I recently used the services of a talented interior design firm. Shortly thereafter, I received an email with a PDF invoice attached. Scanning the email I was disappointed to see the only payment method available was to mail a check. Now, the last time I wrote a check was when the King of Nigeria promised to wire me $10,000,000 as long as I sent him a check for “shipping & handling”… (hint: that was a long time ago. Nigeria hasn’t had a king for 20 years!)

 

So I immediately (OK, not really immediately… I had to first buy all the necessary equipment i.e. envelopes and stamps) blew the dust off my checkbook and mailed out my payment.

 

Long story short, there was a major snow storm. Check got lost. Two weeks later they had still not received payment. They were not happy. Issued stop-payment. Mailed out another check. Of course the next day they got the first check. End of story.

 

Not really.

 

Before we all went back to our busy lives I introduced the firm to the concept of accepting ACH payments. Any business can be setup with an ACH account which enables them to simply enter a routing and account number (the same info found on the bottom of every check) and automatically withdraw money from their customers account. The cost of a transaction is typically less than a postage stamp! So instead of waiting 48 days to get paid, process an ACH debit and the money is in your account within 48 hours!

 

I also showed them how we can create an online payment link that they can put on their invoices allowing their customers to easily pay them online – on their own!

 

Take a look at the web page we created for them:

talented interior design

To hear the rest of the story, or if you want to learn more about accepting ACH payments for your business, feel free to email us at ACH@Banquest.com.

 

Happy Tuesday & Happy Selling!

–Kevin

Still Waiting For The Check That’s “In-The-Mail”?

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A friend of mine recently emailed me a very interesting article which really got me thinking.

 

Here is the gist of it…

 

Harvard researchers found that an alarming 96% of unhappy customers do not complain! They will either stay where they are disappointed or will silently take their business elsewhere. Given this, guessing how many dissatisfied customers you have can be a bit of a mystery. Some suggest dividing by 0.04 the total number of customers that have complained to you directly. For example, if 12 customers complained, then approximately 300 unhappy customers exist [12/0.04 = 300].

 

Researchers also found that for every one dissatisfied customers, between 8 -20 additional people hear about their negative experience! Using our above example, 300 unhappy customers can mean that 2,400 people hear about it!

 

So why do unhappy customers choose to remain silent instead of sharing their complaints with you?

 

There might be 5 major reasons for that:

  1. You never asked them for feedback
  2. It’s too complicated and requires much effort
  3. They believe you don’t care or there is no point
  4. They simply don’t want to bother
  5. They are afraid of the possible outcome

 

My dear customers, friends, and blog readers! At Banquest, we care! We created a 3-Question Survey that will take less than 60 seconds of your time. It is completely anonymous and hassle free. It would mean very much to my team and I, if you can click this link to take our customer satisfaction survey!

Happy Tuesday & Happy Selling!

–Kevin

How Many Unhappy Customers Do You Have?

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Beginning April 2018, you will no longer need to collect American Express® Card Member signatures for Card-present, point-of-sale Transactions.
When this change takes effect in April 2018, it will apply:
• Globally to all merchants (any size, any industry)
• To all Card Present Transactions (Magstripe, EMV, Contactless).
• To American Express Transactions of any amount.
Why?
• The need for signatures has declined around the world due to a number of advancements in the payments industry. These include the growth of contactless payment options, including card-based and mobile tap-and-pay methods, the global adoption of EMV chip technology, and the continued expansion of online commerce.
• American Express has also deployed advanced machine learning algorithms that allow for more precise detection of fraud while minimizing disruption of Card Members’ genuine spending.
What are the benefits?
• Provides a more consistent and simplified checkout experience for merchants and Card Members
• Delivers a faster checkout process for your customers
• It could also help reduce the operational expenses associated with retaining signatures.

receipt 2

Are there still mobile phones that don’t have a calculator? 😉

 

Happy Tuesday & Happy Selling!

–Kevin

New American Express Signature Policy

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Micro-businesses may be small, but they account for more than three-quarters of private-sector employers in the U.S., and more than 1 in 10 jobs across the country!
These businesses may not be comprised of large teams, but together, they’re the backbone of our economy.
Given reduced resources, micro-businesses may not always offer customers the bells and whistles of a larger corporation.

 

Additionally, customers tend to have a lack of trust in an unknown small business.

 

Paychex surveyed over 1,000 potential customers to understand how different factors build trust and impact their decision to support local businesses.
Read carefully what influences your potential buyers’ minds.

Small business

If your business needs a modern, updated, clean website or integrated credit card processing options, please drop us a line at sales@banquest.com.

 

Happy Tuesday & Happy Selling!

–Kevin

Trusting Small Businesses?

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