Further to our previous article Cash is King, we take a closer look at the ATMs and point-of-sales (POS) usage. See the table below (Comparison of ATMs and POS Usage). In 2010, the value of POS payments exceeded the value of cash withdrawals. However, by the end of 2014 our insatiable appetite for cash-in-hand had […]
Cash is the preferred payment instrument for retail and personal transactions. Payment cards (credit and debit cards) and electronic payments (over the LINX system) run second. Other payment instruments like cheques are relatively insignificant as a widely used means of payment by the public. The table below represents the value of point-of-sale (POS) transactions and
There are several ways to receive payments. Payment options range from the traditional cash to modern day electronic payments. In this article we examine payment instruments and the payments systems available to local businesses. PAYMENT INSTRUMENTS The main payment instrument is cash. Non-cash payment instruments are debit cards, credit cards, cheques and bank drafts. Despite
So we are in a recession. Workers are being laid off, people have less to spend and businesses are feeling the pinch. It will get worse. However, a recession is not a bad time for all businesses. People still have to spend. It means that they will spend more on the basics and less expensive
A more open minded attitude to business is needed in Trinidad and Tobago. There are many accounts of entrepreneurs having bad experiences with third parties. These experiences have fostered a fear of partnerships, co-founders and even financial institutions. Today, the fear persists but more startups being created with partners and co-founders. In addition, there are
Recently, I purchased an item on Amazon that took only four days to arrive in Trinidad and Tobago and be ready for pickup. Wow! In the past, this would have taken 2 – 3 weeks. Some deliveries my still take that time but it is a clear where delivery times are headed. This is a
Entrepreneurs are told to talk to customers, talk to customers. Talk to customers to know the pain they experience and to identify the problem. Talk to customers to get feedback on the solution and confirm a problem-solution fit. Soliciting feedback from potential customers is not a straight forward exercise. Good feedback is received when persons
I just counted the number of apps that I use; 30. They include the popular mainstay apps such as Gmail and WordPress and also the relatively new like Tempo and Wave. Don’t get put off by the headline. I am not suggesting that apps should replace employees. Like employees, apps can help you accomplish certain
Building a website is quite common place today. However, getting the right website design is a challenge. Characteristics of a well-designed website are a clean, crisp and professional design, a strong call to action and relevant information on the appropriate pages. The most important page is the home page and the most important trait of
Many times we try to do the least to accomplish the desired results. However, this does not always work. Sometimes a Herculean effort is required. In other words, you have to take the bull by the horns. Local online payment acceptance is a problem in Trinidad and Tobago. Enterprise is crippled by the absence of
