. Understand that to be able to accept credit cards you need to create a merchant account with a third party so that the money can move from the customer’s account to the merchant or business owners.
2. Determine your monthly sales volume. This step will weed out the merchant service providers that have a monthly minimum higher than your volume.
3. Determine whether you’ll be processing transactions online or at a bricks and mortar location. Equipment and software options will vary depending on this factor. You may need to integrate your account with third party services that also charge monthly fees.
4. Determine how many times each day will you run cards. Estimating this keeps you from over-buying features you don’t need.
5. Determine whether you’d prefer to rent equipment ($20 to $50 per month) or buy it (several hundred dollars). If you’re not sure about the business viability, renting for the first few months could be your best option.
6. Create a comparison sheet with these features listed down the leftmost column.
• Transaction rates: the majority of small business costs
• Equipment and setup costs
• Customer service: critical for small business owners who are not finance or technology experts
• Contracts and service terms: make sure you have clear confirmation
• Funding and processing time
• EMV capability: for smart cards that read data from integrated chips rather than magnetic strips. Credit card companies switched to this method in fall of 2015.
• Simplicity of setup and use
• Possible third-party disintegration
• analysis and reports: to make your costs clear
• Types of processing
• Types of payments they accept: Visa, Mastercard, giftcards, debit cards and more
• Service constraints: what your merchant service provider WON’T provide
• Any additional features and benefits
7. Call the merchants you’re interested in and fill in the details.
8. Make sure the new merchant services integrate with any other ecommerce or other accounting software you currently use. Ask your tech people about the merchant services provider you’re considering.
A+ Rated First Financial’s Small Business Merchant Accounts
Accept Revenue-Boosting Credit Cards to Ensure Your Business Longevity
First Financial is the nation’s leading provider of merchant accounts, particularly for the high risk borrowers. Apply for a small business merchant account here. We know that lots of reputable businesses exist in high-risk categories like Information Technology, simply because they’re new. Fill out the application in minutes. Follow First Financial on Facebook to get smart budgeting and saving tips, too!
In August of 2013, New York Attorney General Eric Schneiderman charged Western Sky Financial with requiring interest rates of 300%, many times the state’s cap of 25%. More, several large e-check processors cut ties with all payday clients, making it impossible for check cashing, cash advance and payday businesses to serve customers.
The recent crackdowns have sent payday lenders scrambling for ways to keep their doors open. A+ rated First Financial has the reliable cash advance and payday loan merchant account services that keep you in business. We’re proud to help both brick and mortar and online cash advance and payday loan providers service their customers efficiently. Our fast approvals at competitive rates are the best in the industry.
Here is everything you need to get in business (or BACK in business if you’ve been dumped by another processor) as a payday loan or cash advance service:
As you can see, it’s just a matter of pulling up some files. Possibly you have them all in one place anyway.Once these documents are reviewed, we may request the business’ tax returns, statement of information and fee schedules for finalization.
Whether you’re just getting started, looking for a new merchant account to replace an existing one or scrambling madly after being dumped by your current processor, First Financial has the solution to stabilize your business. Apply online in minutes. Don’t forget to follow us on Facebook and Twitter for the frequent tips that will help your business thrive!
If you have an online business, accepting credit cards as a form of payment is absolutely critical to your success and your bottom line.
But if your business is considered high risk, finding the right match can be a daunting task.
So, what do you need to know about having a high risk merchant account before you begin looking for the right company to serve your needs? Here are nine things you should be aware of before you make a commitment.
Before you select a merchant processor, you need to know if your business is even considered to be high risk. The criteria can vary widely between providers, but one of the first things they look at is if your industry typically has a high rate of fraud or chargebacks.
If you’re not operating from the United States, this is another potential indicator of high risk. Certain categories like firearms, drug paraphernalia, or even auction sites may also be considered high risk. Find out if you fall into this category first so you can be prepared for the next steps.
If you have a high risk merchant account, you can expect to pay more in processing charges and billed account fees. The reason is that your processor is taking you on as a risk, so they’re passing the cost of that risk on to you.
You’ll also likely have to keep your contract with the processor longer than you would if you were not a high-risk client. On average, high-risk accounts must stay with the same processor for three years or even longer.
An auto renewal clause is usually included which can force you to remain an ongoing customer for periods of a one-year minimum after each renewal. If you want to cancel, you’ll likely get hit with an early termination fee.
Merchant processing plans can vary, so shop around until you find one that offers terms you can live with. Traditionally, these fees are charged on something called an interchange-plus pricing plan, although your rates will be higher than a low or no-risk account.
Find out if you can get a flat-rate pricing plan which will make billing a lot easier. If you discover that a merchant processor is charging extremely high per-transaction charges, you may want to steer clear. Compare rates and plans until you find one that’s within a reasonable amount.
The term rolling reserves refers to money that is set aside from the proceeds of your sales in order to cover certain expenses. These reserves will help pay for things like chargebacks, and they’re put in place to protect the merchant processor.
Since many high-risk accounts tend to go out business, these reserves are there to cover any unexpected costs to the merchant processing company. If you’re new in business, you can almost guarantee that this is a requirement. However, as time goes on, the rolling reserves should decrease as long as your account remains in good standing.
Any reputable merchant processor will give you a contract that spells out all of your fees and terms. Make sure you read this thoroughly before you make a commitment.
Look closely for different clauses that could cause you to pay even more than you expected. Some companies claim to specialize in high-risk accounts so they feel that they can charge their merchant accounts exorbitant fees. Do your homework and never sign anything until you’re completely comfortable with the terms and the cost.
If you’re ever in doubt about a potential merchant processor, ask your fellow business owners who they recommend. You can also read reviews online to find out which ones most high-risk customers are happy with, and which ones to avoid.
A quality payment processor will add some layers of additional security to your account. This can actually benefit you since it will help prevent fraudulent transactions and dishonest chargeback claims.
Requiring things like CVV2 verification is a good thing since it protects you and your processor from fraud. Ask your provider about what kinds of security measures they take to protect themselves and your business from unscrupulous transactions.
If you really want to lower the costs associated with a high risk merchant account, work diligently to prove your salt. This could mean anything from reducing or completely eliminating chargebacks to consistently showing a profit for a long period of time.
The longer your business does well and maintains its reputation, the better off you’ll be in the eyes of the merchant processor. Some providers may even reward their high-risk accounts with lower rolling reserves over time or even reducing fees as time goes on.
Ask several potential merchant processors what kind of benefits they offer high-risk accounts if they do well. You might be surprised at the progress and positive benefits you can reap once the business is more established.
Even if you operate a high-risk business, there’s no need to despair. With a few helpful bits of information and a little research, you can find a quality high risk merchant account that will serve your needs well.
Visit our website for more information about: High Risk Merchant Services.
20 years ago, it was amazing to have a book come right to your door from a little online store called Amazon.
Today, what’s even more amazing is that you can run your own little online store and send your own crafts and other products to your customers’ doors. Online services like Shopify and Miva have made it easy to open stores, bringing in side-hustle level money or even creating full-time gigs.
Collecting money is a critical aspect in online business success. Luckily, the ecommerce platforms make it easy to connect with merchant processors to make accepting credit, debit, PayPal and more payments simple. You will need both a merchant service provider and a payment gateway. It may be a few steps, but accepting a wide variety of payments only takes filling in fields online. You the ecommerce platform about the merchant service and payment gateway you want and follow the instructions to connect both to your bank account and website.
The good news is that technology has progressed to the point where vendors can have a store without a website. Google Shopping, Facebook Stores and Instagram shops sidestep the need for a website. Merchants simply list their inventory on their ecommerce platform and feed it out through a line of code.
Even better, most ecommerce platforms accommodate any merchant service provider you choose. To pick the right one, consider your business’s potential expansion and make sure your plan will accommodate that growth. Also, ask the merchant account service what specific features they offer for ecommerce shops.
Test All Software and Hardware
Quality software and hardware require a trial run before unleashing your business upon a market. It also gives you a chance to check out the customer service that comes with your ecommerce platform and your merchant account. Run through some experimental purchases. Get this done because when a glitch occurs in real-time with a real customer, you want to be able to get it taken care of quickly and with little thought or research. You risk not only alienating customers but ending up with chargebacks and returns.
Understand Fees Involved
Merchant account service charge a percentage for all transactions plus a flat rate for each transaction and a fee for each month. If the merchant service is asking for application, setup, programming, annual or termination fees, be wary. These fees are often considered unethical, and the competent providers do not require them.
Depending on the type of ecommerce business you run, you may be better off paying more up front but allows you to have a greater number of transactions each month. You have to look at your business and crunch the numbers to see what works best for you.
Finally, look in the fine print for “transaction volume caps,” or other charges. These can eat into your profits. Set daily or monthly transaction caps could prompt your provider to shut your account down. That’s the last thing you want if a surge in sales arises during a promotional or holiday offer.
Merchant Services Help You Increase Your Sales – Call 1 (800) 950-0212
Web designers with a niche can command higher fees.
While the growing demand for web design is something to celebrate, it also brings new designers to the market, making competition fierce. The freelance web designer needs to be an able marketer, coder and creative artist to earn a living.
Conquer the marketing aspect of running your own web design company by reading these tried-and-true tactics.
Today, the business website is critical not only to bring in new customers, but to establish credibility.
Capturing the true size of the market only starts with every business having a mobile-friendly website. Anymore, businesses are putting up separate websites for events they put on, books they write and communities they establish. Further, every entrepreneur starts one business only to spin off two or three others. As we discussed in our post, Web Design Outlook for 2016 and Beyond, demand for the average American job will increase by 7% until the year 2024, but the American economy will call for 27% more web developers and designers.
Long story short: there’s enough business to go around. Designers with niches (restaurants, finance, healthcare, retail, etc.) can begin to build deep expertise. They learn characteristics not only of their clients, but their client’s target audiences and referral partners. Further, they learn the legal limitations and opportunities for everything they can say on the website. When a web designer can convince a prospect they learned from the successes and failures of past attempts, they gain credibility . . . and more money. Most businesses would prefer to pay a little more to get the job done right the first time.
Everybody knows how to network through their Chambers of Commerce where they meet people in all industries. Finding niche networks helps the web designer hear all of the participants’ pain points, complaints, opportunities and successes. This information eventually becomes very valuable, as the informed web designer can explain the prospect’s issues before he or she even has a chance. Networking events also gives you opportunity to meet new talented people, create connections with them and eventually find potential customers.
Putting on a presentation or attending a meet-up in your niche also gives you the opportunity to connect on a personal, face-to-face basis. Even volunteering your skills for an organization showcases your talents to your selected niche.
This is the best way to show off all your skills and experience on web designing. This lures customers and make them interested in your capabilities. You can attached this to your own website or any owned social media accounts.
You can go general in your portfolio. Do not just limit your portfolio to skills and experience related to web designing. You can go general and make people see your other talents. They might serve as an additional asset so keep your portfolio versatile.
You can collaborate with field related businesses like web hosting companies or web developers. In this way, you are actually operationally putting your skills to the test. You can also offer more to your clients with the additional features and services from your partner companies, an advantage in keeping up over other competing web designers.
If you want to make your customers happy, you need to make them feel that you genuinely care for them and can provide them quality service and output with personal intentions even after you are done making your work and have been already paid. There are customers that need to be wooed and need to be given nice gestures, compliments to win them. Gifts and like chocolates and cupcakes, as well as holiday greetings or anything that reflect you as devoted and friendly can win them over. This also includes your way of advertising your service. Try to be a bit provoking and trendy that can catch someone’s attention.
These are the 5 most helpful tips in marketing planning for web designers like you to be successful in the industry. Remember that you have to be versatile to new strategies and techniques so that you keep up with the new trends and demands. Attract customers, make them happy, and you will be successful. When you go to collect credit card payments, remember to apply at A+ Rated First Financial, where high-risk businesses like web designers get the best merchant accounts.
Some gun shop owners make six figures each year!
In fact, in 2013 American companies alone produced 11 million guns and sold all but 440,000 right here in the 50 states. Americans and U.S. companies imported an additional 5.5 million.
Gun ownership’s bright strand in the fabric of American identity promises a stable future for firearms and ammunitions companies.
The following are the three most related businesses you can actually start as being in the firearms and ammunitions industry:
Start Up Costs: $2,000 – $5,000
Typical Salary: $50, 000
Gun lovers with excellent shooting skills, patience and an affinity for social interaction can consider training others on the proper use of guns. The numbers of gun owners are only growing and these new clients need someone to help guide them in their new hobby. With many Americans now taking self-defense with firearms classes, demands for firearm training instructors have tripled in just the last few years. What a good way to start being paid for something you love!
Those interested in becoming firearm instructors need to explore state regulations. Having a Department of Justice certification will go far in credibility for your career. Some states only require a reasonable apprenticeship and passing of the Firearms Safety Test.
Once licensed, market yourself and your services is by networking at shooting ranges and gun clubs and seminars. You should have a full roster of clients in no time.
Start Up Costs: $1,000
Typical Salary: $60,000 (full-time)
Gun hobbyists who like to work with their hands and would enjoy exposure to many styles of firearms can put out a shingle as a gunsmith. Many take gunsmithing up as a “side hustle,” a way to supplement a regular income.
Anyone close to the gun community knows that people treat their weapons gingerly and almost with beloved-pet-level care. In other words, gun owners spend on their guns!
While a hobbyist can begin charging at any time, having some training establishes credibility. Still, getting a credential from the American Gunsmithing Institute will add to your skills. Similarly, the Modern Gun School in Wilmington, Delaware has trained thousands of gunsmiths already. Still, many schools exist around the country, many of which have courses you can take online.
As you start your business, keep in mind that many gunsmiths fail because they don’t charge enough to cover expenses. Tally up your operating costs before beginning, and create prices that ensure a profit.
Also, just like other business, you need to market your service. Having a table at a gun show, networking at firearms conferences and getting to know your local gun clubs and shooting ranges all help you get your name into the community. Stimulate word-of-mouth marketing by asking your clients for testimonials, preferably posted on Google or Yelp.
Start-Up Costs: $10, 000 – $50, 000
Typical Income: $10,000 to $1,000,000
If you have the money and some business experience or savvy, opening a gun shop is the best way on getting paid for working in the firearms and ammunition industry. Starting a gun shop can costly and time consuming, however. Your first year show a loss of income rather than a profit. It doesn’t start with finding your location. There are many arrangements to make before ordering your first case of shells.
Get ready to:
Firearms trainers can earn $50,000 per year.
Americans cling fiercely to their guns. With the surge of terrorism both domestic and international, most want effective ways to protect their families. The firearm and ammunition industry will continue to grow over the coming decade. Your full-time or side gun business can be both enjoyable and profitable! When you go to accept credit cards, don’t forget that First Financial is the national leader in providing merchant accounts for businesses in high-risk industries like firearms and ammunition.
Don’t let chargebacks sink your profits!
Data breaches at Target, Facebook prompted the major U.S. credit issuers to insist on the EMV chip in October 2015. The move has made it much more difficult for fraudsters to create counterfeit cards, saving both companies and consumers money and headaches. According to Stephanie Erickson, vice president of risk products at Visa, the shift working: merchants are reporting less counterfeit fraud.
We applaud anything that reduces expenses to both businesses and their customers, but EMV has created another, although less costly, issue: chargebacks. Chargebacks occur when the card issuer holds the merchant liable for a payment transacted by a thief using a stolen or counterfeit card. Where once the banks absorbed much of these charges, today they are not so amenable. One payment network reported 250,000 merchants had experienced an 50% increase in chargebacks on card transactions. In effect, the banks, card processors and issuers are putting the burden of vetting for fraud on the merchants.
A few merchants aren’t accepting this responsibility. Claiming a lack of preparation time, they are now suing issuers. Networks counter that five years was plenty of time for even the smallest business to prepare for the increase in chargebacks they warned could follow the shift from magnetic stripe to EMV.
Merchants must know that if they have not yet switched to EMV terminals, they are liable for most of the chargebacks the banks had been absorbing. The top merchants affected have been gas stations, restaurants and quick service merchants like vending operations. It seems that large cities, college towns and border areas are the most likely to be the most tempting targets for thieves looking to take advantage of those who haven’t switched to EMV equipment yet. Smart criminals are avoiding the EMV terminals, another reason to get them into your stores. When a criminal successfully uses a magnetic stripe card at your business, you will get a chargeback and be liable for the purchase.
As mentioned above, Visa, Mastercard, and others have been adamant that merchants pay these charges. However, there are solutions that can limit the damage the EMV shift has brought to your high-risk business.
Getting your merchant services streamlines is a great relief.
Magnetic strips on credit cards are just too easy for thieves to copy. Beyond this fact, credit card issuers now levy fees—often in the form of chargebacks—on merchants who do not use EMV technology. They want their customers to feel protected by offering the best, most secure, products. But this system doesn’t work if the merchants refuse to hold up their end.
When considering your options for taking credit cards, know that you’ll need a merchant services processor or merchant service account to safely process your transactions. A+ rated First Financial specializes in high-risk merchant accounts. Simply click here to apply and you’ll be able to start taking credit cards within 48 hours!
Software and software-as-a-service products have been booming for the past 20 years. Anymore, it’s not just computers and cars that need software. It’s high-end coffee-makers, showers (really!), and the refrigerator. The Internet of Things (IoT) makes it so.
When these ubiquitous household devices need setting up and troubleshooting, chances are, the average American becomes incredibly FRUSTRATED. That’s when they get online with tech support.
IBISworld.com, the leading premiere business industry research website, has found that the tech support industry will grow “faster than the average for all occupation.” over the next ten years. The U.S. Bureau of Labor Statistics (BLS) concurs in its findings that computer/tech support specialist will increase 17% from through the year 2022. The U.S. Department of Labor also mentioned that the computer systems services industry is one of the economy’s “largest and fastest sources of employment growth.”
If the proliferation of the Internet of Things doesn’t convince you, consider the software-as-a-service companies like DropBox, Sales Force, and Google Apps. Even Microsoft Office 365 now lives in the cloud. Downloading a $600 program will be replaced by a $20 monthly subscription that the provider hopes lasts three years or more. Where once, Photoshop and the graphic designers who used it cornered the market, today, consumers have turned to SaaS products like Canva and PicMonkey, much of which can be used for free. And yet . . . they can be confusing to a large portion of the population. U.S. based technical support services have no place to go but up.
The tech support company’s potential is most often hampered by capacity. After all, one forward-thinking entrepreneur can’t answer all the calls 24/7. Every tech support company needs a reliable workforce. Where then, can an American entrepreneur find the professionals who can help him or her competently guide consumers past their set-up instructions and general confusion? More, where can a technical support entrepreneur find people at a labor cost that will keep him or her in business.
To pay one-third or less for technical support staff, entrepreneurs must go overseas. Those who aren’t off-shore human resources specialists must depend on third parties who’ve become experts in these fields. A few include:
Once these services provide you with candidates, you can vet them with you own list of questions. We suggest choosing from the following:
Anymore, every business owner must be able to process credit and debit cards via the internet, particularly tech support.
If you’ve learned that banks consider your tech support business to be high-risk, you may have to consider alternative merchant services providers to make monthly payments possible. With lower marketing costs and overhead, reliable internet merchant services providers provide all the traditional bank safety at reasonable rates.
Aware that categorization as high-risk can be arbitrary, First Financial specializes in these cutting-edge, often new, industries. The computer hardware industry was once considered high-risk because banks considered PCs and Macs unproven. Now every family has one or more for each member! Apply for our tech support merchant services today here!
 Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2016-17 Edition, Computer Support Specialists, on the Internet at http://www.bls.gov/ooh/computer-and-information-technology/computer-support-specialists.htm
Recently, a Forbes article even positioned multi-level marketing as a solution to America’s current retirement savings crisis. After conducting his own research on the multi-level marketing industry, the once-skeptical Forbes author and self-proclaimed retirement activist Robert Laura states, “I no longer perceive these types of opportunities as money-making pyramid schemes. Instead, I now see it as a way to enhance many of the personal aspects of retirement.”
Laura isn’t alone. Some of the nation’s strictest number crunchers concur.
IBIS World, the renowned resource for industry trends, reported that direct selling companies (aka the multi-level marketing industry) has shown annual growth each year over the past five. IBIS World predicts that, “the industry is expected to continue to grow, driven by improved consumer confidence.”
The Direct Selling Association Growth & Outlook Survey also forecasts a robust future for multi-level marketing. Not only has the industry grown every year since 2009, the 5.5% increase in revenues from 2013 to 2014 entices anyone looking to make a living selling unique products through community connections.
Springboard Your MLM Business on 2016 Trends
As much as industry pundits’ perspectives support multilevel marketing’s potential, staying current on the prevailing trends in the industry maximizes sales. Consider:
• Tie-ins Boost Sales: Tailor your product to your clientele, regionally. Tie in your product with a popular local festival, or any other popular seasonal event. Whether it’s a tie-in to a new Star Wars movie, or maybe a “back-to-school” sale bonanza, incorporating a fun theme keeps customers upbeat, and certain you’re looking out for them.
• Technology/Mobile Boosts Sales. Hit up your home base for any and every mobile solution they have. Leverage their sales and marketing apps, presentations and the screens that help you sign-up new recruits and customers via smartphones. Make sure ease of online payment is evident on these apps.
• Social Media and Email Keep You Connected. The Facebook group you create gets your messages to your team on a platform they most likely check daily anyway. Email (no more than weekly!) to both team members and customers keeps your business top of mind.
• Videos Familiarize. Don’t forget to post videos of yourself using new products, and then feel free to email/post on Facebook and YouTube. When your potential customers can see the product in action, they get more excited about experiencing it firsthand.
Multi-level marketing revenue has gained ground since the economic downturn. Many Americans who lost their jobs in the wake of the recession established direct selling businesses as a means of income due to the relatively low start-up costs. As we approach 2020, the industry is expected to continue to grow, driven by improved consumer confidence, improving employment figures and disposable income. To get the multi-level marketing merchant account customers trust and appreciate, apply today!
If you are in the business of providing student loan consolidation services, you may be concerned about the negative news coverage. Recent findings tell us concern over reliability is nonsense. In 2015, the Consumer Financial Protection Bureau declared the student lending crisis overblown.
The truth remains that banks consider student loan consolidations less risky than school-issued loans. Original loans go to students in the midst of their studies. Some haven’t even declared a major yet. Consolidation loans, on the other hand, require that the student has graduated, is employed, and has a track record of repayments on outstanding consumer debts. These three criteria reflect an individual in a far less risky situation.
Another benefit of student loan consolidations over government loans is that the enrollment application process is easier to navigate and less complex than enrolling for a Federal student loan.
The whole student loan consolidation service industry has grown. In the United States, the outstanding student loan debt currently stands at more than $1 trillion dollars. The Consumer Financial Protection Bureau’s did an analysis that indicated 1.58 million student borrowers were enrolled in a repayment plan that was income-driven.
The student loan consolidation industry is starting to change. The latest trend indicates that rather than focusing solely on a student’s FICO score, loan consolidators are looking more towards a student’s earning potential based on the college diploma earned. Even with a low FICO score, a student can still be considered creditworthy with a degree in a high-salary subject (engineering, e.g.).
Another trend bodes well for the industry. Graduates are still able to refinance a federal student loan through a private consolidation service without losing the protections from a federal student loan.
Federal Student Loans Are Not Necessarily Secure
Once you convince your clients that private student debt consolidation works as well for recent graduates as public version, success in the student debt consolidation industry follows.
Explain to clients that the government itself in in currently debt by more than 19 trillion dollars. If a student gets a federal loan, it is basically backed by that national debt. Federal funding for a student’s education runs the risk of becoming null and void. A private firm student loan, however, is backed by private lenders, and potentially more reliable.
The Merchant Account Connects the New Grad and the Loan Provider
You may have already learned that your student loan consolidation business falls into the high risk category. Don’t panic about obtaining a merchant account. First Financial specializes in high risk industries and will make sure you can process the payments coming in. Read about our student loan services merchant accounts here!
Those in the tech space have been watching the “Internet of Things” approaching for a while now. This development alone ensures that plenty of consumers will be needing tech support in the coming decades.
Evolving technology drives the products software and hardware companies continually release. For any business to remain competitive, maintaining up-to-date computer technology is a must.
New in the 1960s, computers flew off the shelves at the rate of 264 million in 2015 alone! This figure doesn’t even factor in laptops, cell phones, ipads, or any of the other myriad of gadgets that make our world run smoothly today. In fact, the huge proliferation of cell phone/tablet/ipads, etc., means that users are demanding efficient WiFi connections to perform work functions effectively wherever they are. This means the tech support industry will always be in demand.
In God We Trust . . . All Others Must Bring Data
Need some good research to give you confidence?
According to IBISworld.com, THE premiere business industry research website, the tech support industry will continue growing steadily over the next ten years. The report further explains that computer and IT occupations will grow “faster than the average for all occupations.”
In addition, the U.S. Bureau of Labor Statistics (BLS) states that computer/tech support specialist jobs are expected to increase 17% from through the year 2022. This should come as no surprise, considering the constantly changing technical landscape, requiring a constant source of mobile phone assistance, cloud computing expertise, and large data storage.
The U.S. Department of Labor also mentioned that the computer systems services industry is one of the economy’s “largest and fastest sources of employment growth.” The same source added that companies have accepted that the complexity of computer interfacing and connectivity demands means that the business owners “choose to hire an outside IT company rather than hire specialists in-house.”
Endless Possibilities for the Tech Support Industry
This is all excellent news for those in the tech support industry! The services offered in this arena are seemingly endless: network support, IT assistance, custom software design, repair and maintenance, computer programming, hardware and software management, designing integrated systems and even customizing software.
The business world will always need tech support experts, because the average business owner doesn’t have the time or the know-how to keep up with today’s complicated phone/computer updates and troubleshooting. These areas have just become too complex. They must depend on the reliable tech support workers to keep a company afloat.
Another fact that supports the tech support business is how prevalent obtaining low-cost labor can be. An estimated 43% of companies in the US use an overseas outsourcing for a portion of their IT needs. This workforce is fluid and inexpensive, ensuring you can quote by the job.
Today’s economy has separated the tech support professional from the user, often by thousands of miles. Sending checks is not longer feasible. Anyone starting a technical support service must be able to process credit and debit cards via the Internet. You may have already learned that your tech support business falls into the high risk category, making it tougher to get a merchant account. First Financial specializes in high risk industries and will make sure you can process the payments coming in. Read about our tech support services merchant accounts here.
‘Tis the season when throngs of holiday shoppers inevitably create increased traffic to your retail or internet-based business. Did you realize that 40% of U.S. consumers plan to spend more even more on their holiday shopping in 2015 than they did last year? It would be a waste NOT to grab those customers’ contact information, so that in the future those same customers can continually be reminded of your products or service. How can you acquire your customers’ coveted contact information without seeming pushy? It’s easy, if you follow these five simple
1. Have a raffle contest
Is there a particularly popular item that your customers are craving? Offer it up as a raffle prize! You can also offer up gift cards or perhaps “50% off!” offers as potential prizes. Have entry forms available for customers to fill out, and then ask for their email and/or home address. You can also hand the entry forms to your customers after they make a purchase. (Be sure to include some text on the form indicating that the customer, by filling it out, is giving your store permission to contact him or her in the future.)
2. Provide email-only coupon deals
Consider placing sign-up sheets in various spots within your retail shop for customers to fill out in order to receive online-only emailed coupons. You can even consider providing a monthly e-newsletter if time permits, in which your customers will be guaranteed exclusive savings if they sign up. This is also a great opportunity for you to tout those new products, and build up momentum for future sales.
3. Have a holiday-themed coloring contest for children
Parents are overjoyed to include their offspring into the joy of the season. This is why you should have a holiday-themed coloring contest where children can color in a picture of, perhaps, a snowman holding your product, or even a Santa figure touting your service. In the event that a particular child should win the coloring contest, parents will be required to fill out their contact information on the lower corner of the coloring sheet, including their email address and phone number. Voila! You now have your customers’ contact information.
4. Encourage your customers to post their holiday photos with your product.
Did you know it is predicted that by 2016, 25% of all retail ecommerce sales in the U.S. will take place through a mobile devices? Take advantage of those cell phone-savvy customers by encouraging them to post their selfies with your product onto your social media locations (i.e., Facebook/Instagram/company website). You can even provide a fun holiday-themed store backdrop for these customers pose in front of. If it’s an online business, ask your customers to post a photo of them holding your product while wearing an “ugly Christmas sweater,” for example. You can then get their coveted cell phone numbers or email addresses, and send them special deals in the future.
5. Just ASK for your customer’s contact information when completing a sale.
Be vocal and ask your customers for their contact information when you’re completing their sale, so that they can receive special discounts or freebies. You don’t want to be too pushy, though, if they refuse. Also, once you get their contact information, don’t go overboard with the email offers. The a monthly or quarterly email deal should suffice. If you overdo those emails, your customers will simply delete all future emails from your business. So exercise good judgment when it comes to making follow-up calls and/or emails.
First Financial Will Help Your Business Attract New Customers this Holiday Season
Take advantage of the holiday crowds, and parlay those customers into future shoppers that will continue to be excited about your products or services. As long as you get their contact information, your business can continue to remind these customers about the wonderful merchandise you carry. First Financial can help your business grow. We are the nation’s leading provider of merchant accounts, particularly for the high-risk borrowers. Apply for a small business merchant advance here. It only takes a few minutes. You can also follow First Financial on Facebook for even more tips on how to successfully
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