If your business is seeking a short term cash infusion, a merchant cash advance may be the answer.

 

A merchant cash advance is an advancement of funds based on future credit card processing.  For example; a business that processes $35,000 per month in credit card transactions would be able to obtain $50,000 in upfront funds deposited into their account. Going forward, a small percentage of each credit card transaction would go towards paying off the balance.  Within a few months, the loan is paid without the business owner having to pay a lump sum at once.

 

Cash advance rates are not cheap.  Rates can vary from 1% to 5% per month.  However, for some business owners this is the smarter and better option.

 

Some businesses have a “buying season.”  Buying strong and in quantity can make all the difference as to whether the season will be profitable or not. A short term cash advance (from buying season until selling season) will enable the business to buy smarter and yield a larger profit for that year.

 

A business may need to renovate or invest in capital improvements. A run-down retail store is not an inviting environment for customers.  A 6 to 12 month cash advance would allow the business to stay alive and make the necessary improvements.

 

A business owner with an urgent need for cash may resort to finding an investor or partner thus giving up equity in his business forever.  On the other hand, a merchant cash advance – as costly as it may be – is a short term ‘partner’.  After 6 to 12 months the advance is paid and the business owner retains 100% equity in his company. 

 

To find out more about our merchant cash advance program or if you know a business owner who may benefit from such a program, please email us at MCA@Banquest.com.

 

Happy Tuesday & Happy Selling!

Kevin

 

cats ice creamA recent example would be Bella’s Pizzeria in Caldwell, NJ.  For years, customers have been asking for ice cream.  Bella’s did not have an ice cream machine.  The owners simply could not afford to spend $28,000 to purchase the machine.    The owners estimated the profits from selling ice cream would be $50,000 per year.  With Banquest’s Merchant Cash Advance they were able to purchase the ice cream machine and still make a profit the first year.

Banquest Business Funding

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My brother was sitting at the gate waiting to board the plane.  He would be travelling overseas to study for the next six months.  As his “big” brother he asked me for some ‘words of wisdom’ that can help him make the most of his time abroad.

 

I gave him the following challenge:

meet someone new quote

A man by the name of Steinar Skipsnes took on a New Year’s Resolution in 2016 to meet someone new every day of the year.  I invite you to read about his full experience here.

 

Since reading about his experience I have urged my salespeople to take on the challenge – at least for 30 days.

 

Here’s why (and I quote from Steinar):

 

“At the beginning of the year, before approaching someone, my heart would start pounding and I’d have this internal dialogue of, “I don’t want to do this… this is uncomfortable… how’s this going to play out?”

 

But I was committed. I was determined to push through any fear to see what could happen.

 

Lesson learned: The fear of rejection is way overrated.

 

Fearing a lion makes sense. Fearing a situation that you could face rejection in doesn’t, yet so many of us do.

 

Why?

 

We care too much about our egos. We care too much about what people think of us (people we’ll never see again!). It’s ridiculous and irrational, but it’s reality.

 

The fear of rejection does nothing but limit us. It does nothing but put self imposed handcuffs on us that impact our decisions and limit our potential, when there is nothing but upside. It’s all about perspective.

 

For example, if you ask someone something and they say “no,” then great, that just gave you an experience interacting with someone that you can adjust in the future for a better outcome. It gave you an experience that, compiled with others, will help you overcome any negative feeling that you now feel from rejection. If the person says, “yes” — fantastic, a door is open to something you’d never have otherwise experienced.

 

After this sunk in for me, approaching people became a completely different world. The nervousness fell away, and I no longer felt a sting of rejection when someone said “no” or walked away.”

 

To really discover your full potential, you have to accept rejection, not fear it, but learn from it. To get comfortable with it, you have to dive in head first and experience it because like a virtuous circle, the more you experience it, the more it loses its power, and the more it loses its power, the more free you become to accomplish whatever it is you want.

 

If you remember nothing else from reading my blogs, please remember this. It will change your life.

 

Happy Tuesday & Happy Selling!

Kevin

Meet Someone New Every Day!

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Many businesses are reluctant to accept American Express cards due to Amex’s reputation of making it too easy for cardholders to dispute charges.

 

Merchants around the world made their voices heard and Amex has finally made some changes to their dispute policies that will enable simpler dispute management and fewer chargebacks.

 

In fact, Merchants saw a reduction of approximately 17% in disputes and have saved over $21MM in chargebacks during the first 3 months after all of the disputes policy enhancements made by American Express in 2016 went into effect.

 

Here are some very welcomed changes:

 

  • Redispute Limitation

The number of times a dispute can be raised on the same charge will be limited to two in most cases.

 

  • Chargeback Timeframe Reduction

Now, in most cases, you may see significantly fewer Chargebacks 120 days after the Transaction date.

 

  • Fewer Low‑Dollar‑Amount Chargebacks

Amex reduced the number of low‑dollar chargebacks you see.

 

  • No More Missing- Signature Chargebacks

You will no longer see chargebacks for missing signature on Card Member fraud claims, but Amex still officially requires that you capture signature.

 

 

For a full brochure of the new Amex policies please click HERE.

 

Happy Tuesday & Happy Selling!

Kevin

Big Changes to Amex Disputes Policies

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We’ve seen these 3 words before.

 

We’ve seen – and written – these 3 words before.

 

“Just checking in…”

 

But is that true?  We’re not just checking in.  We’re actually trying to accomplish something!

  • We’re desperate to hit our quota
  • We’re lost on how to re-connect with prospects
  • We’re trying to close that deal that seems stuck

 

So we send the dreadful “just checking in” email.

 

The problem is:  they don’t work.

 

Prospects feel like you’re virtually ‘poking them’, making them reluctant to answer. So not only is it unlikely to get a response, you can even turn prospects against you.

 

Here is the key:  make sure each follow up email adds another piece of value or information to the prospect.  It’s not easy!  I can personally attest to sometimes sitting 15 – 20 minutes thinking – what more can I share with this prospect than I haven’t already told them – before sending off my follow up email.

 

Here are just two examples of how to replace the “just checking in”:

 

  • I read just your blog / article / LinkedIn post (look up something about your prospect before emailing)

I was thinking about how much this product/service can really make a difference…

 

blog

 

Another idea that I find gets a high response rate is to send along a funny cartoon or gif with your follow up email.  It does help if the cartoon is applicable to the subject at hand (which is not always easy to find ;)).

 

Happy Tuesday & Happy Selling!

Kevin

No, You’re Not “Just Checking In”!

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