Gift Cards for Your Small Business

Gift Cards for Small Business: Why & How to Get Started

The blog below has everything you need to begin accepting and growing your business with gift cards. From choosing what type to various marketing ideas, you’ll walk away confident about how to best approach gift cards. Gift cards are useful for all businesses Gift cards are a win-win for both small businesses and customers. They provide a more thoughtful gift avenue than cash for consumers, and for businesses they help bring in new and repeat customers while fighting back against lull periods (I’m looking at you post-Christmas). Think about it. Every customer that walks into your shop or goes online searching for a gift card and doesn’t find one takes that business elsewhere and doesn’t spread the word about your business. You lose both short-term and long-term cash potential. This can really add up over time. Gift cards double as both a marketing and revenue tool simultaneously, so if you…

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Payment Reversal Explained

Payment Reversal Explained + 10 Ways to Avoid Them

If you’ve been in business longer than a month, you’ve probably experienced a payment reversal of some kind. Certain payment reversals (I’m looking at you, chargebacks), are so prevalent that business owners have to budget them into their expenses every month. The frequency of payment reversals is tied to an interesting intersection of technology, law, and product/market type. If your online store doesn’t do a good job with its descriptions, you may deal with more payment reversals. Or if your product is expensive and highly bespoke (think high-end mattresses or musical instruments), returns may be more common. Some payment reversals are just normal business. Others can be exploitations of fraudulent customers, but the burden of payment reversals is often placed on businesses. The major credit card networks (Mastercard, Visa, etc.) have more incentive to favor their customers, and it’s up to you to fight back when appropriate. The more systems…

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Chargeback Fraud: What it Is + How to Prevent It

Chargeback Fraud: What it Is + How to Prevent It

Chargebacks are often the bane of business owners existence — they’re tough to fight, expensive, and often frustrating. It’s often tough to discern between honest chargeback mistakes and actual chargeback fraud, and the burden falls on you to make the case for which transaction is which. This involves contacting both the bank and customer and providing accurate records of the transaction. Businesses have to deal with: Lost revenue Recovering or forfeiting sold products Eating transaction fees incurred during the fraud. And sometimes even more than that. And not only is it expensive to experience chargebacks, you also have to use hours of your and your employee’s time to fight them… sometimes it can feel like it isn’t even worth dealing with. Fortunately, there are ways to combat chargebacks efficiently, and with the right systems in place you can save yourself substantial amounts of money. But first, let’s define chargeback fraud:…

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Credit Card Surcharge: Fees, Laws & More Explained

Credit Card Surcharge: Fees, Laws & More Explained

The days of almost exclusively accepting cash payments are long gone, and electronic payments and credit cards are now the norm. Some new businesses are even opting out of cash altogether — deciding to save overhead costs by only supporting lean, cheaper merchant hardware. And these changes are happening for good reasons, no one doubts that electronic payments have dramatically improved financial efficiency and consumer convenience, but with that “convenience” comes additional fees — namely interchange rates & processing fees. And those fees really add up. So much so that many businesses have opted to add a credit card surcharge to payments conducted with cards to compensate for this loss. This is typically a low percent or flat rate. If you’re considering this in your business, you need to be careful. The laws around surcharges change often and vary state by state. Customers aren’t always thrilled by the practice, either….

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