How to successful on financial planning

images-2On the surface, the cost of a financial plan is simple: generally between $2,000 and $4,000, depending on its complexity and where you live.

But dig deeper and you’ll find that the plan’s success also depends on you spending time to implement it.

Consider the case of a young physician who recently came to my office inquiring about a financial plan. His primary issues were cash flow with tax considerations, debt service and investment advice. I suggested he would also need an insurance review and estate planning, since he had none. At the conclusion of our getting-acquainted meeting, my colleagues and I quoted a fee for the financial plan and what it would include. He decided to work with us.

Next we had a goal-setting meeting and collected his pertinent financial documents such as his tax return, investment statements, debt statements and more. We provided risk-tolerance questions and discussed his short- and long-term goals in greater detail. Then there was an interim meeting where we reviewed his goals — to be sure we prioritized them correctly — his risk-tolerance results and his investment analysis.

A couple of weeks later, we had a plan-delivery meeting, where we reviewed the recommendations in all the areas of his financial plan. He took the binder home to review and start implementing the plan.

He returned in a month for a progress meeting. He had made some headway on our list of recommendations, but not as much as I had hoped for. At the conclusion of that meeting he told me: “You were very clear as to what the plan would cost me in dollars. What I did not know was the time it would take me to collect the information on which the plan is based, to meet with you, to read and study your recommendations and then to finally implement them.”

He was correct: It costs both time and money to enact a financial plan that will really help you. Eight months later, I received an email from the doctor, letting me know he’d completed all the recommendations. In the end he said the total cost, in terms of dollars and time, was well worth it.

Beware of additional costs

Keep in mind that with some financial service providers, there could be huge additional costs in the form of fees or commissions. This could also be a conflict of interest if your advisor recommends products that pay him more, rather than the ones that are best for you. So be sure you know exactly what fees are involved when you start working with an advisor.

While my recommendations in the doctor’s plan included specific changes to his insurance and investment holdings, I did not sell him any of the coverage plans that I recommended, nor did I sell him the investment products he needed. That’s because I am a fee-only advisor. I want my clients to know that I have no vested interest in the implementation of the insurance or investment part of the plan.

This is not the case for advisors who provide both a plan for a fee and then sell you the investments or insurance products as well. All too often, the insurance recommendations made by those who sell the products, too, include more and larger policies than what I would recommend. It is a sad fact that the commission may be driving the plan recommendations, rather than what is best for the client.

When you are looking for a financial plan, be sure that you use the services of a Certified Financial Planner and that the planner does not sell any products. To find such an advisor near you, contact Garrett Planning Network or the National Association of Personal Financial Advisors.

Retirement Planning Tips

images-1I think it’s safe to say that we all have the goal of one day reaching financial independence. That is, the point at which we have enough money in savings and investments to support ourselves for the rest of our lives. So, how much money is enough?

Most of the time that question is answered with a single big number. And it’s true that in the end you’re working towards a single total amount of savings and investments. But that total number is composed of many smaller numbers representing the savings you need to support each individual expense.

What if you looked at it that way? What if you broke it down by how much money you’ll need to support each expense, each habit, and each indulgence for the rest of your life without ever working again?

How Much Does That Gym Membership Really Cost?

Let’s look at a single expense. Say your gym membership. And let’s say that costs you $40 per month. How much money do you need in order to support that expense for the rest of your life?

Using the 4% rule, which says that you can withdraw 4% of your savings each year with minimal risk of ever running out of money, it becomes a simple math problem. Take the monthly cost, multiply it by 300, and you get your answer.

In this case, $40 multiplied by 300 equals $12,000. That is, you need $12,000 in savings to support that monthly gym membership for the rest of your life.

Values-Based Decision Making

Looking at it this way can help you make more informed values-based decisions when it comes to spending and saving.

For example, how long will it take you to save the $12,000 needed for your gym membership? And which do you value more? That habit or the ability to be financially independent a little sooner without it? What about a $500 per month car payment? That will require $150,000 in savings. Is that an expense you’d like to support?

There are no right or wrong answers here. The goal is simply to understand how each expense affects your savings need and to make decisions based on what you value.

How to Plan Differently

Next time you look at your budget, I would encourage you to do a few things differently. Consider the options related to each expense. For example, you could have a $500 per month car payment or a $200 per month car payment or take the bus, let’s say that is $50 per month or walk, $0 per month.

Then, for each category, multiply your monthly budget by 300 to see how much money you’ll need in order to support that expense for the rest of your life.

Finally, step back, look at the numbers, and think about how they align with what you truly want out of life. You may find that you want to cut back on certain things. Or you may find that you want to save more in order to support important expenses.

Either way, you’ll have a better understanding of what it takes to reach financial independence and put your money toward what is most meaningful to you.

Tips For Huge Financial Gains

unduhan-32Most personal finance advice misses a crucial point.

Lost amongst all the calls to cut coupons and skip your morning coffee is the fact that cutting costs isn’t the only way to get ahead.

In many cases, a raise can be far more powerful in helping you reach your biggest financial goals. And it may not be as hard to get as you think.

The Power of a Raise

Let’s say you currently make $60,000 per year and you’re able to negotiate a 10% raise (more on how to do this below).

Assuming that 25% of that new income goes to taxes, that means you now have an extra $4,500 to save each year, which is almost enough to fully fund an IRA.

Looking at it another way, that extra $4,500 represents a 7.5% return on investment, which is right in the range of what experts expect from the stock market.

So by negotiating a raise, you’ve given yourself a stock market-like 7.5% return. And unlike the stock market, that 7.5% return will be consistent year after year.

And if you’re investing that $4,500 each year, you’ll earn additional returns on top of your contribution. Assuming a 7% annual return, that investment will grow to $197,393 after 20 years and $454,828 after 30 years.

Plus the increased salary sets a higher baseline for future raises and for your salary at future jobs, making it more likely that your income will increase even further over time.

And all of that comes with pretty much no risk. As long as you present your case respectfully, the worst that happens is you get a no. And even then you’ll have planted the seed, which may make it more likely that you’ll get a raise in the future.

How to Get a Raise

Of course, the trick here is knowing how to negotiate so that you actually get the raise you deserve.

This can be intimidating for a lot of people, myself included! But the good news is that there are some simple strategies you can follow to strengthen your position and even increase your value in the eyes of your employer through the negotiation process.

My favorite resource on this topic is Ramit Sethi’s Ultimate Guide to Getting a Raise & Boosting Your Salary. Yes, the title is a little hyperbolic, but the advice is practical and solid.

And remember, as long as you present your case well, the worst that happens is you get a no. There’s little risk in giving it a shot.

Side Hustle for Extra Income

Getting a raise isn’t the only way to increase your income. People are increasingly turning to side hustles as a way to make some extra money on top of their day job.

There are lots of ways to do this, from dog walking to freelance writing to website design. It doesn’t have to take a ton of time, and even a little extra income can go a long way.

J. Money at Budgets Are Sexy has chronicled over 60 different side hustles real people have used to earn extra money. You can also check out the websites Fizzle and Side Hustle Nationfor ideas, inspiration, and practical advice on how to get started.

Invest in Yourself

Cutting costs is often the easiest first step towards saving more money.

But over the long term you are your own best investment opportunity, and finding ways to earn more money can make a big difference in your ability to reach your biggest goals.

Why No One Talks About Services Anymore

Looking at Different Payment Processing Systems When you decide you’re looking to improve the success of your company, you’ll find that you can pursue a wide range of directions. Of course, you will also want to be sure that you’re offering the most positive and effective customer service possible. When your customers feel like they will always be treated like family and have their time respected, you can feel certain that you’re going to be able to get them to return to you again when they’re ready to make a purchase. The main element that any business can add to its customer service options will be to increase the variety of payment processing plans. While many people still rely on cash, the truth is that modern payments are increasingly being focused through credit cards. As you find your business needing to deal with these types of payments more and more often, you’ll really find it helpful to know that you’re getting the absolute best deal you can. It’s quite common for companies these days to have plenty of different types of questions about how to deal with payment processing. In the following post, we’ll cover a few of the most important factors to keep in mind. The primary issue that any company will have to think about when dealing with credit card processing is how much money they’re going to have to pay when customers choose to use a credit card. If you can take some time to look at the rates charged by each of the companies in the area, you will be able to get a much better perspective on which ones are going to give you the best price. Because making companies compete for your business can be a surefire way to get them to offer you a better deal, any time you can spend learning about different companies will help you out.
Smart Tips For Uncovering Accounts
You’re going to find that your choice of credit card machine will also play a big role in your success. The truth is that the credit card machine you’re going to be dealing with will have to be something that is capable of handling just about every type of credit card that a customer might be bringing into your shop. When you spend a bit of time checking out various online reviews, it should be much easier to know you’re getting the best machine on the market.
The Essentials of Businesses – Breaking Down the Basics
When you want to improve your company by quite a bit, it’s going to be absolutely crucial for you to seek out great credit card processing. When you take the time to locate the best credit card processing around, you can be sure your customers will be happy with their time in your store.

Getting Down To Basics with Businesses

Everything Your Business Needs to Know About Credit Card Processors All business owners know that the way their finances are managed is critical to the operation and flow of the business, as the finances flow more freely, so does the business itself. With finances being the primary focus of this article, we are going to discuss how credit card processors are one of the best ways to ensure that money can quickly and securely be transacted between you and your clients. You may or may not already know this, but out of the 7 billion people currently inhabiting the planet, roughly 3 billion have a credit card on hand, and out of those 3 billion, each person with access to a credit card, carries close to 3 at all times. With the increasing number of people carrying credit cards at all time, it is no wonder it is considered to be a vital part of completing payments on a daily basis. People often use credit cards to pay for housing, tuition, groceries, gas, clothes, and many other items. As you may have realized by now, with close to 3 billion people carrying up to 3 credit cards on their person at a time, it makes sense as to why it is vital for your company to retain the ability to accept credit card payments through a credit card processing machine. In order for a credit card transaction to take place, it means that a client swipes his or her card through your credit card machine where an electronic transaction is then initiated, allowing the client’s merchant account to send money over to your business, to pay for the goods and services he or she is buying from you. The process tends to be simple, and has become increasingly necessary as we progress into a more digital age. Both you and your clients will find this very beneficial. First of all, it is easier to manage a credit card transaction, than it is to deal with a cash exchange for goods and services, and it is also much more secure. The main reason it is easier to work with a credit card transaction is because it is not only more secure due to the merchants handling everything, it is just that, the merchants handle the entire process, so you do not have to deal with managing the money or tracking the cash. All customer will rest easy knowing you have a credit card machine as this makes it much easier for them to pay for goods and services, and it allows for a great deal more security. Prior to going with one credit card service, it is best to do your research!How I Achieved Maximum Success with Merchants

Doing Cards The Right Way

Finding Similarities Between Services and Life

Why Your Business Needs to Accept Credit Card Payments If you’re trying to consider the types of improvements you can make with your business, you will probably first think about other actions you can take that go beyond improving how you pay for anything. At the same time, you’re going to find that there are a lot of good reasons to consider improving the payment options that customers can use. For a lot of customers these days, it’s going to be clear that one of the most popular ways to pay for anything will be to use a credit card. You’re going to find that customers love using their credit cards both because of the reward points they’re going to get and the speed with which they can pay for everything. Of course, it’s going to be important that business owners have a good understanding of the kinds of credit card processing options that are actually out there. When you realize just how many different small companies have ended up having a tough time staying profitable with their credit card processing, it becomes even more important to make a solid choice. With the help of the following information, however, you should find it much easier to be able to deal with your credit card processing in a way that is good for your business. More than anything else, you will find that your ability to handle credit card payments will depend quite a bit on the kinds of fees that the payment processing companies assess when consumers pay with a card. Most companies are very nervous about having to spend a lot of money in this regard. With so many different types of payment processing services available to hire these days, however, you should find it a lot easier to ensure that you find a low rate that will get the job done. The more you’re able to make companies compete with each other, the lower your rate is going to be.
The Art of Mastering Businesses
Another thing you’re going to need to think about when it comes to handling credit card payments will be the kind of credit card machine that you use in your business. Since customers today are coming into shops with a wide array of credit cards, you’ll find that it becomes a lot more important for you to purchase a credit card machine that can accept these payment types. If you can install a machine that works perfectly every time, your customers are certainly going to appreciate the effort.
5 Takeaways That I Learned About Merchants
When you’re trying to make your business a great choice for people to visit, accepting all kinds of payments is crucial. Once you’ve found a payment processing system that works, you should be able to attract even more customers.

The Path To Finding Better Services

What Makes Processing Of Credit Card So Important?

It would be an important consideration to see that credit card is something that is heavily used by so many people from across the world, and with that fact you will see that at least 3 cards are being owned by a single person. This reality is telling you that more and more heavily are making the most of the benefits that they can derive from the use of such cards. It would be essential to see that you can use the card to pay for all your shopping needs and that youc an also see for yourself that you can pay bills with the use of the card. Thus, if you are running your own business and you would like to see to it that you can attract more customers, if not somehow expend the way that you are dealing with all your business transactions then you need to start with that credit card processing once and for all.

When you are going to talk about what credit card processing is like, then you will have to understand that it is a financial transaction that will involve electronic processing and that of an access to a client’s account. You will see that the use of the credit card will allow you to fully make the most of what it can offer to you. Many people are able to enjoy the different benefits that the use of credit card can give them instead of actually just relying on cash. Remember that as you are using your credit card, then you will most likely give the impression on your customers that you are reliable with all the business dealings. You will have the image as someone that is really safe to deal with. With all those things, then you will see for yourself why the card will truly matter for you whenever you are using such.

It would be essential to see that as you are using the credit card, then there are two processes that you will need to look closely into, such that you will have to check on the authorization as well as that of approval before you can even make the most of the different transactions that you are required to do. With a,l these things then you will essentially be able to make the most of what is being made available for you so that you will enjoy the perks of owning the card. These data are going to prove to you that you will be able to make the most of the card ensuring that you will be able to make the most of what it can certainly offer to you at the end of the day. You will be seeing that the use of credit card is something that is a responsibility that you need to embrace and carefully get to deal with so that you can fully get the most of its offerings.

Source: http://www.99percentlifestyle.com/setting-business-payments-accept/

3 Businesses Tips from Someone With Experience

Understanding Merchant Cash Advance

Merchant cash advance is also known as “credit card receivable funding”, and in the past it was formerly structured as a lump-sum payment provided by credit card or debit card companies to a business,with an agreed future percentage. Merchant cash advance is now used for funding small businesses, which is characterized by short payment terms, generally under twenty-four months, with small regular payments, giving a huge advantage to small business owners as compared to large monthly payments and longer payment terms with traditional bank loans. A merchant cash advance is fast, easy-to-manage and efficient form of funding small businesses, and it is usually based on the business credit sales. Merchant cash advance main criterion for approval is having a predictable credit card sales volume, and the term is used to describe purchases of short-term business loans and future credit card sales receivables.

The companies providing merchant cash advance to fund businesses gain a certain percentage of the business daily credit card income, that is done directly from the processor, clearing and settling the credit card payment until the obligation has been paid off. Merchant cash advance companies offer different terms, but it usually depends credit card sales volume provided, and the more steady it is, the better terms you’ll get. It only takes about three to fourteen days upon completion of the application process for you to receive your merchant cash advanced, and then you can spend the proceeds on whatever you think is good for your business. It is really beneficial to small-time business sellers, creating a great opportunity for business sellers to grow and expand without undergoing the complex process of traditional bank loan approval. Merchant cash advance is used by retail business sellers that does not qualify for regular bank loans.

The different payment options are split withholding, lock box and ACH withholding. For seamless collection of funds, most business owners choose split withholding, wherein the credit card processor automatically splits the credit card sales between the finance company and the business with the agreed percentage. Lock box is the least preferred method because it is usually one day delay, and this is also known as “trust bank account withholding”, wherein the credit card sales are deposited into a specific bank account which is controlled by a finance company, and the agreed business portion is forwarded to the business via EFT, ACH or wire transfer. In ACH withholding, the merchant cash advance provider directly deduct the portion from the business’s checking account via ACH, when structured as a sale, and if it is structured as a loan, the finance company just debit a fixed amount from the daily sales regardless of the amount of business sales.

Source: http://www.stackbuddy.com/securing-funding-business/

A Simple Plan For Researching Merchants

Tips for Choosing the best Credit Card Processing Company

Credit cards are commonly used financial tools that forms a great part of one’s personal finance. Though simple for one to use, a credit card makes use of a networked structure and system which enables one to make payment through a plastic card without misusing it or being fraudulent. The card provider, issuers, acquirer and merchant account are the basic components of the credit card industry. Once the owner of the card uses it for a transaction, information is initiated that triggers a transfer of money from the card issuer to the processing organization. Credit card processing services also enable processing of various financial tools such as gift cards, debit cards, electronic cheques and other payment forms.

The credit card issued out to a merchant is authorized by the card processing company. When one makes a purchase with the credit card, the issuing company debits the account of the card user and credits the same exact amount. In other words, one is required to pay for the transaction to the card processing services. Once a transaction fee is deducted, the payment is made to the merchant. Credit card processing is a serious issue that needs a lot of thinking before one settles for one company which is why one should consult a risk professional. The risk professional is able to help one know the best merchant account services they should go for.

One is likely to need multiple credit card processing solutions as a high risk merchant. The professional that one chooses should organize for you to get multiple merchant accounts with different processing banks. This way, one is able to avoid scenarios whereby the bank drips them once a category drops. This is why it is important for one to get into contact with a reliable and experienced professional. With the rising popularity of e-commerce, people are accepting new payment methods. Clients who want to buy goods or services from an online store find it easier using credit card processing.

Those people with online businesses should know all the fees they are required to pay including set up fees, interchange fees, monthly statement and early termination fees. One should also familiarize themselves with the kinds of payment that are acceptable to the service provider you have chosen. This will prevent cases of customers facing challenges when paying for your goods and services.

Choosing a credit card processing company that fits your needs is quite a difficult task. It is due to this reason that one chooses a service provider who will avail solutions for both low and high risk merchants.

Source: http://www.techiestuffs.com/the-latest-tech-that-retailers-should-take-advantage-of-this-year/

Discovering The Truth About Merchants

The 7 Advantages of Credit Card Processing

It will be necessary to decide if credit card processing is appropriate for your business because many of your clients will offer to pay through cards from time to time. While it involves some costs, especially during the initial stages of setting up everything that is required, the returns are amazing. Let’s explore the 7 top benefits of credit card processing.

The sales revenue in your business will increase significantly once you accept credit cards from customers. That feature complements your desire for huge profits considerably. A merchant who only accepts cash limits his or her earnings considerably because a majority of shoppers prefer the use of cards due to their convenience.

It has been noted that shoppers buy things impulsively when they intend to pay via credit cards, and that is one benefit that will make your business sales grow considerably. The reason for such spending habits is that credit cards give them unlimited control because of the convenience they offer. Statistically, cash shoppers tend to purchase fewer items than their counterparts who pay via credit cards.

Implementing a credit card processing system will costs you at the beginning, but the benefits that will accrue over time are substantial. The security controls that result from a compliant credit card processing system are to credit for the most part of the cost savings. Remember that there are fines to pay and the credibility of customers that will be lost if their information is compromised in any way.

Your checkouts will be faster if you accept credit cards. That will enable you to serve a higher number of customers who, in turn, will enjoy buying from you because of the efficiency of your checkout. In case customers discover that you are slow, they will avoid your outlet in the future.

Accepting credit cards is one of the ways you can legitimize your business to current and potential customers. The display of various credit card logos on your website or storefront grabs the attention of cardholders who are very likely to buy from your store.

You could be the only merchant who does not accept credit cards. By implementing a credit card processing system, you will level the playing field and make it possible to compete for a proportion of the market share. Running an online store is impossible if you do not have a credit card processing system in place.

In just a few day of processing a credit card transaction, your bank account will be credited with the amounts. You will, as a result, find it easy to meet the financial obligations of your business. On the other hand, checks take weeks to clear, and this can cause serious cash flow problems, especially for a startup or small business.

Source: http://www.newstability.com/business-expanding-fast-time-prepare-growth-remain-stable/

The Beginner’s Guide to Services

Deciding On the Best Merchant Service- Things To Search For

Almost all the firms today accept credit cards. In case your business doesn’t, it is then high-time it began accepting credit and debit cards, since they are being significantly used by clients to make acquisitions on account of the usefulness element.

The credit card business has revolutionized the way in which folks pay for goods and services and are continuously developing fresh innovations like cash back bonuses, mileage breaks, and numerous others to make them more appropriate for buyers. The small, online business entrepreneurs are prudent about handling purchase of a credit card, as they are undecided about selecting the most appropriate vendor processor. Given here are a few recommendations that could enable you to select the right vendor processor.

Your search for a superior merchant service may stop with the financial institution you are doing business with. However, not all banks offer merchant services to start ups or new businesses. The standard practice on most banks is always to avoid offering merchant services to an enterprise that has been in operation for less than one year. Nevertheless, when you can tell the lender, you can’t choose a safer merchant processor than where you do your business banking.

Select a vendor processor recommended by people you know. One might have been utilizing the services of particular vendor processor company for a considerable period of time, and therefore can give you his feedback and assist you in making the right decision.

You’ll realize that there’s not really a single purchase fee and percent across all banks. The transaction fee and percent for credit card expenditures along with bank card acquisitions differ from one bank to another. Do considerable research about the unique costs provided by each bank essential to particular cards.

Sometimes numerous companies get together via a trade organization to negotiate prices with a merchant processor. Thus, the merchant service could cost less, when compared with the present industry prices. Discover this chance to enjoy great benefits.

Try not to pick these vendor processors who are agents for independent sales organization (ISO). Choose an ISO who works together with main banks. You may not make a mistake there. Your local chamber of commerce may be able to assist you out in this regard or the local panel of trade.

Choose a merchant processor who is associated with a big-time primary lender. This assures excellent services and regular funds to your credit checking account, that is an absolutely must for any organization.

Learn how long your merchant processor has been doing business. This will not be your only parameter of selection, nevertheless it does offer you a good indication of what you can expect in the vendor processor. Additionally, it will be much simpler to make use of a well-recognized merchant processor. You need to also try and get some info regarding the consumers who’ve established an association with a particular merchant processor. The more the customers the greater it will be. More significantly, if the processors has some large customers up their sleeves, then you’re much better.

Other key elements to contemplate are the contract duration, manual running of cards and customer-support. Your merchant processor has to be regarded because of its outstanding brand of customer support. The hours of function should be commensurate with the hours of performance of your company. In addition you may want to contact the merchant service provider at unusual hours sometimes, in case of issues. Pick somebody by taking into consideration all these features.

Source: http://www.techhook.com/security/make-business-secure-ensure-around-long-time-come/

The 4 Most Unanswered Questions about Businesses

Things to Know About Mobile Order Processing

One of the most fundamental equipment that can be exactly used by almost any person in this day and age to enhance their everyday life is a mobile device. Due to the fact that it can be used for almost anything that you can possibly imagine, like for example, gaming, communication, business, photography, videography and other internet related activities. There is most definitely nothing that can be easily compared to a mobile device, due to its portability and its functions and capabilities as well. Another amazing feature of a mobile device is that you are now able to buy stuff along with selling stuff yourself to the online community. Buying or selling stuff online is not only simple and easy to do in this current day and age, but finding or seeking buyers or online shops is really simple as well. And it is mainly thanks to the mobile order processing function, which is what we are going to mainly focus to talk about in this article.

The process and operation that mainly involves the association, picking, ordering, buying and selling of a type of product, and the secure payment transactions that comes after it is what mobile order processing is basically all about. The mobile order processing would not only put your order in queue, but they will also pick out in their information department whether the store will have the item that you want to order ready for shipping or not. Another function of the mobile order processing is that they will check whether the person who is trying to buy items in the store have certified payment methods in order to complete the transaction as well. And finally, if the mobile order processing saw some errors or discrepancy regarding the order procedure, it will not only kick out the person with the errors or discrepancy out of the queue but they will then move on to the next person in queue.

It is probably safe to say that almost every online stores that you can find in the internet in this day and age is currently making use of the mobile order processing functions to not only make their sales operation easy for themselves and their customers but safe for both parties as well. It is also possible for any consumers to use any type of payment methods within their capacity whether it is within an online banking or local and international banking as well, for their sending or receiving of sales and purchases. And it is because the mobile order processing has the function to be able to encrypt and process credit card information with the use of a credit card reader. Therefore, you can basically give or take any payments or sales almost anywhere in the globe, as long as you have a certified and valid credit card account.

Source: http://www.todayisfree.com/speed-payments-business-quick-tips/

Finding Parallels Between Accounts and Life

Business Solutions: Understanding Mobile Payment Processing

The innovative solutions developed through advanced technologies have developed mobile payment options to address the emerging needs of modern people, without swiping credit or debit cards or bringing out some enough cash for their purchases. Mobile payment processing options use a mobile application or software for easier and faster payment processing. Regardless of the industry you’re business belongs to, there is an increased growth of merchants utilizing mobile payment processing and are now reaping the great benefits of this innovative solution. The mobile POS system allows businesses accept payments conveniently, thus increasing customer engagement, improving flexibility and a more positive overall customer experience.

Some of the benefits that mobile POS system bring to businesses include closing more sales, reducing queue time, enabling diners to pay from the table, access actionable data quickly, integrate and increase customer incentive programs, track customer trends and inventory, save money on credit card fees, and happy and loyal customers. Mobile payment processing will not only increase your business customer base, but also it empowers sellers and increase profit or revenue. You are ready to accept payments wherever and whenever your business takes you, by simply attaching the card reader to a tablet or smart phone. Customers are expecting that they have an option not just being able to pay through cash, credit or debit card, but also through their smartphones.

One of the major benefits of using a mobile payment options is integration of loyalty and incentive programs into mobile payment applications, instead having customers to keep up with key ring tags or punch cards. Through this technology, it empowers transactional marketing and relationship marketing into one, thus adding value to customer experience. It allows customers to come back and purchase goods or avail services which increase revenue. With the use of mobile card readers, customers doesn’t have to wait a long checkout line, serving more customers more quickly. Mobile payment processing provide properly managed business operations, providing more stability, track products or services that are on demand, speeding up inventory and monitoring of sales. Access to pertinent data increases business owners’ knowledge and understanding on buyers varying needs and wants. It speeds up sales and product or item turnover preventing expired good. Customers are more impressed with the flexibility, ease of use, speed and convenience brought about by mobile payment processing.

Mobile payment processing options help businesses achieve their goals in the soonest possible time. If you want more information about different mobile payment methods, feel free to visit our website. We can help you find the best payment methods for your growing business.

Source: http://www.mybookofknowledge.com/2016/12/soon-youll-be-able-to-run-your-business.html