Yes, You Can Minimize Chargebacks: Best Practices For Merchants |  |
- Yes, You Can Minimize Chargebacks: Best Practices For Merchants
- When Customers Stick: Customer Retention by the Numbers
- Field Agent App Crowdsources Data Gathering
- 9 Tactics Turn Referrals Into Rock Solid Relationships
- Patch Fail Raises Questions About Business Model
- The Biggest Problem Small Businesses Still Have With Their Employees
| Yes, You Can Minimize Chargebacks: Best Practices For Merchants Posted: 28 Aug 2013 02:00 AM PDT Sponsored Post
Every small business that accepts credit cards knows about chargebacks. A chargeback is when a credit card transaction is reversed. Some (but not all) of the common reasons for chargebacks include:
As a merchant it pays to know your stuff and be proactive. The more you know and the harder you work to anticipate and avoid issues, the more you can minimize chargebacks. The good news is that many chargebacks can be avoided. Some of the following tips may seem obvious, but they are basic blocking and tackling that businesses sometimes fail to do. Communicate Clearly and Provide Contact InformationSometimes, a chargeback can come from miscommunication or unclear communications. Advertise as accurately as possible and provide clear terms of service. Giving insufficient information can cause as many problems as giving inaccurate information, especially if you are selling online or via mail order and the customer doesn't have the opportunity to physically inspect the item. Err on the side of giving as many details as practicable if selling online. If there is an issue, try to resolve it with the customer directly and reiterate your return policy if necessary. Make sure transactions from your business are easy to identify on the customer's credit statement. It's a good idea to also include your customer service number or website. This way, if the customer doesn't recognize the charge, they can contact you directly. Give Great Customer Service and Respond QuicklyGood customer service makes it more likely that a customer will come to you first if they are unhappy with a service or purchase, giving you the opportunity to fix the problem before a chargeback is filed. For online orders, ship before you deposit the transaction. if an item is out of stock or there are delivery delays, notify the customer so as to manage expectations. Have a generous return policy and state it clearly on your sales receipts or website. Then customers will come to you for a possible refund instead of going through the chargeback process. Refunds or replacements are two ways to solve issues, of course, but being creative also helps. A generous discount for a future purchase may satisfy the customer. Sometimes instructions or assistance to resolve a problem installing or operating an item may be answer. But you won't have that opportunity to "make good" unless you respond quickly and professionally. Avoid Technical ErrorsDouble-charging a transaction is an all-too-common occurrence in this age of technology. Make sure you enter a transaction into your point of sale terminal only once and deposit it only once. If the customer is present, let them know that you have voided the transaction and tear up the old receipt in front of them. If you notice that a customer was charged twice or incorrectly, immediately correct it and refund the customer's account. Deposit sales receipts and credit receipts at the acquirer as soon as possible. Leave a Paper TrailCreate whatever paper trail might be necessary to verify the customer authorized the transaction and received their purchase. Make sure the customer has signed the receipt. If you're shipping an item, be sure to get delivery confirmation. Keep a record of your sales drafts and do not alter them in any way. Train Staff — and Explain WhyIt won't be much help for you understand the issues that can lead to chargebacks and how to avoid them, if your staff doesn't. Take the time to not only explain what your staff should do, but why. That way you empower your staff to anticipate issues and make daily decisions to satisfy customers. Think broadly, too. It's not just retail sales staff or customer support who need to understand. Consider such staff as your webmaster, who may be able to forestall duplicate online credit-card charges by putting a notice on a Web page not to click the back button during an online transaction, as it may result in a double charge. Consider also your marketing staff, who are in a position to avoid misunderstandings by clearly writing product descriptions and terms of service. In other words, consider your end-to-end marketing, sales and customer support processes. Practice Good Fraud Prevention TechniquesThere are a number of things you can do at the point of sale to avoid fraud and the resulting chargebacks. Some quick tips include:
You can read more about preventing fraud at the point of sale here “Fight Credit Card Fraud at the Point of Sale.” MasterCard has created a very good Chargeback Guide, in convenient PDF form, which you can find along with other helpful resources at: MasterCard Rules to Prosper By. It may not be possible to avoid every chargeback, but following these best practices and policies will definitely help you minimize them. Credit Photo via Shutterstock The post Yes, You Can Minimize Chargebacks: Best Practices For Merchants appeared first on Small Business Trends. |
| When Customers Stick: Customer Retention by the Numbers Posted: 27 Aug 2013 04:00 PM PDT From the small business to a huge corporation, everyone is earnest to know the secret to customer retention. Let’s face the facts: It is sure much easier to keep a customer than to obtain a new one. So, how does one earn repeat business for years and years to come? Customers That Stick explores this issue in the following infographic where they use various customer retention statistics to break down the three most important aspects of customer retention – why customers leave, why customers stick, and why retained customers mean more money.
[Click for full size version] The post When Customers Stick: Customer Retention by the Numbers appeared first on Small Business Trends. |
| Field Agent App Crowdsources Data Gathering Posted: 27 Aug 2013 01:30 PM PDT
Gathering data for marketing research has traditionally been costly and impractical for small businesses. Your company may need intel on a competitor or even someone to check on in-store displays of your product. But now a smartphone app, Field Agent App, puts a potential army of freelancers at your command. Data Collection for Literally a Few BucksFivver recently passed two million gigs crowdsourcing everything from website design to advertising services starting for as little as $5 per job. The Field Agent App does something similar with data gathering. Anyone who downloads the app can conduct retail audits, secret shopping, even conduct polls or online research on your behalf for only dollars per gig. Participants are paid via PayPal as soon as they’ve completed the task requested. Gigs pay at least $5 if travel is required and at least $4 if it can be done anywhere or at home. There are a few extra dollars cost if additional photos need to be taken or additional information gathered. A video below shows one user taking a photo of a ketchup display and filling out some simple information then taking a picture of an outside sign listing gas prices. Payment for gigs has already been increased somewhat since the video was made. A Few Things to Know About Field AgentThere are some things to consider about the service:
The post Field Agent App Crowdsources Data Gathering appeared first on Small Business Trends. |
| 9 Tactics Turn Referrals Into Rock Solid Relationships Posted: 27 Aug 2013 11:00 AM PDT
Referrals are the ultimate compliment in business. They mean people respect you for what you do, stand for and the results you have gotten for them. It’s a sure sign of trust. In business, networking and referrals are mostly common sense, following best practices and having good manners really. Recommending people that give great value, experiences and resources is something we should all be doing. It’s part of the “human referral effect“. Spreading good news about great work creates then kind of energy that comes back to you. Not too long ago people did business with a handshake. Some people can still do this, but I have witnessed some very good handshakes go terribly wrong. Best to qualify aggressively and know who you are referring to and who is referring to you. Referral marketing is one of the most effective ways of promoting products or services to new customers through word of mouth. These referrals often happen spontaneously and tend to produce very good sales outcomes. Several business sources report that 65% of new business tends to come from referrals. Referral Tactics: Turn Referrals Into Solid Relationships1) Tap People You Already Have Results, History and Relationships WithTake those results, that history and your relationships deeper. Don’t be afraid to ask, “Can you suggest some people you know who can benefit from what I do and the results we have gotten?” 2) Thoroughly Qualify People’s Background, Tenure and ResultsDetermining competencies, qualities, values and intangibles is well worth the effort, especially when entrusting people to others. Search people and companies on the Internet not only for current information and reputation – but any complaints or problems posted online. 3) Be Strategic About Meeting PeopleWho do you want to meet and who do you want to meet you? I like to call this “sphere-ing.” I look at all the people who have me in common but don’t know each other yet and I try to connect good people to each other that I feel have the right synergy. 4) Take Care Of People As You Want To Be Taken Care OfOld fashioned nice is so welcomed in business. The consistency of our temperament, attitude, motive and intent gives people a confident sense of what they can expect from us. 5) Offer People a Sampling, Red Spoon Taste of Who You Are and Ask Them to do the SameFind ways to give people a sampling so they can get a taste of you and your work. Think of the ice cream shop where they give you a little red spoon taste before you buy the flavor of your choice. 6) Blend in Person and Social Media to Open Doors and EngageLinkedIn, Twitter, Facebook, blogging and eMarketing used in tandem can speed up, enhance and move the relationship and referral process forward faster than ever before. The world wide Web, technology and social media used for business are the greatest communication advancements since the telephone. 7) Build a Referral Culture and Habit Into Your Day to Day ProfessionalismThe more you consistently connect and refer good people to each other for the right reasons, the more you will become known as a “master connector.” This is a very good thing to be known for. 8) Don’t Wait for Others to Make the First Move, Be ProactiveIf you see a great opportunity to make introductions and referrals, don’t wait for them. Take the initiative, which shows people you are interested in them and, in turn, creates interest in you. 9) Always Thank People for Referrals or IntroductionsAcknowledge interactions with people, whether they work out or not, with a timely, sincere thank you privately and publicly. It’s an opportunity to show gratitude, humility and authenticity. If you want to get referrals and turn them into rock solid relationships, become the kind of person that attracts them, inspires them and rewards people for having that kind of confidence in you. Right attitude, right action, right referrals, right results. Be sincere and go make one today. Referral Photo via Shutterstock The post 9 Tactics Turn Referrals Into Rock Solid Relationships appeared first on Small Business Trends. |
| Patch Fail Raises Questions About Business Model Posted: 27 Aug 2013 07:30 AM PDT
If you run a website as part of your business, figuring out a revenue model for the content you publish is probably a big priority. Content marketing is certainly a powerful way to promote. But creating a business model to sell that content as a product or service can be a bit trickier. The recent failure of Internet behemoth AOL to make Patch, a network of hyperlocal news sites, profitable after years of investment only underscores that challenge. Hyperlocal Should be Hyper SmallOne of the major stumbling blocks AOL faced while trying to make Patch a success was its overhead. Denise Civiletti, editor and publisher of RiverheadLOCAL.com, covering local news in Long Island, NY, told Ad Age recently hyperlocal sites can be hyper profitable. But they must stay small and keep their costs low. It’s hard to say how profitable an individual Patch site needs to be. But Civiletti insists her site’s six figure sales revenue is plenty to support herself and the only other employee, her sales rep husband. Premium Content is Another OptionAnother possibility is to charge visitors directly for some or all of the content published on your site. Twitter co-founder Biz Stone proposed recently that larger sites like Facebook begin offering premium services. Those services could offer an alternative to advertising for people who wish to share and consume content on a site’s pages. Not everybody thinks that’s a great idea. But Scott Fox, who launched his first ClickMillionaires forum in 2009 publishing content for lifestyle entrepreneurs, says he has run a successful subscription service for years. Fox says the key is to regularly publish content users feel is worth the money. It’s also important to have a compelling difference between paid and any free content you offer, he says. “Just look at your cell phone or cable bill to imagine how nice that recurring income is for those companies,” Fox explains. “I recommend that entrepreneurs try to build recurring revenues into their new online businesses, too.” Failure Questions Photo via Shutterstock The post Patch Fail Raises Questions About Business Model appeared first on Small Business Trends. |
| The Biggest Problem Small Businesses Still Have With Their Employees Posted: 27 Aug 2013 05:00 AM PDT
What's the biggest problem you have with your employees? Is it retaining them, motivating them or keeping them from wasting half the day on Facebook? None of the above. If you're like most small business owners, the biggest employee problem you have is finding good ones in the first place. In a recent survey by Robert Half, 60 percent of small business owners report the biggest challenge they face in hiring or managing staff is simply finding skilled workers to do the job. (The second-biggest concern—maintaining employee morale and productivity—was far behind, cited by only 19 percent of respondents.) It's hard to believe finding staff is still a problem in a marketplace where so many people are still unemployed, underemployed or looking to switch jobs. What gives? Some workers have been out of the work force so long that their skills have atrophied. Others, even those with jobs, haven't kept up with the rapid pace of workplace change. But for many small businesses, the problem is not the kind of workers that are out there, but the way they approach hiring. Big companies have huge HR divisions, established brands and clear-cut pathways for employee advancement. For small companies, the brand recognition is likely not there, the recruiting staff probably isn't in place, and the advantages of working at an entrepreneurial business may not be readily apparent. How can you get around these hurdles? 3 Tips that Could Help You Find the Employees You NeedEmphasize the Benefits of Working at Your BusinessYou may not have all the perks of a big corporation, but focus on what you do offer. Promote your company culture on your business website, in your want ads and in interviews. Is your company a fun, casual place to work? Is there lots of room to "wear different hats" and work with many different departments? Job seekers value the ability to gain new skills without having to jump through corporate hoops—so focus on how employees at your company have the chance to really make a difference, even at the entry level. Don't be shy about "selling" your company—that's what it takes to make your business stand out as a potential employer. Recruit in the Right PlacesDon't just place want ads on mass job boards like Monster.com. Small businesses will generally get better results from more targeted recruiting efforts, such as industry-specific or local job boards. Use social media outlets such as Twitter and Facebook to announce your job openings and drive interested parties to your website to get more information and apply. Use LinkedIn to advertise, tap into your connections to uncover leads on qualified candidates, and check out industry groups to find people who display leadership and experience in the fields where you're looking to hire. Even if they're not actively seeking jobs, they might be interested in your opportunity. Last, but not least, spread the word among informal networks like friends, family and people at your church or temple. Bring in the ProsIf you're hiring for a key position or need to bring someone on board quickly, hiring a recruiting firm could be worth your time. Make sure to look for a recruiter who is familiar with your industry and also works with lots of small companies. Get referrals and opinions from other business owners who have used the recruiter, and always weigh the benefits against the cost. Another option: Look into temporary staffing agencies. These days, staffing services aren't only for assistants—you can hire a CMO, CFO or other C-level employee through a staffing agency. This gives you the option to "test drive" a candidate whose skills have been vetted by the agency. If you like what you see, you can offer them a permanent position. Try these tactics and you'll boost your chances of finally finding the perfect employee—one with the skills and experience you need. Employee Problems Photo via Shutterstock The post The Biggest Problem Small Businesses Still Have With Their Employees appeared first on Small Business Trends. |
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