Starbucks has proven itself to be a leader in revolutionizing the retail industry. Their mobile app, specifically, was the first of its kind to boast such high adoption rates and be embraced so thoroughly by the public. Their mobile transactions constitute a staggering 27 percent of all in-store purchases, which is far beyond the rest of the country in adoption rates.
What is Starbucks’ secret to success? It is the fact that they can meet several, very integral needs of their consumers, and deliver upon those in an outstanding manner. Any retail business can fulfill these needs as well, thereby driving profit, success, and customer retention.
There are four predominant needs that retail customers seek fulfillment of:
Quickbooks is a popular choice for business accounting. Many merchants that accept credit cards think that they must either manually input a payment or opt into Quickbooks integrated payment processing.
Intuit is the payment processing provider for Quickbooks. Merchants that choose to process using Intuit payments will automatically have their payment transactions sync with their accounting software. However, merchants may want to explore other payment options with better rates or more comprehensive features.
Since the liability shift on October 1, 2015, EMV has become the new standard for payments security at brick-and-mortar merchants.
WHAT IS EMV?
EMV stands for Europay Mastercard Visa and is the new chip technology in credit cards that forces consumers to insert their cards as opposed to swiping. It has many security benefits that have already reduced in-store fraud significantly. However, the greatest benefit to merchants that utilize EMV technology is that they are not liable for fraudulent chargebacks at their establishments.
Chargeback management has become part and parcel of conducting business. As it becomes easier for customers to dispute charges, and with banks usually siding with customers, it is essential to take proactive and preventative measures so that illegitimate chargebacks do not cut into your bottom line.
When you receive a chargeback notification, it is not a done-deal situation. There are still some specific measures that you can take to disprove the dispute:
1. Will they meet my particular business’ needs?
When it comes to payments, business size, industry and personal preferences create unique needs for every merchant. For example, a restaurant’s processing needs are not at all comparable to those of a school or nonprofit. Make sure that your payment services provider is knowledgeable about and has experience in your particular field. An experienced provider will be able to advise you on the optimal setup that will lower your costs and increase your business efficiency.
Subscription commerce has recently demonstrated significant growth, as consumers have embraced the convenience and efficiency that subscriptions deliver. Companies and shareholders love it too, because it ensures repeat customers on a regular basis, without the necessity and hassle of pitching and closing a new sale each time.
Some companies will replenish customers’ supply of a particular product, such as the Dollar Shave Club. Others attempt to delight and surprise their customers with a new and unique selection, such as Birchbox. But it is not a new phenomenon; magazine companies, nonprofits, and phone companies have long found great success using the subscription billing model.
Unfortunately, it can be complicated for subscription-based companies to obtain processing for a merchant account, and even once set up the overhead cost and efforts can be staggering. Subscription services are considered “high risk” processing accounts because they present an increased chance of chargebacks for the following three reasons: