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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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Banquest in AMI Magazine

When I founded Banquest Payment Systems, I was driven by one goal: to help my clients be more successful. Everything we do at Banquest is with that goal in mind. If there is anything we can do to help a client add more to their bottom line, it is top priority. Making money takes second place.

 

As you may have already seen, Banquest has started a new weekly column in the most read Jewish weekly Magazine in the world – Ami Magazine – featuring one of our premiere clients. Each week we run a full page article, at our expense, which highlights one of our clients in a unique question and answer format. We have received overwhelming positive feedback and our past featured clients have seen a tremendous increase in business too!

 

Here is an actual recent article we ran featuring Centers Urgent Care – a Banquest client serving the Tri-State area with Urgent Care facilities:

Banquest in AMI 2

If you would like to have your business featured please contact Shoshi Miller at SMiller@Banquest.com.

 

Please note: there is very limited availability and priority will be given based on specific qualifying criteria.

Get Featured in Ami Magazine!!!

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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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