Merchant Account Blog - Straight Pass Through » Business

Some Quotes to Do Business By

Robb Lejuwaan — Sat, 13 Dec 2008 18:05:45 +0000

It is Saturday morning and I’ve made a commitment to myself to write a blog post every day except Sundays. So I am sitting here wondering what I should write about. I mean how many things can I write about merchant accounts! The truth is there is plenty top write on that subject but today I just don’t want to! So I have decided to share some of my favorite quotes from a few books I have laying around my office. I use highlighters profusely so I am quoting my highlighted passages.

Book: It’s Not How God You Are, It’s How Good You Want to Be by Paul Arden

“When it can’t be done, do it. If you don’t do it, it doesn’t exist.”

“Don’t covet your ideas. Give away everything you know and more will come back to you.”

“Fail, fail again, fail better.” – Samuel Beckett

“If everything is under control your not going fast enough.” – Mario Andretti

“Success is going from failure to failure with no lose of enthusiasm.” – Winston Churchill

Book: Love is the Killer App – By Tim Sanders

“Such people, who say they care for others but who share no real business value, don’t sustain themselves for long. No one believes them. Their professions of love waste everyone’s time. They are toxic to the work place.”

Book: Authenticity – What Consumers Really Want by Joseph Gilmore and B. Joseph Pine II

“Axiom 1. If you are authentic, then you don’t have to say you’re authentic.”

“Axiom 2. If you say you are authentic, then you’d better be authentic.”

“Axiom 3. It’s easier to be authentic if you don’t say you are authentic.”

“Business in particular must accept greater responsibility and transparency in all activities…”

“Any company that encourages its people to genuinely care about customers and respond to their individual needs…appeals to exceptional athenticity.”

Book: The Master Key System by Charles Haanel

“It is evident therefore that we are to hate nothing, not even the “bad”, because hatred is destructive, and we shall soon find that by entertaining destructive thought we are sowing the “wind” and in turn shall reap the “whirlwind.”

“You must first have the knowledge of your power; second, the courage to dare; third, the faith to do”

This concludes my random quotes from books in my office. I hope you enjoyed them.

Does Your Business Take Checks? Then You Need to Learn about RDC

Robb Lejuwaan — Sat, 16 Aug 2008 23:07:56 +0000

RDC Post Intro

First lets start with what RDC stands for – Remote Deposit Capture. RDC is a new generation of check imaging and conversion. This new service was made possible by “The Check Clearing for the 21st Century Act,” formally known in the U.S. House of Representatives as HR 5414 and informally known as Check21, which allows banks to clear checks using images (reproductions) of them rather than original items. Thus the need to transport paper checks to the bank has been eliminated.

The RDC solution enables users to scan checks and transmit the scanned images to a bank for posting and clearing. RDC is a fully integrated, web-based electronic payment processing system that uses a check scanner to convert paper checks into electronic transmissions. To accomplish this, five items are needed:

Check scanner
Personal computer
Internet connection
Check scanning software
Image exchange agreement with a bank

With RDC, checks clear in 24 to 48 hours, compared to five to seven business days with traditional check deposits. So RDC is a great way to save your business time and money, while offering your customers yet another way to pay for your goods and services.

Here are some of the ways RDC can benefit your business:

Eliminate trips to the bank
Keep existing bank relationships
Reduce the number of returned checks
Enjoy faster check processing times
Make deposits later in the day
Use a single provider for both credit card and check processing
Reduce the number of bank relationships for multiple location businesses

If this sounds interesting to you contact me and I will forward you more information including pricing.

Straight Pass Through as a Lifestyle?

Robb Lejuwaan — Sat, 12 Jul 2008 18:20:18 +0000

When I first thought up the name of this blog as "Straight Pass Through" (SPT) my focus was merchant accounts alone. It was all about exposing the truth behind interchange and how it affects a business’s bottom line.

However, in the year this blog as been up my understanding of that phrase has been expanding. SPT has become more of an overall business philosophy to me that can be defined in several words – transparency, openness, sharing, listening, and most importantly, serving. That last word really sums it all up, SPT is synonymous with the phrase, "how may I serve you" and really meaning it. This is just basic "golden rule" stuff, treating others as you wold want to be treated.

Would I want to receive pricing for my merchant account that is confusing and results in me paying more than I need to for your account? No way! So I only write up accounts with clear and simple pricing. Would I want someone to not share all their knowledge with me so they could make more money off me? No way! So I share everything I know can that can benefit my clients. You probably get the idea here, this is real simple stuff.

The philosophy is so easy and simple that I am almost shocked when I see the majority of sales people and businesses not operating this way. I know U.S. business culture is moving in this direction, but wow do we have a long way go. Yesterday I was talking to a industry colleague and he was complaining that honesty does not pay off, that potential clients always seem to go with the competitor that is acting deceptively. This type of thinking is probably one of the reason why SPT is not lived out more. People feel like they must compromise their own values and ethics to be able to survive.

You can probably guess I do not agree with this line of thinking at all! In fact I am completely contrary to that line of thinking. I believe the fact that most do not operate by the idea of SPT is a great thing. Why? Because it allows me to distinguish myself from the pack. Living the SPT business life style enables me stand out and feel good about what I am providing my clients.

Speaking of clients, SPT allows me to attract the type of clients I want to work with. Are you familiar with the saying, "like attracts like?" My experience has shown me this saying is mostly accurate, we tend to attract people into our lives that share the same interests and values. So if I am deceptive and greedy in my business practice, I will attract clients of the same ilk. Many of my clients end up becoming friends and I truly enjoy serving them because they tend to operate by SPT.

I am going to stop here, I do not like to write long blog posts because they do not get read! In closing I want to say two things. First, if you have not tried to live the SPT lifestyle, try it; but don’t jut dip your toe, jump in with great passion and strong action. I guarantee you will not regret it. Secondly, if you have any questions about this topic, contact me . I love to talk about this stuff and always enjoy meeting others who work this way.

Interview: Marketing and PR Expert Don Simkovich

Robb Lejuwaan — Thu, 03 Apr 2008 17:19:42 +0000

When I first started writing this blog last year I connected with a fellow new business blogger, Don Simkovich. We lost contact with each other until I saw his blog recently on Technorati . So I contacted him to see if he would allow me to interview him in his areas of expertise, marketing and Public Relations. He was nice enough to say yes and below you will find the interview with some great information on how to grow your business:

Don, tell us about yourself, who are you and what experiences have you had that have led up to where you are at today?

I’ve come to believe that marketing is a “blue collar” profession. Sure, you plan. But over the years I’ve discovered a lot of activities succeed with sweat behind them.

I have a wide-ranging communication background from marketing small to medium-size businesses to building programs for non-profit organizations.

I’ve written across media including radio, newsletters, video and web.

My master’s degree in communication management gave me a framework for understanding how to promote to stakeholders within an organization as well as to target customers.

I also believe the first place to start is helping an organization understand its goals. When I created media for different entities nothing was more frustrating than thinking the business direction and process may change. Getting this clear is a foundation for following up with all forms of communication.

You have a blog; do you think they are necessity for a business to have?

A blog is helpful if it offers valuable information for the target customer or target audiences. A web site itself can have interactive components so a blog can be an effective add-on. A blog can be an extension of the business’ expertise and personality.

Do you have any tips for creating a successful business blog?

The same principles apply for all blogs: easy-to-follow design, compelling headlines and valuable content. A business needs to build “community” which may include giving a voice to select vendors, employee departments and customers.

If you start a blog, make a commitment to carry it out for a period of time like at least 9 months to 12 months. You can then compile select posts and create a report that can be downloaded from your corporate website.

What other forms of new media do you suggest a business utilize to promote their business?

Try print. Seriously, there are times when I want to get someone’s attention so I’ll snail-mail a letter to them or fax instead of use email.

I would start with asking: what does the business want to achieve? What is the problem it’s trying to solve or a need to address (that’s the heart of marketing)? Mini-web sites for product launches with interactive forums are one answer. Limited use of Flash to present a topic and package it on a usb drive is another angle. There are so many variations of media available. But before money is spent you have to ask yourself “what are you trying to achieve and who are you trying to reach? How will they best understand and respond to your message?” The answer is there’s more than one way. That’s why it’s important to pay attention to your “marketing mix.”

It seems like Public Relations is still the most misunderstood business communication discipline. Can you give a simple definition of what PR is and some baby steps for businesses to take to get started?

Public Relations can extend to your employees and vendors as well as your customers and the media. Small businesses can easily start their PR by responding to relevant news articles with letters to the editor. Participate in online forums that are of interest to your industry.

If a topic arises such as the price of gas, do you have the facts behind the issue that aren’t being reported by the media? If so, use print and online to get your message out. Sponsor a community event.

Marketing, and subsets like PR, is about testing and measuring results before finding what works. Try something consistently for a period of time as part of an overall strategy.

What projects are on the horizon for you? How can the readers of this blog get involved?

Right now, I’m conducting a direct mail and telemarketing campaign for a growing company that provides managed computer services to the insurance industry. I’ll be giving them an overall marketing strategy, too.

I’ll be meeting with a professional to see if I can help her package her expertise and boost her client base with a cost-effective marketing strategy.

I’d like to launch a regional marketing web site and blog filled with resources and real-life experiences. But I don’t want to do it by myself so if anyone wants to contribute it could be a great joint effort.

I think more companies can engage in partnerships and cross-promotional efforts. This is another form of PR.

If a business owner would like to contact you how would they get a hold of you?

My cell phone is 818-667-1789.

The office line to ask for me via the PR Store in Pasadena is 626-793-1411.

Email: simkovich@sbcglobal.net

Don’s Blog: Cash Flow Today

Tip of the Iceberg – Missing Debit Card Rate Reduction

Robb Lejuwaan — Wed, 07 Nov 2007 02:20:34 +0000

I am reviewed three merchant account statements today and they all have one thing in common – these businesses are not receiving a reduction in rate when a customer uses a debit card. On one statement there is no debit card activity noted at all. So just in case you have not heard or you forgot – when a customer uses a debit card your rate should be lower…if your merchant account provider is passing along the savings they receive to you.

Here are the interchange rates for Visa debit transactions:

Visa Debit Card Present 1.03% + $.15
Visa Debit Card Not Present 1.60% + $.15

Interchange for a regular swiped Visa is 1.54% so with Visa the reduction in cost is .51% for a swiped debit card and .25% for a key in one.

Here are the interchange rates for MasterCard debit transactions:

Visa Debit Card Present 1.05% + $.15
Visa Debit Card Not Present 1.64% + $.16
Interchange for a regular swiped MasterCard is 1.58% so with Visa the
reduction in cost is .53% for a swiped debit card and .25% for a key in
one.

If you do not see a rate reduction on your debit card transactions matching what is above you are paying more than you have to. In other words you do not have straight pass through and you are probably paying inflated rates on your other categories of transactions.

The savings you would receive through lower debit card rates may not be large. However, not having the lower fees is usually as strong warning sign that your merchant account is not in order. Is your merchant account set up right? Are you receiving lower rates on other transaction categories? Do you have any EIRF? Isn’t it time to find out?

To have your merchant account reviewed fill out the form here and I will show you how we can significantly reduce your overall costs.

What the World is Saying About Your Business?

Robb Lejuwaan — Wed, 31 Oct 2007 15:15:27 +0000

It is time for a non-merchant account post. I was in a conversation with a winery manager the other day and I was telling her how I receive an e-mail from Google anytime anything is written about her winery on web. She was surprised and wanted to now how to set that up. So I showed her and now I am about to show you.

Here is how you set an alert up:

1. Go to the Google Alerts page – click here

2. Create your alert by filling in your search term and choosing the various options for your alert. Don’t forget to use quotation marks (") around multiple word search terms; it will keep your search results clean and accurate.

3. You are done. Once an article, blog post or web page has new content with your search term in it you will receive an e-mail with a link to that web page that has new information.

I hope you can use this tip in some way to help your business.

Blog Radio Interview – VerticalResponse CEO

Robb Lejuwaan — Sat, 18 Aug 2007 17:30:42 +0000

I randomly came across this blog radio interview with VerticalResponse CEO Janine Popick where she talks technology and how small business can level the playing field with large corporations as well as e-mail marketing. I thought the interview interesting for several reasons:

1. Most of my clients will benefit from listening to this short radio interview (really, I am not posting this because I am getting paid for it, this really is a good interview.)

2. In the interview, Janine mentions her company has 800 winery clients. So it sounds like we share a key niche market. Janine even talks about the best day for wineries to send out their e-mail newsletters.

3. This technology of “blog radio” is interesting to check out. The question is how could you use this service to expand your business.

Check out Janine’s blog post about this interview – click here.

Underdog Takes on Big Bank

Robb Lejuwaan — Fri, 17 Aug 2007 14:15:51 +0000

I have always loved to root for the underdog, unless of course they happen to be playing the USC Trojans in football! Don’t we all like the story of the small guy or gal who, through hard work and persistence, makes it the top of their field? In those stories there is always an antagonist, one who represents the “old guard” protecting his long held values and status from the protagonist who is threatening to turn everything upside down. Well I have a very similar story happening right now in my own life.

This story opens with me in a large, national bank. I pick up a brochure about their merchant account services and begin to laugh to myself when I read toward the back of the brochure about something called the “Meet or beat pricing guarantee.”

If they cannot at least match your current pricing on you merchant account they will give you a $50 Visa Gift Card. Sounds good, right? Well I don’t think it is. Of course they can match anyones rates, we all have the same fees from Visa and MasterCard. This large, hefty bank also notes that if you open a checking account with them they will wave the set up fees. All I have to say is woop dee doo!(heavy sarcasm intended).

As the story continues we see the way I do business in comparison to the big, Darth Vader like bank; did I mention I am the protagonist? Yes, I am the small guy, with great customer service who works 12 hours a day to make his clients happy and I have a guarantee too.

If I can’t save you at least 10% off of your merchant account bill I will send you a Visa Gift Card for $50 and If you choose to have your merchant account with me not only will there be no set up charge but there also will be no hidden fees, no contract with a cancellation fee, a three year rate guarantee on your rates and for the first three months I will review your monthly statement to make sure you have received the promised savings. Wow, I make that national bank look extremely average, at best!

As the story moves on hundreds of merchants leave the big bank for better pricing and service with me, the hero. The bank finally wakes up and decides to improve it’s pricing and service but it’s too late, they are incapable of changing their ways in any significant way. Finally the story ends with a “to be continued.”

If you want to improve your merchant account pricing and service contact me today. I would love to show you how much of a difference I can make.

Mid-Qual and Non-Qual Typically Means Hidden Fees

Robb Lejuwaan — Fri, 10 Aug 2007 15:47:00 +0000

Part of my job is to review and analyze merchant account statements from various businesses around he country. When ever I see the categories of “mid qual” and “non-qual,” I get a big smile on my face because I know my potential client is being taken advantage of.

Here is how these tiers work to increase the profit of the merchant account provider. Let’s say you have a retail business and your base rate is 1.90% + $.15 for all your card present swiped transactions. Your “mid-qual” rate is 2.75% +$.15. This category is typically for keyed in or card not present transactions and a swiped rewards card. Then you have a “non-qual” rate of 3.25% + $.15. This is for corporate or business cards and transactions that have problems . The chart below shows how lumping fees into these categories or tiers takes money out of your pocket.

Transaction Type	Tiers	Straight Pass Through
Keyed or Card Not Present	2.75%	2.21%
Swiped Rewards Card	2.75%	2.01%
Keyed In Rewards Card	3.25%	2.26%
Corporate Card	3.25%	2.36%
Visa EIRF	3.25%	2.66%

Can you see that by having categories you would be paying from .54% to .89% more than you need to? That can add up over year. I just finished an analysis yesterday that will end up saving the company $15,593.82 a year! How? By getting rid of the categories.

For more information on straight pass through click here .

So what are the key lessons to be learned from this post?

1. If you have “mid-qual” or “non-qual” categories at least consider changing your merchant account provider by getting a few proposals from their competitors.

2. When shopping for a merchant account pay attention to the base rate but also pay attention to the surcharges that are added to the base rate for transactions like the ones listed above.

If you would like me to analyze your merchant account fill out this form or e-mail me ; I would be happy to review your current account and let you know how much money I can save you each month.

Make Cold, Hard Cash! If You Know Any Business Owners

Robb Lejuwaan — Sun, 05 Aug 2007 19:29:02 +0000

After I my latest post yesterday asking for referrals, I remembered that I have a referral program that pays
out real, cold, hard cash! Well at least a PayPal transfer or check in the mail. For every business that you refer to me that meets my minimum qualifications I pay you $200! It is just that easy. Click this link to sign up for the program: Referral Program.

You may be wondering what the minimum requirements are; here they are:

Business is already processing credit cards.
Average at least $15,000 in credit cards transactions a month
Business must be located n the United States.
They must switch their processing over to my company.

What happens if you have a friend who owns a business that does not meet these requirements – send them to me any way, I will pay you a $50 finders fee or 15% of my gross commission, whichever is greater.

The last thing I want you to remember is that if you do refer anyone to me they will receive the best pricing and incredible customer service. Read the articles on this blog to see what I am talking about. Again click referral program to sign up or feel free to contact me any questions.

Merchant Account Blog - Straight Pass Through » Business

Some Quotes to Do Business By

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