Getting an online merchant account from a local bank is like pulling teeth. In the other countries businesses can accept payments online quite easily. Services like PayPal make the process quick and seamless. Locally, it is faster and easier to get a merchant account from PayPal than from the local banks. In my previous article, […]
Accept Online Payments Read More »
Banks are responsible for both the cardholder and the merchant in a credit card transaction. As a cardholder, your bank is responsible for paying the merchant for your credit card purchases. On the other hand, the merchant’s bank is responsible for your refund claims against the merchant, for credit card purchases. By issuing a credit
Credit Cards, the Banks and You Read More »
Payment options for brick and mortar businesses are set in stone. Typically, they accept cash, LINX (debit and credit cards) and probably a manager’s cheque. Customers make payments in person over the counter. On the other hand, if you are a newbie (a business that leverages social media and some semblance of ecommerce tactics) then
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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 Usage Increases by 50% Read More »
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
Payment Options for Your Business Read More »
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
Open Minded Attitudes Succeed Read More »
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
Faster Deliveries are Bad for Retailers Read More »
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
What’s in it for me? Read More »
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
Want Staff? Hire the Best Apps Read More »
