If you’re a retailer, the headline alone was all you needed to sit up and pay attention. There’s no greater frustration (well, maybe a small few greater frustrations) than sorting through your monthly merchant account statement, then realizing just how much all those nickle and dime fees add up to each month. Even more unnerving are the fees attached to debit cards—a financial tool that doesn’t even require credit extension (read: risk) on the part of banks, since if the money’s there, the transaction goes through. If it’s not, well, according to the new credit card rules, no go, Joe.
Rather than reiterate what’s been written elsewhere, here’s a link to an article that ran on the Home Accents Today website (thanks, Wes Kennedy, for the tip via Twitter). Read up, the grab a pen and write your Senator. This is one of those times retailers’ voices need to be heard, loud and clear.
Remember the blog post I whipped off nearly a year ago? You know the one…pick three, spend $50, ”Let’s call it The 3/50 Project.” Well, that little ditty has exploded into one heck of a huge international movement, complete with a full blown website, massive traffic, massive popularity…and a massive web hosting bill.
You know that $9.95/month hosting package you have that covers all the bases, and then some? Yeah, well, we’re way, way, waaaaaaay past that. [click here to continue…]
Remember those halcyon days of free flowing cash? That’s when the debit card was born—branded with a major credit card logo, it allowed consumers to pay for purchases without a paper check or relying on extended credit. If the money was in their checking account, the purchase was approved. If funds were insufficient, the card declined. For retailers, accepting debit cards was safer than accepting checks, a form of payment that wouldn’t show up as a “bounce” until long after the customer had left the store with their merchandise. [click here to continue…]
Here it comes…the second wave of rules instituted as part of the Credit Card Act of 2009. Beginning in February, card issuers will be held to a plethora of new standards…which means a plethora of new charges and changes are quickly hitting consumers now, in anticipation of lost revenue.
While I don’t pretend to be an expert when it comes to figuring out all the ins and outs of issuing banks, Jean Chatzky (Financial Editor, NBC) is. Here are a few of her tips to keep in mind as credit card statements begin landing in your mailbox: [click here to continue…]
It’s no surprise that those of us using PayPal for any kind of online billing are transferring those funds into our bank accounts with greater frequency. Why let it sit idle there when it could be safe and sound, here at home, in an interest bearing account, after all?
Odds are that the wobbly state of the economy has a lot of folks pulling incoming funds out of their internet piggy bank a bit faster these days. As in get-it-got-it-move-it faster.
Well, PayPal’s no dummy. [click here to continue…]
Last Thursday’s RS:Live! conference call about credit cards, credit lines, and all associated perplexities was nothing short of fascinating. Richard Bodin is a walking encyclopedia when it comes to understanding how credit functions behind the big curtain. Utilizing his one simple suggestion about what to do with a large credit card balance could make the difference between staying afloat and sinking like an anvil. [click here to continue…]
Reminder: Tomorrow night is the free RS:Live! conference call focused on credit cards, credit lines, and other financial concerns. Richard Bodin, owner of Hudson Home, has generously offered to share his wisdom after years of working in the Financial Services division of Citibank. The flow of conversation will be open for all participants so we can discuss questions, concerns, and solutions.
Conference call details: [click here to continue…]
Credit cards and credit lines give retailers headaches these days-—especially small retailers whose accounts receivable department is pretty much the owner’s desk. At no time in history has the landscape been so muddled.
To accommodate many of the questions and concerns ravaging your sleep, we’re dedicating our first RS:Live! conference call to the topic of credit lines, credit cards, and debit cards. Joining us will be RetailSpeaks Advisory Board member Richard Bodin (previously with Citibank Financial Services Division), ready to share his wisdom and experience as we discuss questions retailers have about the financial maze they face. [click here to continue…]
