As an incredibly difficult year slides into the rearview mirror, it’s a great time to focus on good things worth highlighting and remembering from 2020. Here’s a recap of the best business blogs of the year, which still offer valuable insights to help 2021 get off to a strong, successful start.
Surcharging Surges Forward
Credit card surcharging, which eliminates processing fees paid to companies like Visa and MasterCard, gained tremendous momentum in 2020. Now it is legal in virtually every state. That allows businesses in any industry to accept credit cards without ever paying another swipe fee. Those costs, which can range from 2.5-3% or more – are passed along to the cardholder, in a fair and fully disclosed manner. Secure NTC Texas technology makes it easy and effortless to surcharge in a way that is fully compliant and totally automated.
B2B Faces Its Biggest Challenges
More than 60 percent of surveyed businesses see market share growth as a top challenge. They mean expanding their slice of the pie that represents their target market. To solve that problem, strive to innovate and also discover new and different applications for existing products and services. Incorporate technologies that minimize operational costs, while productivity is maximized. Research what customers need that competitors may not be providing. Engage with and listen to clients to help find ways to provide problem-solving products and tailor-made services.
Business is Built on Trust
Customers want assurance that businesses have their best interest in mind. They expect reliability, honesty, and mutual respect. Businesses that consistently deliver those generate free word-of-mouth referrals and unfailing customer loyalty. Such valuable relationships are forged and reenforced by continual dialog with the client, superior customer service, and genuine dedication to customer success. B2B companies are also in a unique position to help their clients build mutually beneficial professional networks by introducing noncompeting customers to each other. The bottom line is that companies that become trusted partners, rather than merely vendors, enjoy a distinctly powerful and sustainable competitive advantage.
How Credit Cards Boost Contractors
Credit cards payments offer contractors and their clients convenience and security. Payments can be made 24/7 from any mobile device, using electronic invoicing, and funding is fast. Paying contractors by credit card is also an easy way for homeowners to finance a project without the hassle of applying for a loan. They can also use a rewards or cash-back card, to earn perks or discounts. Most credit cards offer enhanced consumer protections, too, which is why the Federal Trade Commission recommends paying contractors by credit card. Contractors can also use surcharging to eliminate processing fees and increase profits. Everyone wins.
Visa Clarifies Cash Discount Rules
Because surcharging is increasingly popular, Visa clarified its rules regarding strict compliance in a special 2020 bulletin. For example, merchants who use surcharging must display signage to inform their customers about how it works. Surcharging legalities can get confusing, but there’s an uncomplicated solution. NTC partners with surcharging tech leader CardX to offer an automated turnkey surcharging platform that is fully compliant with all the rules of companies like Visa and MasterCard. Businesses are also provided fully compliant signage. Best of all, they save substantial amounts of net revenue on every credit card transaction, forever. What a wonderful way to kick off the New Year!