Ignore Product Emails
Anyone with an email address is aware that spam is very much prevalent especially when it comes to shopping times such as holidays. Ignore any unsolicited email that you may receive because many of these will lead you to websites that may look real but can in fact be clever fake websites specifically setup to steal your private information. Even if an email seems like it is real, you should never click on a link sent to you in an email. If you feel that the email is real, physically type in the link and go from there.
Bait and Switch
A bait and switch is a scam that has been around for decades in offline stores and it works by a store promising to sell an item such as a radio for $50 and when you go to buy the item, you will find they either claim to be out of stock and instead lead you to a more expensive item or the product that they are selling is a cheaper version. With online stores this is a real concern because unlike an offline store in which you can look at the product immediately, with online stores you don't know what you will get until the item is delivered.
Use a Credit Card
In the case of a bait and switch or other problem that may occur with online shopping, you should always try to make a purchase with a credit card. Your bank will usually help take care of any problems or scams and you can cancel a payment and have other proof that you are being cheated or intentionally ripped off.
Check for Security Authentication
Most of the larger online retailers will have had audits done to check the integrity of their site. Companies such as ScanAlert run security checks on a site to determine if it is safe from hacker attacks. If a site is showing a ScanAlert logo you can be certain it is secure against any potential threats.
Pay Attention to Shipping Prices
If a deal seems too good to be true you could be right. There are many scams running online at auctions or stores and one of them involves the shipping price of an item. To make money a store will list a product cheaply and then when you add it to your shopping card and go to checkout, you are charged a ridiculously high shipping price.
Thursday, February 14, 2008
Remove the Mystery from the Credit Card Processing Choice
If you're a Web business person that is new to the credit card processing world, it can seem too complicated to be worth pursuing. But with the explosion of credit-card use for internet shopping, e-retailers can no longer afford not to process plastic. However, with hundreds of companies offering merchant services, how do you choose.
One way to sort through the scores of providers is to find sales reps willing to take their time and talk you through the process and relevant fees. This is a great way to separate the great companies from those who are just trying to hit a sales quota. Plus, it gives you multiple chances to hone your expertise as a merchant account services consumer, thus, make a wiser decision.
However, before you cogitate over some of the processes, as well as the fees you will be paying, regardless of what company you choose, let's spend some time looking at items you should never have to spend money on.
Merchant Account Application Fee - This is a fancy way of saying you're submitting an application for credit card processing services. It's not radically different from applying for a credit card. The company you're applying to will look at your financials, as well as your business, and make their decision from there. Some of the more established companies will be able to have some approved e-retailers processing plastic within 24 hours. Others may not be processing that quickly, but the approval should come in a day or so.
Internet Credit Card Processing Software with Web Terminal - Another tumble of words that basically says they have you set up, via your computer, to handle credit card transactions. Some of the lesser players have a price tag of as much as $150 for this. Again, why pay for this when there are some great companies that provide it for free?
Checks by Web/Phone/Fax - Allows you to process checks as payment for those customers that don't want to use their credit cards or simply want another way to pay for their purchase from your Web store. This means you don't have to take a check, deposit it into your account and wait for it to clear. Some vendors price this fast-approval ability set-up at $300, while the established companies provide it gratis.
Web Shopping Cart - A valuable tool that allows people shopping your site to select a product, then keep browsing and pay for all items in one transaction. If this didn't exist, customers would be more likely to buy one thing and leave. This feeds into the internet shopper's profitable habit of making impulse buys.
Technical Support - You hope you never need it, but it is a lifesaver when you do. Some companies charge for this, which makes some e-merchants hesitant to call on a small problem, which means what might be a minor glitch might grow into a major issue if it doesn't get the immediate attention. Nothing should ever get between you and the smooth operation of your Web-based business - certainly not having to worry about the meter running while you're trying to solve problems and keep your business running.
One non-financial merchant services qualifier is the length of the approval cycle. Any company that needs a week or more to reach a decision on your application is not competitive. Indeed, that long a window for approval usually means you're dealing with a company that outsources everything, which means you'd be "dealing" with several companies, and that means a lot of costs will be getting passed along to you.
One way to sort through the scores of providers is to find sales reps willing to take their time and talk you through the process and relevant fees. This is a great way to separate the great companies from those who are just trying to hit a sales quota. Plus, it gives you multiple chances to hone your expertise as a merchant account services consumer, thus, make a wiser decision.
However, before you cogitate over some of the processes, as well as the fees you will be paying, regardless of what company you choose, let's spend some time looking at items you should never have to spend money on.
Merchant Account Application Fee - This is a fancy way of saying you're submitting an application for credit card processing services. It's not radically different from applying for a credit card. The company you're applying to will look at your financials, as well as your business, and make their decision from there. Some of the more established companies will be able to have some approved e-retailers processing plastic within 24 hours. Others may not be processing that quickly, but the approval should come in a day or so.
Internet Credit Card Processing Software with Web Terminal - Another tumble of words that basically says they have you set up, via your computer, to handle credit card transactions. Some of the lesser players have a price tag of as much as $150 for this. Again, why pay for this when there are some great companies that provide it for free?
Checks by Web/Phone/Fax - Allows you to process checks as payment for those customers that don't want to use their credit cards or simply want another way to pay for their purchase from your Web store. This means you don't have to take a check, deposit it into your account and wait for it to clear. Some vendors price this fast-approval ability set-up at $300, while the established companies provide it gratis.
Web Shopping Cart - A valuable tool that allows people shopping your site to select a product, then keep browsing and pay for all items in one transaction. If this didn't exist, customers would be more likely to buy one thing and leave. This feeds into the internet shopper's profitable habit of making impulse buys.
Technical Support - You hope you never need it, but it is a lifesaver when you do. Some companies charge for this, which makes some e-merchants hesitant to call on a small problem, which means what might be a minor glitch might grow into a major issue if it doesn't get the immediate attention. Nothing should ever get between you and the smooth operation of your Web-based business - certainly not having to worry about the meter running while you're trying to solve problems and keep your business running.
One non-financial merchant services qualifier is the length of the approval cycle. Any company that needs a week or more to reach a decision on your application is not competitive. Indeed, that long a window for approval usually means you're dealing with a company that outsources everything, which means you'd be "dealing" with several companies, and that means a lot of costs will be getting passed along to you.
Wednesday, February 13, 2008
Benefits Of Check 21 Remote Deposit Capture
# API Software Interface. Rolling out RDC is easy with quick integration with existing software.
# Multi-function platform. Check21-RDC, ACH, credit/debit card processing can all accommodated on the same platform.
# Banking Independence. Customers can use any financial institution desired as a depository account for the ultimate in flexibility. No new bank accounts are required. If the customer wishes to change banks at any time, continuity of RDC clearing (and smooth operations for customers) is assured.
# Online check image archives. Easy search and retrieve for any image transaction. All checks are archived online for fast and easy access making it simple to recover and share any payment documentation to customers.
# Automated resubmission of returns. XML/SOAP eliminates the need for manual handling of returns increasing productivity and cash flow.
# Full online reporting. The entire clearing and settlement process for each transaction is available online. Management reports can be compiled quickly through the manipulation of any variables.
# Faster access to money. Remote Deposit Capture fosters speedy check clearing resulting in drastically decreased settlement times. Depending upon underwriting criteria of the customer, funds can settle to accounts as quickly as the next business day. Faster settlement means increased cash flow and quicker availability of working capital for your customers' business.
# Reconciliation and management is infinitely easier. With RDC, checks are transmitted electronically eliminating the need for multiple depository accounts. Customers' finance departments will no longer be burdened with the time consuming administrative functions required to manage multiple accounts. Consolidation also enables customers to take advantage of volume based transactions discounts and will save them money on account maintenance fees.
# Saves time and money. Electronic image transfer means fewer trips to the bank, saving transportation costs and eliminating courier and/or mail fees. And, since checks are archived online, there is no need to photocopy checks before taking them to the bank saving money on copying and storage.
# Increase productivity. Much of the error-prone manual labor of check preparation is eliminated with RDC, freeing customers' employees to concentrate on other projects. Streamlining of check deposits management accelerates the smooth flow of your customers' business operations.
# Expanded banking hours. RDC expands the banking hours in your day by 50%. In an amazing gift of time, RDC deposits can be made up to 8 pm EST freeing customers of worries about meeting a 4 pm cutoff time. Additionally, RDC offers convenient 24-hour deposit capability. Deposit checks anytime, including nights, weekends, and holidays; after hours checks clear the next banking day.
# Decreased fraud risk. RDC gives customers the protection of computerized anti-fraud programs which are not available with paper check transactions. Electronic clearing includes anti-fraud algorithms and systems for customer security. In addition, shorter clearing times offer better protection against check fraud.
# Clear file delivery. In the rare case where a poor quality image is received, customers receive notification via email. They can immediately resubmit the information assuring near 100% clear file delivery.
# Geography disappears. Flexible online reporting means data can be rapidly shared with customers' management team, no matter where they are physically located.
# Multi-function platform. Check21-RDC, ACH, credit/debit card processing can all accommodated on the same platform.
# Banking Independence. Customers can use any financial institution desired as a depository account for the ultimate in flexibility. No new bank accounts are required. If the customer wishes to change banks at any time, continuity of RDC clearing (and smooth operations for customers) is assured.
# Online check image archives. Easy search and retrieve for any image transaction. All checks are archived online for fast and easy access making it simple to recover and share any payment documentation to customers.
# Automated resubmission of returns. XML/SOAP eliminates the need for manual handling of returns increasing productivity and cash flow.
# Full online reporting. The entire clearing and settlement process for each transaction is available online. Management reports can be compiled quickly through the manipulation of any variables.
# Faster access to money. Remote Deposit Capture fosters speedy check clearing resulting in drastically decreased settlement times. Depending upon underwriting criteria of the customer, funds can settle to accounts as quickly as the next business day. Faster settlement means increased cash flow and quicker availability of working capital for your customers' business.
# Reconciliation and management is infinitely easier. With RDC, checks are transmitted electronically eliminating the need for multiple depository accounts. Customers' finance departments will no longer be burdened with the time consuming administrative functions required to manage multiple accounts. Consolidation also enables customers to take advantage of volume based transactions discounts and will save them money on account maintenance fees.
# Saves time and money. Electronic image transfer means fewer trips to the bank, saving transportation costs and eliminating courier and/or mail fees. And, since checks are archived online, there is no need to photocopy checks before taking them to the bank saving money on copying and storage.
# Increase productivity. Much of the error-prone manual labor of check preparation is eliminated with RDC, freeing customers' employees to concentrate on other projects. Streamlining of check deposits management accelerates the smooth flow of your customers' business operations.
# Expanded banking hours. RDC expands the banking hours in your day by 50%. In an amazing gift of time, RDC deposits can be made up to 8 pm EST freeing customers of worries about meeting a 4 pm cutoff time. Additionally, RDC offers convenient 24-hour deposit capability. Deposit checks anytime, including nights, weekends, and holidays; after hours checks clear the next banking day.
# Decreased fraud risk. RDC gives customers the protection of computerized anti-fraud programs which are not available with paper check transactions. Electronic clearing includes anti-fraud algorithms and systems for customer security. In addition, shorter clearing times offer better protection against check fraud.
# Clear file delivery. In the rare case where a poor quality image is received, customers receive notification via email. They can immediately resubmit the information assuring near 100% clear file delivery.
# Geography disappears. Flexible online reporting means data can be rapidly shared with customers' management team, no matter where they are physically located.
How Does Your Landing Page Measure Up?
You managed to entice your email reader or web surfer to click your link or your ad. In today's cluttered web marketing world, that's quite an accomplishment. But don't start celebrating yet. It's what happens after the click that determines the success of your campaign.
And unfortunately, according to a recent SilverPop study, up to 50% of visitors leave your landing page within the first 8 seconds. So, what can you do to increase your conversions after the click?
First, don't panic, and don't feel too bad. A MarketingSherpa survey revealed that conversion rates for email campaigns average only 5.67 percent (11.31 percent for free offers). So you're definitely not alone in less than optimal campaign results. But if your conversions are significantly below these averages, you may want to take some time and implement a few of these changes:
1. Ensure that the text and promotional copy on your landing page match the text and promotional copy of your email campaign. Often times, the email message is written by a copywriter and the landing page is created by a web developer and the two messages are not in sync. One of the quickest fixes is to use the same headline on your landing page as you used in your email message.
2. Create a dedicated landing page for your campaign. If you are offering a widget on sale for $14, take the readers to the widget page. Do not dump them on your home page and expect them to crawl around looking for your widget.
3. Use the same look and feel in your email message or display ad that you use in your landing page. Landing pages that do not match the original ad end up confusing the visitors. They think they are in the wrong place and they end up clicking away from the page altogether.
4. Reduce your form fields as much as possible. Forms that require more than 10 fields result in significantly reduced conversions.
5. Eliminate navigation bars or other linking elements that might distract the visitor and cause him to click away.
And unfortunately, according to a recent SilverPop study, up to 50% of visitors leave your landing page within the first 8 seconds. So, what can you do to increase your conversions after the click?
First, don't panic, and don't feel too bad. A MarketingSherpa survey revealed that conversion rates for email campaigns average only 5.67 percent (11.31 percent for free offers). So you're definitely not alone in less than optimal campaign results. But if your conversions are significantly below these averages, you may want to take some time and implement a few of these changes:
1. Ensure that the text and promotional copy on your landing page match the text and promotional copy of your email campaign. Often times, the email message is written by a copywriter and the landing page is created by a web developer and the two messages are not in sync. One of the quickest fixes is to use the same headline on your landing page as you used in your email message.
2. Create a dedicated landing page for your campaign. If you are offering a widget on sale for $14, take the readers to the widget page. Do not dump them on your home page and expect them to crawl around looking for your widget.
3. Use the same look and feel in your email message or display ad that you use in your landing page. Landing pages that do not match the original ad end up confusing the visitors. They think they are in the wrong place and they end up clicking away from the page altogether.
4. Reduce your form fields as much as possible. Forms that require more than 10 fields result in significantly reduced conversions.
5. Eliminate navigation bars or other linking elements that might distract the visitor and cause him to click away.
Monday, February 11, 2008
How About An E-Commerce Business?
There are numerous ways to make money online. If you are the type who has always wanted to own your own store, but cannot afford the cost of starting a brick and mortar shop, an E-commerce website may be right for you. Even beginners who have never run a business before can handle these types of sites. Typically with this type of business you don't directly deal with products. That all gets handled for you by a distributor or parent company. All you have to do is set up the site, promote it, and then handle the profit from sales.
One option for E-commerce is to find distributors who will drop ship the type of goods you want to sell. After you find your distributor(s), you need to select how you want to set up your website. You can go with an all inclusive E-commerce hosting package (like Yahoo Merchant Solutions or similar system), which is nice because they give you tools for site design, catalogue building, and checkout tools. You can also design your own site, have it hosted through any web hosting solution, and incorporate checkout and catalogue tools yourself (checkout OScommerce.com for some cool open source solutions). Either way, you decide the items to list on your site. This method can be more time consuming to get up and running, but gives you more flexibility in the items you can carry.
Another form of E-commerce is where you partner with an existing company and they provide you with a "mirror" website. The downside to this type of system is that your inventory selection is typically limited to what is being carried by the parent company. If you are the busy type and are looking for something that is quick and easy to start up, this would be a good option. Everything is typically set up for you and automated, even the payment system installation. All that is left for you is to possibly tweak the site (in allowed) and promote it.
If you already have a website, a third option is affiliate advertising items for other companies. Many big name companies have affiliate programs you can join for free. You post links and banners to items and you get money for each item sold through your link. Companies like Amazon and Barnes & Noble only pay a small percentage for each sale, but have common and very popular consumer goods. Companies like Clickbank generally pay much more per sale, but tend to deal with informational products. The type goods you advertise should be determined by the nature of your website. If you already have steady traffic coming to your site and a target audience, this can be a good option for you.
One option for E-commerce is to find distributors who will drop ship the type of goods you want to sell. After you find your distributor(s), you need to select how you want to set up your website. You can go with an all inclusive E-commerce hosting package (like Yahoo Merchant Solutions or similar system), which is nice because they give you tools for site design, catalogue building, and checkout tools. You can also design your own site, have it hosted through any web hosting solution, and incorporate checkout and catalogue tools yourself (checkout OScommerce.com for some cool open source solutions). Either way, you decide the items to list on your site. This method can be more time consuming to get up and running, but gives you more flexibility in the items you can carry.
Another form of E-commerce is where you partner with an existing company and they provide you with a "mirror" website. The downside to this type of system is that your inventory selection is typically limited to what is being carried by the parent company. If you are the busy type and are looking for something that is quick and easy to start up, this would be a good option. Everything is typically set up for you and automated, even the payment system installation. All that is left for you is to possibly tweak the site (in allowed) and promote it.
If you already have a website, a third option is affiliate advertising items for other companies. Many big name companies have affiliate programs you can join for free. You post links and banners to items and you get money for each item sold through your link. Companies like Amazon and Barnes & Noble only pay a small percentage for each sale, but have common and very popular consumer goods. Companies like Clickbank generally pay much more per sale, but tend to deal with informational products. The type goods you advertise should be determined by the nature of your website. If you already have steady traffic coming to your site and a target audience, this can be a good option for you.
Benefits and Drawbacks of Working With a Dropshipping Wholesaler
The benefits of using a dropshipping wholesaler are plentiful:
1. You don’t have to invest in inventory; this saves you a ton of money and additional headache in case the goods are not selling well.
2. You don’t need to worry about a proper storage of your goods and/or investing in a warehouse, simply because you have no goods! In fact, you may never even touch the product you are selling!
3. You are not restricted to one type of a product only and are free to switch to other types as often as you want to. This gives you an opportunity to find your niche without much of a hassle.
4. You can offer unlimited number of products, without the need to open separate specialty shops for each product type, unless you want to.
5. You have no leftover items, which you would need to store and find ways to get rid of, compromising on the price.
6. The flow of cash starts with the very first item you sell. In a simplified way, the process looks like this: the buyer pays you, you pay to the dropshipping wholesaler, and the difference between the two prices makes your profit.
7. You are spared of the trouble to pack, handle and ship the items. You save money as well, even though your dropshipping wholesaler charges you for the delivery. But in case you handled the delivery of the product yourself, you would have spent much more, leaving little room for profit.
8. With most dropship suppliers you qualify for the wholesale price without the need to place a minimum order.
However, like in any business there are certain risks involved as well:
1. You have little control over the entire process, and can’t help if mistakes and delays happen.
2. You are held responsible for the item’s lousy quality, shipping damages, poor packaging, slow delivery and other problems that may occur thanks to a poorly chosen dropshipping wholesaler. All this affects your market reputation and can kill your business in no time, especially if you operate on such platforms as eBay, where the customer’s feedback is vital.
3. You are normally not informed when a certain product is sold out, so you may continue to offer it in your shop until you get angry inquiries from your customer on the reasons why the purchase hasn’t arrived yet.
Choosing a dropshipping wholesaler you may need to make a couple of test purchases to evaluate the quality and overall service, find out what policies the company has, and get a feedback from its former or current partners.
1. You don’t have to invest in inventory; this saves you a ton of money and additional headache in case the goods are not selling well.
2. You don’t need to worry about a proper storage of your goods and/or investing in a warehouse, simply because you have no goods! In fact, you may never even touch the product you are selling!
3. You are not restricted to one type of a product only and are free to switch to other types as often as you want to. This gives you an opportunity to find your niche without much of a hassle.
4. You can offer unlimited number of products, without the need to open separate specialty shops for each product type, unless you want to.
5. You have no leftover items, which you would need to store and find ways to get rid of, compromising on the price.
6. The flow of cash starts with the very first item you sell. In a simplified way, the process looks like this: the buyer pays you, you pay to the dropshipping wholesaler, and the difference between the two prices makes your profit.
7. You are spared of the trouble to pack, handle and ship the items. You save money as well, even though your dropshipping wholesaler charges you for the delivery. But in case you handled the delivery of the product yourself, you would have spent much more, leaving little room for profit.
8. With most dropship suppliers you qualify for the wholesale price without the need to place a minimum order.
However, like in any business there are certain risks involved as well:
1. You have little control over the entire process, and can’t help if mistakes and delays happen.
2. You are held responsible for the item’s lousy quality, shipping damages, poor packaging, slow delivery and other problems that may occur thanks to a poorly chosen dropshipping wholesaler. All this affects your market reputation and can kill your business in no time, especially if you operate on such platforms as eBay, where the customer’s feedback is vital.
3. You are normally not informed when a certain product is sold out, so you may continue to offer it in your shop until you get angry inquiries from your customer on the reasons why the purchase hasn’t arrived yet.
Choosing a dropshipping wholesaler you may need to make a couple of test purchases to evaluate the quality and overall service, find out what policies the company has, and get a feedback from its former or current partners.
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