Thursday, November 8, 2018

Payment Options on a New Business

My college friend is planning to start a new business as soon as she retires from corporate work. She’s an executive manager in one of the top insurance companies in the country and has earned enough finances to put up a business plus the retirement pay she will get from her company. She’s still young to retire but old enough to know that she can run a good business with her work experience and knowledge in various fields of work. Still, she needs some advice and suggestions in order to make a good feasibility plan on the kind of business she wants to start.

As I was helping her with the business studies we decided to plan and study everything before venturing on it. First we should decide on the target clients and the marketing strategy we should be making to promote the products. Second, the concept should be focused directly on the product’s features, capabilities and benefits. Third, a good financial statistics on the capital and returns should be studied carefully as new businesses should not expect return of investment for 3 years or more. So the company should be able to finance the startup period for at least 3 years at the most.

After these very important things to plan when starting a business we also planned on the office and store location, number of employees to hire which should be kept to a minimum when starting up and the government registration and licenses. It seems like putting up a business is very tasking but if you put your heart and effort on it the fruit could be rewarding. Anyway as we go through all these things we also take in consideration the payment options for the clients.

We plan on accepting not only cash but credit card payments as well. We just have to choose the best credit card processing for small business so we will not have trouble with our prospective clients. It’s good that we can do our search and comparison online because you can simply browse on what credit card companies have to offer in terms of convenience and ease of payment, transaction fees, security, monthly minimums, account setup, customer approval and other card terms and conditions. With all these in our plan already we should be ready to start next year.


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