The trendlines — not to be confused with the weekend’s expanding waistlines! — are in, and changing shopping patterns, and evidence of a slowly recovering economy, were both apparent over the long holiday weekend.
Here at AVPS, we wish you a Happy Thanksgiving — all good things, blessings and much to be grateful for…
These days, many successful businesses have an online component. Even traditionally brick and mortar establishments are jumping into the online world to increase their sales potential and their customer base. With so much of life happening in an online world these days, it’s a good idea for even the smallest business to have an online presence so that customers can find them. One way to grow your online business is to offer your customers a wide variety of payment options. This includes not only credit card transactions, but also the ability to accept checks online. Many customers today want to pay by check, and giving them the option can give you a much needed edge over the competition.
Under the CARD act of 2009, it actually became harder for at-home spouses to get their own credit card, as Federal Reserve Regulations required a credit card issuer to verify the individual applicant has income or assets available to make payments — regardless of the total household income. Current proposals to change the CARD Act would allow a non-working spouse or partner over the age of 21 to report shared household income from the working spouse or partner in order to apply for a credit card in his or her own name.
If you have a startup business with no credit or limited credit, you may be considered a high risk merchant. This often means that banks and other lenders shy away from offering you the services that you need to be successful. With AVP Solutions, however, you can get a high risk merchant account that allows your business to process credit card and check payments from your customers. Bad credit or no credit doesn’t have to stand in your way, accepting checks online can help you expand your customer base as you watch your business grow. It’s all possible when you get a merchant account from AVPS.
Aside from the all the big election news this week, a couple of smaller items popping up in the newsfeeds on the credit card front point toward a rapidly changing landscape there too, one where mobile payments are even more common.
What is ACH? ACH payments are electronic check payments that many businesses can use to expand their customer base. The Automated Clearing House, which is what ACH stands for, works similarly to a wire transfer but without actually being a wired payment. If you are looking for a secure way to process check payments from your customers, ACH is the way to go. These payments are resolved in just a couple of business days, which means that you will get your money faster than you might with traditional check payments. There are many benefits for business who accept ACH payments.
Projections for credit card use this holiday season continue to be good. The Greensheet, a credit card industry newsletter, recently featured a round-up of projetions, with many saying that this year’s holiday retail sales could top 2011 by upwards of 4 percent. Deloitte LLP estimated that U.S. retailers will rack up over $900 billion dollars of sales between November (which starts today!) and January of 2013. And of that, approximately $36 billion is expected to be “mobile-influenced,” with
shoppers using phones and tablets to help locate items, and comparison-shop between them.