Chip Card Technology – Protection against Credit Card Fraud

April 27, 2015

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On October 1, 2015, all retailers who accept credit cards have to install chip card technology on their point of sales systems. This technology will enable the merchant to authenticate transactions on credit cards and thereby help to reduce fraud when acceting credit cards at their place of business.

By installing this technology, the credit card processing machines and point of sales systems will be able to read the embedded computer chip on payment cards which contain important information to verify the customer and his/her transactions. This will help eliminate fraudulent transactions. Any business which does not install the technology could be subject to fraud.

Other countries have already instituted this program and have experienced a drop in consumer fraud involving payment cards such as credit cards. For more information about installing the technology, merchants should contact their credit card processing companies. American Express is offering a $100 refund for ugrading to this technology.

For more information on credit card processing, please request my newly revised book, “RetailersGuide to Mechant Services” on the contact form for this site.

Free e-Book on Merchant Services

February 1, 2015


In order to remain in business, the business owner must have an effective way of attracting customers to the business. Once they are attracted and use the services or purchase products, the customer should be given an incentive to return for repeat purchases. One of the incentives would be a variety of payment options which would include cash, check or credit card. When the business owner is prepared to accept payments from their customers and makes it convenient for them to spend money, they are in a better position to realize a gain from their profits.

To help business owners understand their merchant services accounts and how to make more money for their businesses, I am giving a free copy of my e-book, The Retailers’ Guide to Merchant Services, which includes the details on processing credit cards and how to save money with them. The e-book will be ready within the next week, as I have revised it. You may request a copy of the e-book on the Contact form located withing the first posting on this blog or on the “Contact Me” Page on the Menu bar. I will add your address to receive the newsletter which will be sent each month. The first issue will arrive with the e-book download.

If you have any questions about receiving extra cash to finance your business, please use the form to send me your question about that as well. As soon as the e-book is ready, I will send it to you.

Business Webinar – Marketing Concepts

December 14, 2013

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People go into business to market sell their great ideas.  In order to do that, they need customers who need or want what they have to sell.  Marketing is about how to attract those customers to the business so that they can purchase the products and services.

In order to attract the customers, the business owner must learn everything he/she can about the business, the products, and the customer.  If the business owner does not learn the steps to successfully marketing the product, the business will fail.

In order to help the start up business owner or the person who has been in business for several years to become acquainted with marketing the business on the Internet, I have developed a series of weekly webinars entitled “Marketing Concepts.”  (To register, click onto “Marketing Concepts.”)

Here are the dates and times of the webinars:

Schedule: December 18, 2013 – 8:00 pm – 9:00 pm – Marketing Concepts – Introduction

December 23, 2013 – 8:00 pm – 9:00 pm – Identifying the Target Market

December 30, 2013 – 8:00 pm – 9:00 pm – Designing the Website

January 8, 2014 – 8:00 pm – 9:00 pm – Selecting Key words thru Tools

January 15, 2014 – 8:00 pm – 9:00 pm – Writing Content

January 22, 2014 – 8:00 pm – 9:00 pm – The Social Networks

January 29, 2014 – 8:00 pm – 9:00 pm – Marketing on Facebook

February 5, 2014 – 8:00 pm – 9:00 pm- Marketing on Twitter

February 11, 2014 – 8:00 pm – 9:00 pm – Marketing on Google+

If there is enough interest, the webinars will extend beyond these dates.  If you have any questions, please list them in the “Comments” section. 


New Edition – New Price

June 26, 2013

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For those of you who are seeking detailed information on credit card processing and choosing merchant services, I have reduced the price of my e-book, The Retailers Guide to Merchant Services, from Storefront to Internet.

Detailed information on the different accounts offered, the machines, and tips to boost your profits on-line.  Get you copy today!

Support independent publishing: Buy this e-book on Lulu.

What is Buy-Sell Agreement?

February 2, 2013


Business partners need a buy-sell agreement or buyout agreement when they form a business or immediately after. It is an agreement which protects the interest of each party whenever there is an event which would change ownership. The agreement would set the price and the conditions upon which the mandatory or optional buyout would take place. Whenever this process is delayed, the business owners increase their financial risk.

The goals of the buy sell agreement would be:

· the identification of the events which would trigger the purchase of the business and to ensure that the business owners’ interest would be protected,

· to identify the buyer of the owner’s interest in the business, i.e., the company, the remaining owner, or joint ownership of the owner and the business,

· to provide a procedure for determining purchase price of the business, according to market conditions when the event occurs,

· to provide a way of funding the agreement, such as through life insurance

· to determine the deceased owner’ interest in the business for estate tax purposes

There are several events which would trigger the optional buyout of an owner’s interest in the business. They include death or disability of an owner, the decision to transfer ownership to a third party, the retirement of an owner, divorce of an owner, or bankruptcy of the business. In the event of death or disability, the business owner’s family would be protected, since the business owner supported the family with his share of the proceeds of the business. If the decision to create a buy sell agreement is delayed, it places the family at risk for financial hardship. Conversely, divorce or bankruptcy would make the business vulnerable to outsiders, such as a spouse or a creditor. Creating a buy-sell agreement would prevent these outsiders from taking over the business.


Business Ideas for Start-ups

October 1, 2011

Financial stability and independence are two of the main reasons that people go into business. However, having the right idea which could net you enough income to live on is important.

There are many reasons why businesses fail and one of the reasons is that it may take time for the business idea to produce income. Meanwhile the bills need to be paid. That is why business owners must investigate having multiple streams of income in the early stages of the business to ensure that they do not end up homeless or divorced because they are not bringing in enough income.

Therefore, starting a business while you are still employed is an important consideration. Once the business starts producing enough income to consistently pay the bills, then the business owner might consider quitting the full-time job. The other option is to secure a part-time job and work the business part-time.

Now that you have decided that you want to start a business, it is important to consider the type of business you would want to have. Some people, after having worked many years in corporate America decide to quit or find that the company is downsizing them. Depending on the type of job they may have had, they can decide to go out on their own.

For example, a computer technician may decide to find his own accounts with some local companies that may have a need for his services. A bookkeeper for a major corporation may decide to secure several local accounts with lawyers or computer companies in her area. A web designer for a major corporation may decide to help start-up businesses establish themselves on the Internet. The possibilities are endless.

People who have other talents or hobbies may decide to market their talent and earn some money. The things that we do best are referred to as core competencies in the business world. Each person has their own set of skills or talents which they can do exceptionally well. For example, a painter may decide to network with a real estate agency and paint homes which are going on sale in the real estate market. A furniture builder may decide to build furniture in his basement and advertise the pieces for sale or take orders for custom designed furniture.

Whatever they decide, they will have to keep their options open for making money in another way, such as marketing another talent, or doing work for another company as an independent. When they take on another stream of income, it will be important to organize their time so that the work is completed and to keep accurate records.

At times, business owners may discover that they need more training or education to pursue a business. In that case, they must acquire the new skills or education as quickly as possible so as to capitalize on the business as soon as possible.

In conclusion, if a person wants to start his or her own business, they must consider ways of earning more than one income stream.

Limited Liability Company or Non-Profit

September 20, 2011

There comes a time when sole proprietors must make a decision about how to register their company when they start growing. This is an important consideration, because having the right organization will enable the company to experience even more profits, and in some cases, protection against law suits.

When writing a business plan, one of the most important considerations is type of business organization to adopt for the company. The benefit of the non-profit organization is the ability to raise money from donors and not have to pay income or property taxes. Money is used to expand the company or to pay for its expenses. The non-profit organization does not issue shares of stock to its owners and does not have shareholders. The government tends to limit the amount of money a non-profit organization can make and monitors the organization through stringent reporting.

The limited liability company, on the other hand, is an unincorporated association. It has certain characteristics of both a corporation and a partnership or sole proprietorship and provides limited liability to its owners. The benefits of creating a limited liability company is that is flexibility in this type of organization, as a clause can be added to modify the agreement (“unless otherwise provided for in the operating agreement”). For income tax purposes, the entity is treated as a pass through entity. Some limited liability corpoation comanies include lawyers and attorneys who often operate as partnershps, such as McGladrey & Pullen LLP, one of the largest accounting firms in the country.

For example, owners of the corporation can raise money by selling shares of company stock. There is a greater potential for more income compared to a non-profit organization, as there are no limitations to the amount of money one could raise. There can be one or multiple members of the LLC. If there is one owner, the person would report the income on their tax return. However, if there are multiple members, they must file a form 1065 for income tax purposes and each one receives a form K-1 for reporting on their own income taxes.

The members may elect to be taxed as a corporation where the dividends earned from the shares and the distribution of the dividends would be taxed as they are received by the members.

The members may elect, instead, to be treated as an S Corporation, where there would be self-employment tax savings.

1. Less paperwork and record keeping than a C-corporation,
2. Members are taxed on their profits individually
3. Members can decide how they want to be taxed, i.e., sole proprietor, partnership, S- corporation, or C-corporation
4. There is no double taxation unless the members elect to be taxed as a C- corporation,
5. LLC’s are treated as a separate entity in most states,
6. Only one natural person is required to set the business up as an LLC,
7. There is more protection against a “hungry investor”

1. If there is no agreement between the members, there could be a problem. To avoid problems, the members must outline their governance and protective provisions in an operating agreement or similar governing document.
2. It may be difficult to raise money as investors may be more comfortable with the corporation and IPO (Initial Public Offering) as a way to invest money. If that is the case, the owner(s) may elect to dissolve the organization and reform under a corporation.

If business owners are unsure of the type of organization which is beneficial for them, they should consult their attorney.