At the end of the year, we often start thinking of New Year’s resolutions. Here are 9 ideas for 2019 that can help you and your business.
We know some resolutions are hard to keep, but we assure you, these are pretty easy and most of them are a no-brainer, too – they won’t cost you anything.
– 1. Review your merchant services account at least once this year to look for areas of improvement. Make sure you are receiving the right level of services and leveraging their experience. Implement the latest technology with the tools in place to provide relevant, real-time data that can help you make the right decisions.
– 2. Set up a mobile platform for processing out of the office, on the road or in case of an emergency, rather than accepting card payments over the phone. The costs are much lower with chip “card in hand” processing and more valuable to you than waiting for a check payment.
– 3. Install a Point of Sale system. A new POS can be more efficient, easier to use, and offer newer security options, better re-marketing options and have integration with time-saving tools.
– 4. Activate inventory management processes and integrate with your Point of Sale system. Know what you are buying, selling and need each day, week and month in your business to reduce your overall carrying costs and out of stock issues.
– 5. Integrate with QuickBooks® for time-saving tools with easier bookkeeping and accounting for end of month reporting.
– 6. Set up secure, unique sign on system access for each employee or team member. Know who is doing what and ensure that only the authorized people are seeing sales figures or processing refunds.
– 7. Review your competition. Are they offering similar payment policies, such as payment plans, online payment options or surcharges on credit card payments? You want to be competitive not just in services and products offered but also the way they can pay for what you offer. (If you are surcharging and they are not, read more on this topic here.)
– 8. It might be time to improve your loyalty programs and/or add a branded gift card program. Everyone is looking for points or value-added benefits from using retailers, visiting restaurants and reasons to return to service providers. Be sure that you are giving your customers and clients the best service plus an added bonus to return again and again.
– 9. Add an online payment or subscription service to your website – it is easy and simple to set up. Plus, by eliminating 3rd party payment provider apps, you can streamline your receivables and keep everything under one merchant account giving you faster turn around and access to your money.
Before the year ends, you might want to make your list of resolutions. If you are still taking some time to enjoy the end of 2018, then be sure to schedule time in January or February. Consider one or a few of these ideas to help you and your business in 2019. Let us know if you have questions – we can help.
Happy New Year!!