Consumer study offers insights into the U.S. gift card market

Understanding consumer demand and trends can help gift card-issuing merchants and retailers create or adjust their strategy. As the U.S. gift card market matures, new distribution channels are creating opportunities for gift card issuers. A new study shows that gift card malls are growing in popularity, and while many people still want to give actual cards, nearly half of the respondents were interested in receiving virtual gift cards. Additionally, more consumers are reloading prepaid cards, which can affect their spending habits when it comes to merchant-branded closed loop cards.

Additional study highlights include:

• Purchases at gift card malls are on the rise. The percentage of consumers purchasing closed-loop cards at gift card malls jumped to 46 percent in 2010, up from 38 percent in 2009.
• Virtual gift cards on the horizon. While most people preferred to give an actual gift card, 25 percent of respondents indicated they would be likely to give an electronic gift card, and 48 percent said they are interested in receiving one.
• Average value of open-loop gift cards increases while closed-loop holds steady. Open-loop card recipients reported an average value of $68 in 2010, compared with $59 in 2009. Average closed-loop gift card values remained steady at $39 in 2010. The average value of fine dining, grocery and drug store cards increased, while the value gifted via gas station cards decreased.
• Overall, more consumers are reloading open- and closed-loop cards, which can mean more visits and a greater spend. Of those who reloaded closed-loop cards, 35 percent said they visited the merchant more often and 20 percent said they spent more money at each visit.
• Consumers continue to spend more than the value on their closed-loop cards. Nearly three-quarters (72 percent) of consumers reported spending more than the value of their closed-loop gift cards. The amount of overspend was greatest at department stores ($28), followed by grocery stores ($27), discount stores ($25), fine dining ($24) and specialty retail ($24).

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Source:

http://www.retailcustomerexperience.com

Multi-Location POS Inventory Systems

by Stewart Green

Need a way to keep track of your stocks, inventories in both warehouses, your stores, and even have to make sure that any products that are requested from the warehouse to the store or even store to store be tracked as well?

There are a few POS systems that can do this by itself. No need to use one brand of POS for the POS machines, another separate inventory software for the warehouses, another to keep track of the requests, and yet another software to tie it all up when you need to make reports.

You can buy one single POS system to do all of these. The biggest difference to other POS software is that these POS use only one database and yet, they are able to do the things you need to, in order to manage your business.

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These POS softwares can be used right in the warehouses where you need to keep tabs on the stock levels of your merchandise, they are also used in the stores where you keep track of the sales and the inventory, and at the same time, you can also track merchandises that have been requested from one party to another.

This means that if one store has requested products from the warehouse or from another store, you can easily see the request and more importantly, know exactly where the merchandise is at that particular moment. This feature of the POS software is indispensable when making reports in your end. You do not need to use any other software in addition to what you purchased to know where your products are being taken.

Other than these features, a good POS software also allows you to track any inventory easily without having to do actual tracing since any product that went through the system will eventually show up in your end. It would also show where it went, how long it stayed there and where it was delivered to.

Not all POS software that is commercially available has all these features. Most have good tracking softwares. Others have good POS capabilities but poor database management. Still, others have good report generation and product tracking, but not much of anything else.

It is important that you try to find the best all-around touch pos software with the budget that is available to you since the importance of inventory controls cannot be understated when it comes to your business. The less you worry about the ins and outs of inventory management and more on increasing sales, the more profits you will get in the end.

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Needing for Credit Card Processing for One’s Restaurant?

Author: bobyzufk

If you’re in the restaurant business, you must already recognize just why it is essential that one’s establishment honors credit cards plus bank cards. The majority of dining patrons will want to pay using plastic. A quantity of restaurant owners have even claimed that as many as 90% of all customers pay with plastic. So if you are not configured to receive credit cards, the eatery is not likely to have much success.

However you really need to understand that not each and every online credit card processing providers are adequately outfitted to facilitate the success of your restaurant. If perhaps you’re thinking about opening a online merchant account, following are helpful hints to make certain you make a wise decision that is in the business’ better interest.

Initially, be sure the credit card processor that you’ll go for has familiarity working in other eateries. The clear-cut reality is that restaurants have far unique bank card processing parameters as opposed to most other types of businesses. A POS system or digital terminal that works well for any other type of retail enterprise most likely will not be a good fit for one’s restaurant.

The greatest charge card processors provide credit card terminals designed only for dining establishments. Those POS systems not only allow it to become much easier for one’s enterprise to safely honor credit cards or debit cards, but they additionally help you run your business much more smoothly, lowering order mistakes, improvements in food delivery times, and more.

Needless to say, you’ll always want to ensure you are getting a fair price on the credit card processing services. No dining establishment can thrive if it is drowning in costs due to accepting bank cards.

A good payment processor will promise to have absolutely no buried fees in the provider’s service agreement. They’ll additionally offer definite low costs.

Prior to executing an agreement with a CC processing company, study it thoroughly. Make sure that you are not getting into a long standing commitment or also that you will not be faced by high termination fees or further unfair prices.

You really also need to ensure that the system you decide on gives you 24/7 customer support. Emergencies might transpire at just about any time, and if they’re not taken care of in a quick way, the damage can be grim.

A first-rate service provider will offer 24/7 customer support services making sure that one’s matters will be resolved immediately. And most notably, they will not charge you any supplementary expenses for their support service. Surprisingly, various credit card processing firms do have customer service costs and that is certainly ridiculous. Really great customer service ought to at all times be standard.

To conclude, be certain that your merchant provider company can provide the latest in protection and records encryption. Seriously, if any client’s bank card details is not protected, they will discontinue visiting your establishment, and you’ll incur considerable deficits. One’s credit card processing terminals should be secure as well as up to date to guard sensitive details.

Make use of all of the information in this article to discover the right credit card processing options for your dining establishment or bar.

Both Traditional and Online Businesses Need Merchant Services

Merchant accounts that allow business owners to accept a variety of customer preferred payment methods have become commonplace in traditional business settings. Even small businesses, such as fast food providers, convenience stores and kiosk sized retailers have accepted the fact that allowing for multiple popular payment options is a wise decision. Far few consumers are carrying cash these days, and even those who are often prefer the safety and security of paying via credit card or check, if for no other reason than to have an accurate, detailed account of each purchase. Slowly but surely, online vendors are realizing this as well.

The popularity of Paypal, a service which requires consumers to set up accounts similar to an online banking institution, kept many online businesses from opening merchant services for the benefit of their customers. Disadvantages to using the Paypal system were soon evident, however, as bad experiences with the system were publicized by both merchants and consumers. The stigma of a flawed system was not the only consideration for Internet shoppers and online businesses, however. Many consumers were unwilling to use a system that required setting up an account, memorizing yet another password and using a third party to transmit credit card or bank account information.

The level of convenience available to consumers declined sharply as a result of having to navigate a completely new and often confusing separate web site in order to make a simple transaction. On the merchant side of the equation, the realization that Paypal offered no additional fraud protection and charged rates very similar to and often higher than merchant services providers has caused many to second guess it’s usefulness. Of particular concern is that there is simply no way to determine the amount of lost sales due to consumer hesitation aimed at opening a Paypal account.

Consumers generally feel more comfortable using payment formats that mirror those used by their neighborhood retailers. When purchasing small items especially, many will not go through the trouble of spending an additional five to ten minutes online in order to purchase an item that only costs a few dollars. While the prices of these items may be small, the losses incurred by business owners who don’t offer a tried and true merchant account system can be substantial.


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Finding the best merchant account providers

If you want to receive fast payments or expand your business to more customers, it helps to accept credit card payments. Do business by mail order or over the Internet, and it becomes a necessity. While applying for a merchant account can seem cumbersome and confusing, the best merchant account providers will take the time to walk you through the process.

First, whether you use BuyerZone's free request for quotes service or do your own research online, make sure you talk to at least four to six providers. This way, you'll become familiar with the types of questions the best merchant account providers ask, and you'll be able to see which companies are interested in getting you the best rates and services and which just want to complete the sale.

Solid customer support is the most important thing you should look for. The last thing you want is problems with processing your credit cards, and the best merchant account providers will help ensure that doesn't happen. Learn what kind of live customer service they offer, how they handle chargebacks, and how quickly they respond to service calls. A great way to find strong customer support is to compare services from BuyerZone's best merchant account providers.

The best credit card processing providers also try to learn everything about your business before setting you up with an account. First, they need to investigate that you are a legitimate business - both to protect their reputation and check if you qualify for better rates. Next, they need to learn how you will use your merchant account. If it's in person, they have to make sure you have a credit card terminal. For mail order and Internet transactions, they'll need to help you securely accept credit cards.

Additional characteristics of the best merchant account providers

Provide all fees and charges in writing
Offer references that you can contact
Clean record with the Better Business Bureau
Willing to lower set-up and monthly fees if your monthly volume is low
Have helped businesses similar to yours secure merchant accounts
Find ways to help you qualify for low discount rates
Provide inexpensive or free credit card terminals
Ultimately, the best merchant account providers are those that treat your business like a partner, taking the time to understand your needs so they can offer a solution that you'll be happy with for many years to come. And the first step in finding the best credit card processing service is using BuyerZone's free merchant accounts quote request service to get connected to qualified suppliers in your area.

Reference: http://www.buyerzone.com/retail/credit-card-processing/ar-best-merchant-account-providers/