Boost Your Business Success: 5 Must-Read Articles for Partnerships, Merchant Accounts, Expired Domains, Flash Sales, and Email Security.

In this season of growth, let us embrace the challenges that come our way and transform them into stepping stones to progress. As we reach for new heights and conquer the once seemingly insurmountable milestones, we offer you a treasure trove of invaluable resources. Expand your horizons, explore uncharted territories, and discover new dimensions within your business. From mastering the art of thriving flash sales to selecting the perfect business partner with finesse, and safeguarding your business against fraudulent sign-ups, our offerings will be your steadfast companions on the path to financial liberation.

May your journey be filled with remarkable success,

Daniel Dias

Valuable Guidelines for Identifying the Perfect Business Partner

Being an entrepreneur is a demanding job. From managing daily business operations and employees to securing funding, to promoting your brand, the tasks can seem endless for a single individual. In such circumstances, recruiting a business partner can be a game-changer.

A capable business partner can significantly reduce your risk and potentially contribute more to your business than you could alone. However, they can also present unique challenges. Before we delve into choosing the ideal business partner, let's first examine the advantages and disadvantages of having one.

Benefits of a Business Partner

Multiple advantages can stem from having a business partner.

Firstly, a business partner provides additional manpower, allowing you to accomplish more. They can assist with various business tasks such as marketing, networking, research, sales pitches, and more. Thus, you don't have to bear the burden of these tasks single-handedly.

Many entrepreneurs choose partners with complementary skill sets, enabling task distribution based on aptitudes and interests. For instance, if your business partner has engineering expertise and you shine in marketing, they could manage manufacturing operations while you focus on customer acquisition, thereby amplifying your chances of success.

Partners can also provide alternative viewpoints, mitigating tunnel vision. Their feedback can offer a more balanced and realistic perspective on issues at hand. They might even generate innovative business ideas or refine existing plans.

Having a business partner also improves accountability. Answering to them for any errors you commit can foster focus, discipline, and motivation. Additionally, they may bring more networking opportunities, expanding your list of clients, suppliers, investors, and mentors, and boosting your business's credibility.

Lastly, your partner can offer moral support. During challenging times, they can be a stabilizing force, and also keep you grounded when you're too consumed by emotions or overconfidence.

Drawbacks of a Business Partner

However, having a business partner can also have its downsides.

Mismatched work ethics can make collaboration difficult. If your partner consistently arrives late or misses deadlines, the working relationship could be strained. Alternatively, you might unknowingly partner with someone dishonest and unscrupulous, potentially damaging your business and reputation.

Choosing a partner lacking industry or work experience can negatively impact your business, possibly leading to inferior product or service quality and dissatisfied customers.

Business partners may disagree over short-term or long-term goals, leading to a stalemate that wastes resources and causes employee distress. If you feel your partner hasn't contributed significantly, it can be hard to share profits. Lastly, a business partnership could strain personal relationships if disagreements occur.

Key Qualities of a Business Partner

When looking for a business partner, consider these traits:

• Trust: Only partner with someone you trust implicitly. A dishonest partner can jeopardize your business and reputation.
• Complementary Skills: Choose a partner with strengths that counterbalance your weaknesses. If you excel in finance but lack communication skills, consider someone skilled in interpersonal relationships.
• Shared Vision: Your partner should align with your company's vision to avoid disagreements over long-term goals.
• Resources and Credibility: Partners should provide access to resources like business networks, industry connections, or financial assets. They should, at the very least, enhance your credibility.
• Minimal Personal Baggage: Avoid individuals with ongoing personal crises, as they may not commit adequate time and effort to the business.
• Respect: Choose a partner whom you respect professionally. Mutual respect is vital for a successful partnership.

Finding the Right Business Partner

Once you've identified your desired traits, you can start your search.

Consider current or former colleagues, who would be familiar with working with you. Alternatively, financial advisors or attorneys might know someone compatible with your working style and needs. Attending conferences, lectures, and trade shows can also connect you with potential partners.

Essential Guide to Establishing a Merchant Account for Your Business

With 89% of U.S. retail transaction volume coming from in-store payments with debit and credit cards, it is impossible to ignore that card payments have emerged as the preferred payment method among consumers.?

As a result, business owners must reconsider how they accept payments for the goods and services they provide or risk losing a significant amount of business.?

The process of accepting credit card payments involves far more than simply purchasing a card reader. Therefore, this guide will not only help you set up your business to accept credit card payments but also walk you through the process of acquiring the needed merchant account to do so.?

What is a merchant account??

A merchant account is an account held with a merchant processor whereby funds are electronically transferred from the client’s card issuer to the business through an intermediary and into their bank account.?

80% of merchant accounts are opened by a merchant service provider (MSP) or an independent sales organization (ISO).?

MSPs and ISOs help facilitate each transaction from the time the card gets swiped to the business receiving their funds, which typically requires a three-step process: authorization, settlement, and funding.?

Authorization: In this phase, the customer initiates the payment, whether online or in-person. When this happens, your payment terminal or merchant gateway will request permission to accept the payment from the payment processor, which sends the relevant transaction information to a credit card network, such as Visa, Mastercard, American Express, or Discover. From there, the card network will communicate the transaction details to the bank that issued the card to the customer to check the account status and either approve or decline the transaction.?

Settlement: During this phase, you are responsible for sending all authorized transactions to the payment processor at the end of each day, where the funds get collected from the customers’ bank. This is oftentimes an automated process.?

Funding: The last phase of this process refers to the funds being transferred from the customers’ bank into your bank account with any applicable interchange fees deducted. These funds are typically made available to you within 48 hours.?

The MSP or ISO acts as a link for all the different components involved in processing the payment, from requesting authorization to helping the funds get deposited into your bank account.?

Not only do most people prefer to use a credit card for purchases, but according to a recent study, credit card users also spend between 12% and 18% more than cash users since they can defer the payment for purchases. Therefore, not only are you accommodating your customers’ preferences, but also boosting your revenues.?

How to choose the merchant processor best suited for your business?

When it comes to a vital aspect of your business, such as your merchant processor, you must do your due diligence to choose one that works well with your current processes and gives you everything you want and need from a merchant account.?

These are some common characteristics that you should look for when selecting a merchant service provider:?

1. Transparency?

MSPs and ISOs should be transparent with their fees, including equipment leases, account terminations if you are dissatisfied, and chargebacks.?

Many factors can impact the processing fees you owe, so the account provider should be willing to explain what you can expect to pay.?

You can expect your merchant processing fees to be structured in one of three ways: as a flat rate fee, a tiered fee, or interchange-plus transaction fees.?

A flat-rate fee is either expressed as a fixed percentage or a fixed percentage plus an additional sum of money. For example, Chase for Business charges 2.90% + $0.25 per transaction.?

Tiered transaction fees vary depending on the risk level of your business. Your business will either get categorized as qualified (low-risk), mid-qualified (some risk), or non-qualified (high-risk). Mid-qualified and non-qualified categorizations are common for transactions where the card is not physically present when initiated and the settlement gets delayed.?

An interchange-plus fee includes a fee set by the card association and a fee charged by the MSP or ISO. This pricing model is transparent and merchant-friendly since merchants know how much it will cost to process the transaction and receive payments from customers.?

Some additional fees you may be responsible for include:?

An application fee?

A one-time setup fee?

A monthly service fee (this usually ranges from between $10 - $30 per month)?

Equipment fee for businesses using POS terminals?

A transaction fee for swiped transactions (usually 1.95%-2.0% of the transaction amount)?

A transaction fee for manually keyed-in transactions (usually 2.30%-2.50% of the transaction amount)?

A cross-border fee for international payments (this ranges between 0.60%-1.25% of the total transaction amount).?

Chargeback Fee?

PCI Compliance Fee?

?

Additionally, look for a provider who provides clear and detailed answers to all your questions and adequately addresses any concerns you may have.?

2. Versatility?

Look for an MSP or ISO that accepts all forms of credit cards, such as Visa, Mastercard, Discover, and American Express. Additionally, they should accept physical swipes and online payments, like Apple Pay or Android Pay.?

Choose a service provider that accepts all credit card payment options that your customers can access, which may vary depending on where your customer base is located.?

3. Integration:?

Your merchant account should not force you to look for new software than those you have been using, so be sure you will be able to integrate it with your current systems, such as those you use for accounting, point of sale, and merchant gateway.?

4. Security?

Your customers should be able to purchase from your business using a credit card without fear of their personal and financial information becoming compromised.?

Your customers could blame you if this were to happen, even if the breach did not occur on your end.?

To keep your customer's financial and personal information safe, you must adhere to Payment Card Industry (PCI) compliant standards, as this will keep your systems secure.

?How to open a merchant account?

Regardless of which MSP or ISO you choose, the process will likely follow these steps:?

1. Determine what your needs are?

Every business will have different needs for processing credit card payments, and it starts with determining how you will accept payment: in-person, online, or both.?

The location of your customers will have a significant impact on which provider you choose since some providers may not offer the popular credit card companies in other countries. Visa and Mastercard are well-known worldwide, but if your customers are primarily in the U.S., you should look for a provider who offers Discover and American Express in addition to Visa and Mastercard.?

2. Request quotes from different providers?

Do your due diligence to shop for the best provider at the best price.?

Seek out quotes from different providers based on your needs to determine who can meet your needs at the lowest cost to you.?

3. Prepare your website?

Many providers will require your website to meet a set of guidelines. For instance, Visa has the following guidelines for a merchant’s website:?

A comprehensive description of goods and services for sale?

Detailed customer service contact information?

Overview of refund and cancellation policy posted?

Your location?

Additionally, your website should state when the customer’s card will get charged and what security you have in place to protect their personal and financial information.?

4. Prepare your documents?

For most MSP or ISO applications, you will need to provide an Employee Identification Number (EIN) or your social security number if structured as a sole proprietorship.?

They may also request your business license and processing statements to show your volume of transactions and refunds.?

5. Submit your application and prepare for underwriting?

Depending on the provider, an application could take a few minutes. They will screen your application to review your credit and check for any previous financial issues, so if either of these may be an issue, it is best to disclose the incident on your application.?

MSPs and ISOs evaluate your risk during the underwriting process to determine how likely you are to have costly issues, such as high volumes of chargebacks.?

6. Set up your merchant account?

The account can get set up within a few days once approved.??

After being approved, your provider will send you the technologies you need to process credit card payments, such as payment gateways and card readers. If you have an existing gateway, you can request a VAR sheet to update your gateway to include the new processor.??

Finally, once you have the technology and account integrated with your current processes, you will be able to satisfy your customers, accept their credit card payments, and boost your revenues.?

If you're a merchant who has questions about credit card processing, you can schedule a free consultation with my using my calendar link below. https://calendly.com/danieldias/merchant_solution

Why Expired Domains Can Be Valuable (and How to Find Them)

When it comes to building an online presence, the choice of a domain name is crucial. However, did you know that expired domains can hold hidden value and provide unique opportunities? Here's why expired domains can be useful and how you can find them:

1. Established Backlinks and Traffic: Expired domains often have a history of backlinks from other websites. These backlinks can contribute to the domain's search engine rankings and bring in organic traffic. Acquiring an expired domain with established backlinks can give you a head start in building your online visibility.
2. Brand Recognition: Some expired domains have previously been associated with established brands or businesses. By acquiring such a domain, you can tap into the existing brand recognition and leverage it to your advantage. This can save you time and effort in establishing brand awareness from scratch.
3. Niche Relevance: Finding an expired domain that aligns with your specific niche can be a strategic move. It allows you to instantly convey relevance and credibility to your target audience. Look for expired domains that match your industry, products, or services to enhance your online presence.

Now, how can you find these valuable expired domains? Here are a few methods:

• Domain Auctions: Various platforms offer domain auctions, where expired domains are listed for sale. Participating in these auctions can help you discover and acquire valuable domains.
• Domain Expiration Services: Dedicated services monitor and track domains approaching expiration. They provide you with a list of expiring domains, giving you a chance to secure them before they become available to others.
• Manual Research: Conducting manual research by using tools like WHOIS databases or searching for expired domain lists can help you find potential domain opportunities.

Remember, before acquiring an expired domain, it's important to consider factors like domain history, potential trademark issues, and overall domain quality. Assessing these aspects can help ensure that the expired domain you choose adds genuine value to your online endeavors.

In summary, expired domains offer unique advantages such as established backlinks, brand recognition, and niche relevance. By exploring domain auctions, expiration services, and conducting manual research, you can uncover valuable expired domains and leverage them to strengthen your online presence.

Flash Sales on Facebook and Instagram – How to Promote Them?

When it comes to promoting flash sales on Facebook and Instagram, you want to create excitement and urgency among your audience. Here are some effective strategies to help you promote your flash sales successfully:

1. Eye-Catching Visuals: Create visually appealing graphics or videos that grab attention. Use vibrant colors, striking imagery, and clear messaging to convey the limited-time nature of the sale. Visuals should highlight your products and any special discounts or offers.
2. Compelling Captions: Write compelling captions that create a sense of urgency and encourage immediate action. Clearly communicate the details of the flash sale, including the duration, discounts, and any unique selling points. Use persuasive language to entice your audience to participate.
3. Hashtags and Keywords: Incorporate relevant hashtags and keywords in your posts to increase visibility and reach. Research popular hashtags related to flash sales, your industry, and your target audience. This helps potential customers discover your posts when searching or browsing on social media platforms.
4. Social Media Ads: Boost your flash sale posts with targeted social media advertising. Set specific parameters to reach your desired audience based on demographics, interests, and location. Ads can help increase visibility and reach a wider audience beyond your existing followers.
5. Influencer Collaborations: Partner with influencers or micro-influencers in your industry who have a relevant following. Collaborate with them to promote your flash sale through sponsored posts, stories, or giveaways. Their influence can help expand your reach and generate buzz around your sale.
6. Countdown Posts: Create anticipation by posting countdown updates leading up to the flash sale. Use visual elements like countdown timers or graphics to build excitement and remind your audience of the approaching deadline.
7. Email Marketing: Utilize your email list to send dedicated flash sale announcements to your subscribers. Craft compelling emails with clear calls-to-action, enticing subject lines, and appealing visuals. Make it easy for recipients to click through to your social media profiles or website to participate in the sale.

Remember to engage with your audience during the flash sale by responding to comments, messages, and inquiries promptly. Monitoring and adjusting your strategies based on real-time feedback can help optimize your promotions and maximize sales.

How to Guard Your Website Against Fake Email Sign-ups

Protecting your website from fake email sign-ups is essential to maintain the integrity of your user data and ensure effective communication with genuine subscribers. Here are some strategies to help you guard your website against fake email sign-ups:

Implement Email Verification: Require email verification during the sign-up process. By sending a confirmation email with a unique link, you can ensure that only legitimate users with access to the provided email address can complete the sign-up.

CAPTCHA: Utilize CAPTCHA (Completely Automated Public Turing test to tell Computers and Humans Apart) tools or plugins to prevent automated bots from submitting fake sign-ups. CAPTCHAs often involve solving simple puzzles or identifying specific images to verify that the user is a human.

Use Double Opt-in: Implement a double opt-in process where users must confirm their email addresses by clicking a verification link sent to their inbox. This extra step reduces the chances of fake email sign-ups and ensures that subscribers actively want to receive communication from your website.

Form Validation: Apply form validation techniques to ensure that the provided email addresses are in the correct format. You can use regular expressions or validation libraries to verify that the email addresses follow the standard structure.

Honeypot Technique: Employ the honeypot technique by adding an additional field to your sign-up form that is invisible to users. Bots tend to fill in all available fields, while genuine users will leave the invisible field blank. By detecting submissions where the hidden field is completed, you can identify potential fake sign-ups.

Regularly Monitor and Analyze: Regularly review your email subscriber list and monitor any unusual patterns or suspicious activities. Analyze sign-up data, such as IP addresses, to identify any potential fraudulent activity. Consider implementing tools or plugins that help detect and flag suspicious email addresses.

Educate Users: Provide clear instructions to your website visitors about the importance of genuine sign-ups and the value of maintaining a trustworthy email list. Encourage users to report any suspicious activities or emails they receive.

Remember that no method is foolproof, but implementing a combination of these strategies can significantly reduce the likelihood of fake email sign-ups. Regularly updating your website's security measures and staying vigilant will help safeguard your website and maintain the authenticity of your subscriber base.

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About the Author: Daniel Dias is a Business Lending Specialist who assists small business owners in obtaining the capital they need to start, expand, or maintain their businesses. Daniel understands the challenges faced by entrepreneurs and offers a variety of programs with flexible guidelines to help overcome common obstacles such as credit scores, credit history, time in business, financial documentation, and industry type. His expertise enables business owners to secure the necessary funding to achieve their goals and succeed in the marketplace.