9 Tips for first time entrepreneurs

First-time entrepreneurs can sometimes be paralyzed with starting and running a new business. Here are some valuable tips that will help entrepreneurs through their rewarding, yet stressful journey.

Take risks. – It is important that entrepreneurs moving into business know that it is a good thing to take risks. Apart from the thrill and excitement, risk-taking will help your business grow.

Cold email everyone – Cold emails are great to get your product or service to different markets.

Keep an idea journal – Idea journals are a good way to jot down great ideas that come to you in the middle of the night or while you are at a meeting.

Network up – Use mentorship opportunities to help to strengthen your knowledge.

Network horizontally – It is important that your peers are there to help you through your journey. Meet them regularly.

Network down – You will have more knowledge and experience than others. Give back and help other upcoming entrepreneurs with what you have learned so far.

Be open to advice – Business advice can really push your business to where you want it to go. Always appreciate and take on advice from others.

And don’t listen – Learn to trust your gut and sift through advice.

Work with people you like – It will be a miserable journey to the top if you are forced to work with people who are difficult to work with.

 

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What You Need to Know about EMV as a Merchant

Merchant services have begun utilizing credit card machines that have small inserts at the base for new credit cards. Customers in the US are familiar with the magnetic strip, but a new kind of security standard called “Europay, Mastercard, Visa” (or EMV) is here to stay. Compliance isn’t a requirement for every business, but it certainly helps to get on board now while it’s optional.

What Makes EMV Secure

When a merchant account processes payments, it reads the payment data from the customer’s card. In the past, this data came from a magnetic strip that was easy to hack. EMV creates a special transaction number to authorize the payment, so when thieves try to steal that information they end up with a unique identifier that won’t function outside of that transaction.

Experts hope this will help customers and retailers avoid fraud.

Using EMV

There are two steps to small business credit card processing with EMV cards. The customer will insert his or her EMV card into the terminal, where a brief processing period authorizes the transaction. Data flows from the card to the merchant processor, which helps to verify the transaction and payment details. These transactions do take a bit more time to process, but the safety is worth the wait.

Final Thoughts

There is no way to completely stop fraud in its tracks, but we can take steps to dramatically reduce instances of it occurring. A user’s card may still be used if his wallet is stolen, for instance, but cutting instances where fraud can occur is important to everyone.

For six years running, Charge.com Payment Solutions, Inc. has been voted the most affordable and simple merchant account online.

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