As a small business owner, it is crucial to accept credit card payments to stay competitive and meet consumer preferences. However, doing so also exposes you to potential credit card security risks for small businesses. You can reduce these risks to avoid costly mistakes such as lost revenue, stolen customer information, and fines.
One way to do this is to stay informed and know the rules regarding accepting credit cards. Additionally, you should pay attention to any simple security risks in getting credit cards for small businesses that could have severe consequences. To protect your business and customers, it is essential to be proactive and understand the risks involved in accepting credit card payments in person.
Credit Card Security Risks for Small Businesses that Should be Aware of
Counterfeit Credit Cards
As a business owner, it is essential to spot counterfeit credit cards, especially when dealing with a big line of consumers. Fake credit cards may include extensive scratches or damage to the barcode. Another red flag is if the numerals are crooked or do not line up as they should, indicating that perhaps the card is a forgery.
Educating yourself and the staff about the appearance and feel of a credit card is critical. This will assist you in identifying a fake when you come across one. Additionally, look out if the user says their card’s chip isn’t working and ask for ID before you manually run it.
Also, pay attention to the card’s magnetic strip. If it’s scratched or damaged, it could be a sign that the card is fake. In case of any doubt, call the bank on the card’s back to confirm the authenticity of the credit card.
Staff Error
It’s crucial to ensure that you and your staff are appropriately trained in handling credit card transactions to avoid potential fraudulent transactions and legal action. Not being adequately trained can leave your business vulnerable to these incidents.
When taking credit card payments, it is critical to understand how to manage credit card data fully and to comprehend what is and is not permissible. You have a duty as a business owner to do all possible to protect your client’s data, not just for the good of your company but also due to the law.
Effective employee training programs can help to show employees how to handle credit card data and recognize fraudulent transactions. They should also be aware that not all security risks in accepting credit cards for small businesses come from outside the company’s walls.
According to a study by the Ponemon Institute, 54% of data breaches are caused by employee negligence. This highlights the importance of investing in a secure network, regular password updates, and implementing a separate Wi-Fi network for guests and a top-of-the-line firewall.
Cash Refunding
Correctly processing credit card returns is crucial for your business to avoid financial loss. One critical thing to remember is that if a customer purchases a credit card, they should get a refund back to the card and not in cash. This is because many businesses tend to allow customers to buy a credit card and get back the product for money instead of refunding it to the card.
This can lead to issues, such as the original purchase using a stolen card, that fraudsters return the products to get cash. It’s a common tactic used by fraudsters to take advantage of businesses unaware of this scenario.
It’s essential to be vigilant and have a process to check for suspicious returns or refund requests. This may include asking for identification, comparing the rescue with the original purchase, monitoring for patterns of suspicious behavior, and educating your staff on how to recognize and handle potential fraudulent returns is crucial. Doing so can protect your business against financial loss and possible legal action.
Missing Signatures
When processing credit cards in person, missing signatures can pose a security risk. Many card networks no longer require signature verification for firms that use an EMV-compliant reader for credit cards.
Customers may still be required to sign a ticket when adding a gratuity in some circumstances, such as restaurants. Businesses that don’t have an EMV card machine may also run cards manually.
When accepting credit cards, it’s usually a good idea to ask for identification to safeguard the security of your company and your clients. In these situations, or when there is suspicion, it is critical to look for a signature on the card’s reverse side and request identification.
This is particularly important for smaller businesses, as larger companies may sometimes have strict protocols.
Point-of-Sale Skimming
Skimming is a form of credit card fraud where an employee or a fraudster uses a device to copy the card information. One of the ways it can happen is through POS tampering, where a skimmer is installed on an existing terminal; it’s quick and easy to do.
The most dangerous form of skimming is when criminals pose as representatives of your bank or processing company, replacing your equipment with a clone that transmits the card information directly to them or stores it until they return for the device. Monitoring your POS device for indications of manipulation and keeping it visible to consumers is essential if you want to prevent this kind of skimming.
One solution is to use a mobile card reader that allows servers to collect payment at the table or to ensure the card never leaves the customer’s sight. Additionally, never leave your processing device unattended during business hours, and regularly inspect it for any changes. Be wary of anyone claiming to be a representative of your bank or processor, and always call to verify their identity.
Conclusion
Accepting credit card payments may seem daunting, but it can be manageable by being aware of credit card security risks for small businesses and using good judgment. The benefits of accepting credit cards far outweigh the risks, but it’s essential to keep in mind that the threats may evolve as technology and consumer behavior change.
It’s crucial to adhere to industry security standards, keep staff members educated and trained, and invest in a reputable credit card processing business that will safeguard your data if you want to stay safe. By preparing your industry and remaining vigilant, you can enjoy the rewards of accepting credit cards while minimizing the risks.
Nowadays, you can’t operate a business fleet with optimum efficiency and productivity unless you have a GPS fleet tracking software. Not only will you be able to watch your vehicles in real-time with this fleet management software, but the top GPS fleet tracking systems right now can monitor drivers’ behavior, examine fuel efficiency, generate automatic reports on what’s happening across the fleet, and more. You’ll be able to reduce fuel expenses, enhance customer service, and use analytics to help your company expand.
Stick with us, as we’ve made this research to make it easy for you to choose the right GPS fleet tracking software that’s out right now. This article is for smaller business owners, fleet managers, and larger organizations who want to monitor and manage their cars and trucks using a GPS fleet monitoring system.
What is GPS Fleet Tracking Software, and Why do You Need it?
GPS fleet tracking is a management system organizations in transport-related industries commonly use to track corporate assets such as cars, equipment, and drivers. GPS fleet monitoring systems, often known as telematics, allows businesses to track where their equipment and products are in near real-time while also delivering vital data about driver and fleets performance. Knowing what a telematics system is allows you to understand how it can assist your company saves money (such as on fuel), controlling vehicle maintenance, supervising your mobile workforce, and ensuring driver safety and compliance.
How to choose the right GPS Fleet Tracking Software for you
Even though most of the GPS fleet tracking systems appear almost the same, they frequently contain unique characteristics that can make or break your fleet. Therefore carefully consider your options to find the ideal telematics solution for your company.
Specify what needs to be tracked
The first thing you need to do before selecting a GPS fleet tracking software is to determine the sorts of assets and vehicles you need to monitor and the number of each. Since different forms of tracking gear will be required based on what you are tracking, determining the sorts of vehicles and assets will help you limit your potential possibilities. Some companies, for example, provide relatively limited tracking accessory options, and many GPS brands need a minimum number of cars. These are minor numbers (three with Samsara), but we prefer brands with no minimum fleet size restriction (GPS Trackit).
Choose the features you need from the GPS tracking fleet software
Once you’ve finished the first step, you must decide why to track them. GPS fleet tracking systems differ in feature sets, so determine which essential and negotiable functions.
For example, suppose driver’s safety is your priority. In that case, you need to look for a solution that includes driver’s scorecards, vehicle safety and maintenance warnings, dashcams, geofencing, and driver training and coaching. Less comprehensive choices may be preferable if you only need to track the position of nonpowered assets and equipment.
Set a budget
GPS fleet tracking solutions are frequently expensive to purchase. You must first buy the hardware and then pay a monthly subscription price for the software. Although, some monitoring systems provide tiered subscriptions with varying feature sets, which can help you save money if your tracking requirements are low.
After determining the required features, create a budget and search for telematics solutions that fit your budget. Budget concerns include contract terms, vehicle minimums, free trials, and software and hardware expenses.
Best GPS Fleet Tracking Software for 2023: Review
Verizon Connect
Verizon Connect is our top pick for the best GPS tracking software. Firms with a narrow focus will appreciate the great amount of customization it provides. For example, you can change the word “vehicle” to “crane” to match industry-specific terms.
It is possible to overlay GIS data, such as power lines and sewage pipelines, on the company’s customized maps (rather than the standard Google Maps utilized by many rivals). Although it takes some time to perfect, this degree of granular control outperforms most rivals.
Pros
Its driver performance scoring identifies who is performing well and who requires guidance
Allows for simple integration with third-party navigation devices
There is no installation charge
A fantastic alternative for bigger fleets and vehicles
Cons
Signs you up for lengthier contracts than other vendors (typically three years)
Only the more costly subscriptions provide fleet maintenance data
Samsara
Samsara is among the most sophisticated GPS monitoring solutions available on the market, with industry-specific plans tailored to your specific requirements. It also provides one of the most extensive collections of tracking accessories and hardware, allowing you to pick the devices you require to track your fleet. Samsara is among the few organizations that provide real-time tracking and reporting, which is critical for many small enterprises.
Pros
Every 30 to 60 seconds, the tracking data is refreshed
Its dispatch feature immediately picks the optimal vehicle for a job, enhancing real-time efficiency
It’s the best bang-for-your-buck solution
Cons
It’s not the cheapest option out there
Its average contract periods range from three to five years
Azuga
Azuga is among the most user-friendly GPS fleet tracking solutions, with bundled and customizable plans available. It’s based on OBD-II plug-and-play monitoring hardware, one of the simplest-to-install device types. We found the Azuga mobile app and dashboard to be intuitive and simple, and some plans also offer chat options to let management and drivers communicate inside a single platform.
Regarding tracking, Azuga is tied for second with Samsara, with the sole drawback being that its warnings aren’t as comprehensive as those on other platforms. One of its most distinctive features is the option to tailor refresh time from 30 seconds to 59 minutes, allowing the drivers to operate with as much or as little supervision as they want.
Pros
Its FuelSaver add-on advises vehicles to the nearest gas station with the most affordable fuel
ELD compliance is possible (though at an additional cost)
Its travel logs provide full data of all journeys taken in the previous 90 days
WEX, PAPCO, and EFS all provide fuel card integration
Cons
It does not offer accident reporting
Only firms with more than 30 cars are eligible for a free trial
A maintenance schedule function is paid for separately, although other systems provide it for free
It doesn’t measure the cargo temperature
GPS Trackit
GPS Trackit is a fleet management system with outstanding reporting capabilities. It enables managers to trace their fleets via breadcrumb tracking, updated every 30 to 60 seconds. With insights into maintenance records, engine diagnostics, service history, and expenses, you can receive information on diverse fleet data and optimize vehicles. These reports can be automated to make the reporting process easier. Real-time interactive maps, current weather, live traffic, and street-level views are available. Also, heat-sensitive cargo items can be remotely monitored.
Pros
Data is refreshed every 30 to 60 seconds
Fuel card integration is possible
ELD compliance is offered for an additional cost
Cons
More costly than other alternatives
Does not track weather updates to aid in route planning
Does not monitor fuel consumption in the absence of integrated fuel cards
Driver dispatching options are only accessible with a fee
Teletrack Navman
Teletrac Navman is a very good GPS fleet management system for vehicle maintenance. It provides solutions by industry and role, with a selection of hard-wired and plug-and-play devices, allowing you to select the tracking option that best meets your vehicle or asset tracking needs.
Pros
You can record distance while concealing your location, allowing you to keep trips private
Sends stolen car notifications to assist you in responding immediately to theft
Daily driver vehicle inspection records are captured (DVIRs)
Integration with ProMiles ensures that you comply with IFTA and DoT requirements
Cons
It does not offer accident reporting
Contracts automatically renew, making cancellation more difficult
The most affordable plans are severely constrained, with fewer features and slower data refresh (every five minutes)
It does not monitor the temperature of the engine or the load
What to look for when choosing the right GPS Fleet Tracking Software
Price – GPS fleet tracking software prices generally comprise a one-time fee for each hardware device and a monthly subscription fee for tracking features. Pricing for a single hardware device starts at about $100, with monthly subscriptions ranging from $15 to $35
Tracking – How reliable and efficient is the tracking feature on the platform? For example, how fast does the tracking map refresh, and does the map consider the traffic jam, etc
Vehicle management – Examining the condition of your vehicles. Are they in need of repair? Are they adequately secured against theft?
Driver’s management – Tracking and recording each of your drivers’ actions. Is Driver #3 idling his car for an excessive amount of time? Is Driver #4 prone to speeding?
Product Features – What more is the product capable of? Can it communicate with third-party navigation systems? Is there a mobile app?
Customer support – Which company has the best customer support to help you whenever you need them?
Conclusion
While there are several aspects to consider when researching vehicle monitoring solutions, we hope that by reading this article, you’ve learned what GPS Fleet Tracking Software is, why you need it and how to choose the right one for you.
Although numerous alternative providers are available, Verizon Connect is the most popular in terms of overall features, vehicle management, excellent tracking, and driver management functions.
The world of payments is changing. New digital-first competitors like Apple, Google, and Samsung have been quick to become major players, while others like PayPal, Venmo, and Square are growing in popularity with millennials.
Even if you’re just starting your payments journey, the sooner you simplify your payment stack, the better off you’ll be later on. Here are some ways to make your payment stack simpler and fast.
Consumers expect frictionless experiences and are more conscious than ever about their personal data privacy, which means you have to get smarter about building your payment infrastructure. Let’s face it: Your existing payment stack is probably complicated. It might involve many point-of-sale (POS) terminals, stored value vendors such as Google Wallet or LevelUp, a financial institution for issuing virtual accounts, a payment gateway for online transactions, and more.
What is a Payment Stack?
A payment stack is the entire process of taking card payments for your business, from the initial customer interaction to the final settlement of funds. It involves all the companies and technologies that enable you to process payments, whether online or offline, with plastic cards or other forms of payment, such as app-based virtual accounts.
A stack refers to the relationship between the players that make up the overall payments ecosystem. When you buy a new house, you must choose a mortgage company, an insurance company, a real estate agent and a contractor, and then coordinate your tasks with theirs. It’s a process that can also apply to building out payments infrastructure.
How To Simplify Your Payment Stack?
Consolidate your POS devices
If you’re running a brick-and-mortar business, your POS devices most likely run on software from companies like Square or Intuit. While these devices are cost-effective, they may not provide the best experience for your customers. Why not use a more robust solution that provides a better overall experience for you and your customers?
One option is to partner with a cloud-based POS provider to host your payment system. This allows you to ditch your physical terminals and provides a high-quality digital customer experience on your website or mobile app.
Separate payment responsibilities
If your business grows quickly, you might rely on a third party for fraud detection and chargeback management. While many third-party services can help with this, it’s important to remember that they have your sensitive data, like customer card data and sales reports. That means you must build an extra level of trust with your vendor of choice and thoroughly vet them before entering into a long-term contract.
Reconciliation and settlement
The number of your company’s purchases will become overwhelming as it grows. The process of reconciling payments ensures that all fees paid are recognized and processed appropriately.
Payment reconciliation is essential for businesses since it safeguards against the loss of data and the omission or loss of entries or even receipts. It is highly recommended to use accounting software to maintain a record of each transaction that takes place not only within the organization but also outside of it.
Checking the records kept by the banks that were used in the transactions is how this is accomplished. If an error is made, all that is required to locate its origin is to cross reference your firm’s records with its bank statements.
Fraud prevention
Fraudulent schemes keep advancing alongside the development of new technologies. It shouldn’t be a surprise that retail establishments and other types of enterprises are witnessing an all-time high number of data breaches.
Card fraud cases reached a staggering $28.65 billion in just a year, 2019. Due to the rise in fraudulent behavior, being able to monitor and identify fraudulent transactions has become an integral part of any payment stack.
Use a cloud-based payments platform
If your business processes many online transactions, you might use a payment gateway to facilitate those payments. Payment gateways are great, but they might slow you down as you scale and want to add new payment options like virtual accounts. Gateways are designed for large organizations and can be difficult to customize.
They also can lock you into using one specific set of payment routes and may not provide a robust set of analytical tools. On the other hand, a cloud-based payments platform can be scaled up quickly and easily to accommodate new payment types and partners. It also allows you to add new customer features, like a digital “Know Your Customer” section.
Diversify your portfolio of vendors
Every business is different, so that it might make sense to partner with more than one company for certain payments-related services. For example, if you have a physical store and accept payments via card swipes, you need a payment gateway that is EMV-compliant.
If you operate online, you might use a virtual account provider. If you sell products internationally, you might use a cross-border solution. As your business grows, you may be tempted to integrate all of these services into your stack fully.
During this process it’s better to be selective and choose single-purpose vendors that have already proven themselves in the market and have a proven track record of success.
Go digital with EMV chip technology
As the world’s payment systems evolve from magnetic stripe card readers to more secure EMV chip card readers, you may consider upgrading your hardware. But hardware vendors can be tricky to work with, especially if you’re looking for a quick and easy solution.
For example, you may want to issue virtual accounts to your customers. But the only option you have right now is to install a chip reader and a virtual account issuance device. This would require significant investment and a longer implementation timeline.
With a new payments platform, you can avoid many of these headaches by partnering with a vendor that offers a one-stop-shop solution. They can help you bring your payment infrastructure up to date with EMV chip technology without having to buy new hardware.
Conclusion
When it comes to payments, it’s critical to keep things simple. Simplifying your payment stack will allow you to focus on growing your business and delighting your customers, not managing the challenge of integrating and managing various vendors. At the same time, it’s important to remember that the payments landscape will continue to evolve.
New technologies and trends like digital identity, blockchain and artificial intelligence will play an important role in shaping the future of payments. For your business to stay competitive and relevant, it’s important to stay agile and keep an eye on what’s coming next.
The C2C business plan is now commonly connected with e-commerce and selling online platforms such as Craigslist and Etsy. Some C2C platforms, such as OfferUp, prioritize mobile shopping through applications. C2C, on the other hand, can apply to any firm that establishes a market amongst customers. In this article we’ll breakdown what C2C is and how it is relevant in 2023 and the years to come.
C2C enterprises include the classified ads section of a newspaper and an in-person auction house. C2C enterprises facilitate consumer relationships by locating and connecting consumers and vendors. They are especially beneficial in niche markets.
What is C2C or C-2-C?
Consumer-to-consumer (or, in some cases, customer-to-customer) is a business concept in which customers trade with one another, generally online. Auctions and classified advertising are two examples of C2C market implementations. With internet development and websites such as Etsy, eBay and Craigslist, the C2C business has grown in popularity.
Traditional marketplaces demand business-to-customer connections, in which a client visits the firm to buy a product or service. On the other hand, customer-to-customer marketplaces offer an innovative approach for customers to communicate and exchange assets.
C2C refers to a market setting in which one client acquires products from another customer via a third-party firm or platform. C2C businesses are a form of a business model that arose as a result of e-commerce technologies and the sharing economy.
How Does C-2-C Work?
Customers benefit from product competition and frequently find tough goods to buy elsewhere. Furthermore, sellers’ margins might be bigger than typical pricing techniques because there are no merchants or wholesalers. C2C websites are convenient since they eliminate the need to visit a physical store. Buyers come to sellers when they advertise their stuff online.
Fees charged to sellers for displaying products for sale, providing promotional features, and enabling credit card transactions are how C2C websites and similar platforms generate money. These C2C transactions often include selling secondhand goods via a classified or auction system.
Pros
Low cost – C2C has low operating costs. Because C2C platforms do not have to deliver goods, costs are kept to a minimum. This keeps supplier margins higher and buyer prices lower.
Time-saving – Customers can save time by searching for what they require online, from the comfort of their homes, rather than driving all over town.
Convenient for sellers – Sellers like the advantages that C2C marketplaces offer. If someone intends to sell a set of ancient books, they don’t have to find possible purchasers. Instead, they can enter a C2Cmarketplace and gain access to many potential customers.
Cons
Quality control – Quality control may be lacking in C2C transactions. Because the sellers are customers, there is sometimes minimal redress for defective or misleading items. Furthermore, because the purchasers are also customers, payment guarantees might be difficult to implement.
Credit card payments – Credit card purchases on some C2C sites might be tricky. Some sites may not accept or process credit cards. However, services like PayPal and Venmo are easing these difficulties.
Spams vulnerability – C2C sites can be riddled with fraud as opportunists seek to exploit others. Buyers should be aware of sellers who cannot answer specific queries concerning the things for sale. They should also avoid any salesperson who puts them under pressure to buy immediately. Many sites have extensive selling policies that, if broken, result in user bans.
C2C Companies Examples
Craigslist
One of the oldest and most popular websites in the US that got mass approval is Craigslist. It is a job, housing, for sale, goods sought, services, community service, gigs, résumés, and discussion forum website in the United States.
It was founded in 1995 as an email distribution list for friends by Craig Newmark. San Francisco Bay Area was the main area of focus where it promoted local events. In 1996, it launched a web-based service and moved into other categorized categories. It began growing to additional cities in the United States and Canada in 2000 and serves more than 70 nations today.
With approximately 49.4 million monthly visitors in the U. S. alone, the site delivers more than 20 billion views every month, ranking it 72nd overall among websites globally and 11th overall among websites in the United States. Craigslist is the leading classifieds site in any medium, with over 80 million new classified adverts posted each month.
eBay
eBay is a global American e-commerce firm headquartered in San Jose, California, that enables consumer-to-consumer and business-to-consumer purchases via its website. eBay was launched in 1995 by Pierre Omidyar, and since then, it has become a prominent success story of the dot-com boom.
In 2019 it became a multibillion-dollar corporation in about 32 countries. The corporation administers the eBay webpage, an online auction and shopping platform where people and businesses worldwide purchase and provide a diverse variety of goods. Customers can use the site for free; however, after a limited number of free postings, sellers are charged fees for listing products after a certain amount of free listings and a separate or additional cost when those items are sold.
Buying by Universal Product, ISBN, or another type of SKU number, in addition to the quick “Buy It Now” purchase, many other services have indeed been introduced to eBay throughout the core auction-style sales.
Previously, eBay’s services included online transfers of money (through PayPal, an entirely subsidiary between 2002 to 2015), free advertising listings (through Kijiji or eBay Listings Company), and online event ticket trading (via StubHub).
Etsy
Etsy is a worldwide marketplace for one-of-a-kind and creative items. It houses a variety of unique, amazing goods, ranging from handmade creations to vintage treasures.
Their objective is to retain human interaction at the core of trade in an age of rising automation. They’ve created a space where creativity can thrive since people fuel it. They assist their seller community in turning their ideas into enterprises.
Etsy’s network links them with millions of shoppers searching for an alternative, something exceptional with a personal touch, for occasions that call for a little more creativity.
Why is C2C Relevant in 2023?
The C2C business model is still relevant in 2023 because it took a swing in the beginning and during the pandemic and didn’t seem to stop.
Companies can now develop C2C markets on an unprecedented scale thanks to the internet. According to McKinsey, the pandemic boosted the C2C trend in Europe since so many individuals took the opportunity to get rid of useless items. Furthermore, because buyers prefer sustainable products, sustainability concerns may fuel additional C-2-C growth.
Because of its low cost, the C2C business is expected to develop and grow more. The cost of utilizing third parties is decreasing, while the quantity of items available for sale by customers is continually increasing.
Because of the prominence of social media and other internet platforms, retailers consider it a crucial business strategy. These channels highlight specific items that customers already own, increasing demand and driving increased web traffic to C2C platforms.
Conclusion
Companies can now develop C2C markets on an unimaginable level thanks to the internet. Due to the fact that so many individuals took the opportunity to sell undesirable belongings, the pandemic intensified the C2C trend in the US and Europe.
Furthermore, because customers prefer green solutions, sustainability concerns may fuel additional C2C growth. One thing to remember is that constructing a C2C platform is frequently unfeasible for SMBs because the business strategy frequently needs having or building a large audience.
Inflation is a persistent force that can be managed with the right tools and strategies. In the current economic climate, small business owners should take steps now to prepare for future inflation impacts on their businesses, which in short, is the increase in the cost of goods and services over time.
It is a normal part of the economy, and prices tend to fluctuate based on changes in supply or demand. However, when inflation remains consistently high for an extended period like we are currently seeing, it becomes a concern because businesses cannot control the cost of their goods and services.
The good news is that there are many things small business owners can do proactively to offset potential risks from ever-increasing inflation, including implementing some of these strategies:
What are Inflation Impacts?
Inflation impacts the bottom line of businesses in two main ways. First, as the cost of goods and services increases, so does the revenue needed to cover those costs. Second, as revenue increases, so does the taxes owed on that revenue.
Inflation impacts businesses differently, depending on the industry and nature of products or services offered. For example, industries that rely heavily on commodities and raw materials are more susceptible to inflation. When the price of commodities like oil increases, the cost of producing products that rely on oil increases.
Protect your bottom line
To protect your bottom line, start by increasing your sales. This may sound like a no-brainer, but it’s something that many businesses fail to do. Increasing sales is an excellent way to offset inflation’s impact and can help your business thrive.
If you can increase your revenue, you’ll have more cash flow to help offset rising costs. You’ll also have more money available to reinvest in your business. To increase sales, you’ll need to focus on three things:
Improving your lead generation process
Improving your sales process
Improving your conversion rates
All of these things have a direct impact on increasing your revenue and can help offset inflation.
Be selective with employee hiring
While it’s natural to want to hire more employees to help meet growing demand, it’s important to be selective in your hiring. Hiring more employees can help your business in the short term but could have a significant negative impact when inflation continues to rise.
Inflation has a compounding effect, which means that costs will continue to increase over time. The higher your operating costs, the more you’ll need to charge for your products and services. You’ll likely need to increase your wages if you hire additional employees.
You’ll want to consider this when managing your bottom line in the face of rising inflation. And, given the high level of unemployment currently, you may have a limited supply of candidates from which to choose. This could result in increased competition for the candidates you do have.
Go digital with technology investments
As technology evolves, hardware and software costs will likely increase. This could result in higher operational costs and, therefore, a drag on your profitability. To offset this risk, consider investing in more digital solutions and technologies.
Some industries, like insurance and financial services, must invest heavily in technology to comply with government regulations. This helps to mitigate the risk of rising technology costs by shifting the expenses to capital expenses instead of operational expenses.
Manage Inventory Risk
Managing your inventory risk is critical to protecting your bottom line in the face of inflation. Inventory is a significant expense for most businesses, and managing it closely can help offset the rising prices’ impact. Inventory management strategies that can help to mitigate the risk of future inflation include:
Early ordering
Optimized inventory level
Matching your production with demand
Early ordering will help to reduce your exposure to price changes and allow time for the items to be produced, transported and stocked for sale. Efficiently managing your inventory levels will help to offset inflationary pressures and protect your bottom line.
Inflation is a compounding force that will continue to increase the prices of goods and services over time. By proactively managing your inventory levels, you can protect your bottom line from inflationary pressures and help to ensure the profitability of your business over the long term.
Protect your cash flow
While you can’t control the level of inflation, you can help to protect your cash flow by managing your expenses. By anticipating future inflation and managing your expenses, you can help to offset potential impacts on your bottom line.
When you can manage your expenses effectively, you’ll be able to retain more cash flow, which can be used to offset increased costs and fund growth initiatives.
How Does Inflation Affect Small Businesses?
The National Federation of Independent Businesses (NFIB) of the United States reported in its February 2022 poll of small business owners that 26% of respondents listed inflation as their single largest problem, more than any other. The second most important factor, picked by 22% of respondents, was labor quality. In the previous year’s study, only 2% said inflation was their main worry. What has changed?
Of course, inflation has risen in the interim year. For many months, the economy was shuttered due to COVID-19 pandemic, allowing people to preserve money. When the economy recovered, there was, as accountants like to say, “too much money pursuing too few products.” That imbalance is anticipated to correct itself over time, but inflation has already outlasted experts’ expectations.
Now that the Fed is increasing interest rates to battle inflation, the economy’s future direction is unknown. What is certain is that inflation will stay high for the foreseeable future. It will bring various adjustments to the current economy that firms must adjust to.
Inflation affects not all businesses equally. Price increases will not affect sales in the same way they might for an optional commodity when they suit the requirements of a firm and, by decision or circumstances, are less inclined to shop around.
As a result, many businesses, such as food stores, healthcare providers, daycare providers, and tax specialists, are thought to be recession-proof. However, with discretionary products, a buy that can be postponed until next month or longer is likely to be.
Conclusion
Inflation is a persistent force that can be managed with the right tools and strategies. In the current economic climate, small business owners should take steps now to prepare for future inflation and how it will impact their businesses.
By proactively managing your expenses and investing in technologies that can offset rising costs, you can protect your business from the impacts of inflation and help to ensure the profitability of your company in the long term.
Making money without having to work is the endgame for many of us, but few people really understand how this works. Earning money with little to no ongoing effort may sound impossible, but that’s far from the truth. With passive income, you can earn extra money through projects or investments that continue to generate revenue on their own. And if you are looking to learn how to do that, you’ve come to the right place.
In this article, we’ll explain what passive income is and give you some tips on how to start earning money passively. Let’s get right into it.
What is Passive Income?
Passive income is a recurring stream of revenue earned without putting in a lot of effort. All you need to do is identify an income stream that can continue to provide you with money after its initial setup. Think of things like renting out a place, investing in stocks, or licensing out a product.
However, that doesn’t mean you won’t have to work at all; it just means your passive income won’t require you to put in as many hours as a full-time job.
Now that you understand what passive income is, let’s look at some ways you can start earning money passively.
Top 19 Passive Income Ideas
Here are some popular ways to earn money passively in 2022:
Real Estate Investment Trust (REIT)
If you want to invest in real estate but are not yet an accredited investor or don’t want the stress of buying and managing the property yourself, Real Estate Investment Trust (REIT) can help. REITs are corporations that own and operate income-producing real estate assets such as office buildings, apartments, and hotels. They are similar to mutual funds because they allow individual investors to earn real estate dividends without having to purchase any personal property.
Peer to Peer Lending
If you’re looking for a way to earn money passively in less than five years, peer-to-peer lending may be an ideal income stream for you. Peer-to-peer lending, also known as social lending, allows you to act as a middleman and lend borrowers money, thus cutting out financial institutions. You can choose who you want to lend to and earn higher returns compared to having your money in a savings account. Plus, you can make as much as 5% interest on your loan.
Affiliate Marketing
Affiliate marketing allows you to earn passive income if you are a social media influencer, blogger, or website owner. All you have to do is include a link to a brand’s product on your website, social media page, or email list. When a visitor clicks on the link and purchases the product, you earn money (affiliate commission). You can earn anywhere from 5% to 8% back on every purchase.
Rental Property
If you have a large capital and want to earn consistent passive income, purchasing a real estate property and renting it out could be the best option for you. However, if you don’t have the time to manage a long-term rental property, you might consider short-term rentals like Airbnb or renting out a spare room in your home.
Vending Machines
If you’re looking for a low-maintenance side business, consider starting a vending machine business. All you have to do is purchase a vending machine, place it in a strategic location, stock it with desired products, and begin earning passively. You can start a vending machine business with less than $2000.
Create an Online Course
Coursera, Udemy, and Skillshare are online platforms that allow you to create courses and earn money when someone buys them. If you have extensive knowledge of a subject, you can use these platforms to earn a comfortable passive income.
Dividend Stocks
Earning passive income from dividend stocks is a tried and true method. However, to receive large dividend checks as a shareholder, you may need to invest a significant amount of money. The company in which you invested will pay you a cash dividend from their profits quarterly, which will be deposited into your brokerage account.
Sell an eBook
You can write an eBook and sell it on Amazon, just like you can sell a course online. Writing an eBook will require little capital because you will not need to pay for publishing. eBooks are typically 30 to 50 pages long, so if you’re knowledgeable about a variety of subjects, you can write and publish as many as you want to earn passive income.
Start a Blog or YouTube Channel
One of the most interesting ways to generate passive income is to start a blog or a YouTube channel. You can turn your interest in traveling, painting, or singing into a source of passive income. You will be able to earn money from advertisements or sponsorships. All you have to do is pick a niche or topic that interests you and become an expert on it.
Stock Photos
One way to generate low-maintenance passive income is by selling stock photographs. If you enjoy taking photographs, you can sell your work on stock photo websites and profit from every purchase.
Make an App
Do you have a fun game or photo editing app in mind? Then you can generate passive income by putting these ideas into action. If you are not a programmer, you can create a no-code app and earn money passively.
Sell T-shirt Designs Online
Do you have design skills? Then you could turn them into a source of income by selling items with your printed designs. You can sell your designs on T-shirts, hats, mugs, and other items on platforms like CafePress and Zazzle.
Bond Index Fund
Instead of buying stocks from a company and becoming a shareholder, bonds allow you to lend money to businesses and receive interest on your loan. While they are generally safer than stocks, the interest is usually low.
Rent Out Your Car
You can rent out your car on Turo or rent it to someone who needs a car for Uber or Lyft and make money when you aren’t using it.
Cashback Rewards
Cashback rewards platforms such as Swagbucks, Rakuten, and MyPoint allow you to earn money while you shop. All you have to do is sign up, shop, and earn rewards – the more you shop, the more money you get.
NFTs
If you are a digital creator, you can earn passive income by minting your designs into Non-Fungible Tokens (NFTs) and selling them on platforms such as OpenSea, where you can earn cryptocurrency.
Laundromat
Starting a laundromat is a good way to earn passive income. While it’ll require large capital, it is often a low-maintenance passive income stream.
Start a Storage Rental Business
You can make money from letting people keep their items in your storage space. You get monthly checks with little to no effort.
License Your Music
Just like the stock photos idea, you can make money off your music by licensing it. You make money off it whenever someone uses your songs.
Conclusion
Passive income can be used to pay bills and even build wealth without having to work much, beyond the initial setup. The interesting thing is that you can have multiple passive income streams simultaneously. For example, you could earn money from books while renting out a place. There’s no limit to how many you can have. If you start working on passive income sources today, you’ll be much more relaxed tomorrow.
Major healthcare payment trends are emerging, and they will transform the healthcare industry in the next few years. These trends revolve around frictionless experiences, personalization and patient-centered care, transparency and accountability, data sharing, and value-based reimbursement.
Payers are now transitioning to value-based reimbursement models while patients demand greater transparency and control over their data. In addition, providers need to adopt telemedicine services to improve care outcomes and reduce costs wherever possible. Let’s take a closer look at these trends to get ahead of the game before they become commonplace.
Major Healthcare Payments Trends to Follow in 2023
Customers in today’s market expect their interactions with healthcare providers to be open, honest, user-friendly, and cost-effective. Providers who operate healthcare payment systems that are difficult to understand run the danger of seeing a decrease in their patient population, as well as a tarnished online reputation, should dissatisfied individuals take their complaints to social media.
Healthcare providers can boost their revenue as well as patient satisfaction rates by implementing payment systems that are streamlined, up-to-date, and convenient. This would result in a huge win for the revenue cycle of any healthcare provider.
Consumerism
One of the biggest healthcare payment trends is the rise of consumerism in healthcare. Consumers are demanding greater transparency, better experiences, and more control over their data, which is reshaping the industry.
In terms of transparency, patients want to understand how providers deliver care and where costs come from. They want to be able to hold providers accountable, and they want to know that they are receiving value for their insurance premiums.
To achieve this level of transparency and accountability, healthcare organizations must adopt standardized data formats, open APIs, and other mechanisms that allow data to flow freely between organizations. Consumers will also expect more control over their data, such as which providers they share data with and what information they can access.
Blockchain
Blockchain is a distributed ledger technology that allows organizations to track supply chain activities in real-time and with transparency. It also enables secure peer-to-peer transactions, eliminating the need for a third-party intermediary. Blockchain can improve data transparency, security in the healthcare industry, and patient engagement.
For instance, blockchain can be used to store patient data and create health records that are accessible to healthcare providers. The blockchain healthcare payments trend is expected to grow in the next few years because it can help organizations reduce costs and improve transparency and data security.
Data Sharing and Transparency
Healthcare organizations are collecting increasing data, yet they are not always using it to provide better care. Many organizations are not even sure how to use their data.
For example, approximately 70% of U.S. hospitals are not using available EHR systems to their fullest potential. Healthcare providers are collecting data without actually using it to improve care. However, providers are starting to recognize that they need to use data to improve care and reduce costs.
Millennials are especially interested in data-driven healthcare because they are more likely to seek preventive care. As these individuals grow older and start families, they expect providers to use data to improve care and ensure that patients receive the right care at the right time.
B2B Collaboration
Healthcare organizations are collecting an increasing amount of data, yet most providers are storing and analyzing data at the organizational level. This means that data is not making its way to other providers.
As a result, healthcare organizations are not reaping the full benefits of data. For example, patients may visit different providers, yet these organizations may not share information. This is a missed opportunity to improve care outcomes and lower costs.
Collaboration between healthcare organizations will be a top healthcare payment trend in the next few years. As health organizations transition to value-based care and start sharing data, they can provide patients with personalized care and reduce costs.
Electronic Health Records (EHR)
Healthcare organizations are investing heavily in EHR systems to improve workflow and outcomes. Yet many providers struggle to achieve their full potential with their EHR systems.
According to a recent survey, approximately 70% of hospitals need to improve their EHR systems. Providers struggle to implement their systems effectively and are not reaping the benefits. EHR systems are a major healthcare payment trend because they can improve workflow, reduce administrative costs, and facilitate better care outcomes.
For example, EHR systems can help providers organize patient data and improve care quality by enabling providers to access the latest information about patients, such as lab results and allergies.
Patient engagement
Patients are seeking ways to reduce costs as healthcare costs grow. One method to accomplish this is to get more involved in their care. Engaged patients are more likely to adopt a healthy lifestyle, stick to treatment regimens, and avoid avoidable hospitalizations.
Healthcare organizations are beginning to appreciate the value of patient participation and are taking initiatives to promote it. Patient portals are one example.
EFT with fees
While more providers are using EFT for transactions with payer systems, only 1% of providers accept EFT with a cost, while over 87% prefer EFT sans fees over personal checks. According to MGMA statistics, over 17% of insurers levy a fee for third-party vendor EFT payments. Even though prices may have hampered the electronic payments system, ERA/EFT transactions increased by 102% between 2018 and 2021.
These statistics are critical indicators for the creation of RCM hospital billing plans for healthcare businesses in the future. Keep this market intelligence in mind as you plan the next stage in revenue cycle management.
What is The Structure of The Healthcare Payment System?
Doctors, clinics, and other health professionals have traditionally been paid fee-for-service. Each doctor visit or operation component is billed separately under the fee-for-service paradigm. The doctor, anesthesiologist, and facility all bill a patient who has surgery. They are charged for their lodging, drugs, and medical supplies.
For example, the ambulance provider will bill them for transportation if a person is involved in a car accident. They will also be examined in the emergency department and billed at the higher emergency room charge.
Many experts believe that fee-for-service healthcare increases healthcare expenses. This is because clinicians are paid to prescribe medication, order testing, and execute medical procedures.
Are Healthcare Payment Solutions Evolving?
To put it more simply, changes are being made to healthcare payment mechanisms, however, gradually. But, business-to-business (B2B) payer-to-provider corporate medical transactions have been slower to embrace electronic payment methods despite the rapid transition to digital payments in consumer-based payment systems.
Conclusion
Healthcare organizations have many payment trends to contend with, and the ones discussed above are particularly relevant. Given the state of affairs in healthcare, all organizations should be prepared to face changes in the coming years. As providers transition to value-based reimbursement models, they will be expected to achieve better outcomes at lower costs.
As patients, they will expect more personalized care, more control over their data, and higher transparency from providers. Organizations should integrate emerging technologies, such as blockchain and EHR systems, wherever possible to facilitate better data sharing and engagement.
Planning, conducting market research, and learning about the legal requirements for launching a company are all necessary before starting a business. You must address various questions, such as “How do I find new ideas for products?” What is the ideal business strategy? What are the most effective marketing channels?
Many people have already taken the risk of starting their businesses. And you can, too, if you have the correct business concepts and ideas on new products. But you need a lot of effort to find an idea for new products and selling those products to the right audience. Here are 30 amazing product ideas to ignite your business in 2023
Benefits of Choosing the Right Product for Your Business
Selecting a product involves more than just estimating its sales potential. A business needs specific products to act as a magnet to draw customers in. Some are necessary items due to their large profit margin, while others are advantageous due to their rapid sales turnover.
It is advised to conduct market surveys to understand the needs of the consumers. Market research gives business owners suggestions on what products to sell and how to organize and carry out their marketing campaigns. The study should consider the competitors’ strategies, what products they offer, at what prices, and their target audience, whose preferences for current and potential items should be considered. Focus groups, polls, and other research methods, as well as interviews and studies, can all be used for market analysis.
But, if you think that conducting market research and market analysis would be hectic, there is no need to fret. We have compiled 30 incredible product ideas to spark your business in 2023 to assist you in finding profitable online business ideas.
30 Amazing Product Ideas in 2023
You might be looking for winning product ideas whether you’re beginning an eCommerce business or already have one. In reality, choosing what to sell is one of the most difficult challenges faced by business owners running an eCommerce operation. It might be challenging to develop new product ideas, regardless of whether you want to run a firm with a single item or a variety of connected products.
1. Jewelry
Jewelry is an excellent commercial idea for a business. You can manage a profitable business if you have the abilities and the capacity to create fresh, cutting-edge designs. However, it’s always a good idea to start modest and ensure you have insurance in case of theft while selling jewelry. You may also promote your jewelry on the Facebook Marketplace and other websites. Demonstrating your items to coworkers, friends, and family can stimulate curiosity and grab buyers’ attention.
2. Skincare products
Consumers are constantly looking for goods that can improve their appearance and well-being. You can succeed in the multibillion-dollar skincare sector if you have the correct products. The most important thing is to have affordable, effective products. Due to licensing regulations, there are numerous obstacles to joining the skincare market, but if you do it right and have the required knowledge and experience, it can be a goldmine.
3. Smartphone accessories
Today, smartphones are used by billions of people. However, these gadgets have grown highly complicated and need a variety of add-ons, such as tripods, headphones, chargers, and earbuds. Additionally, there is a persistent demand for these items because they are delicate and break easily. Selling items and accessories like phone chargers, earbuds, air pods, SD cards, and cell phone batteries are an excellent place to start modestly.
4. Art products
You can do well if you have good manual dexterity and can produce beautiful woodwork, pottery, paintings, and other works of art. Although there is little competition, you must produce high-quality work to attract the proper clients.
These products can be sold online, at festivals, weekend markets, and from the comfort of your home. To make these goods, you will need the appropriate machinery, but if you do a good job, you should see steady sales.
5. Home office products
Another extremely lucrative possibility exists here, especially in light of the increasing increase in remote employment. Selling fewer actual products, such as laptops, printers, cell phones, chargers, desktop computers, iPads, files and folders, and stationery, will help you get started. If your firm succeeds, you can expand your product range to include more oversized products like desks, bookshelves, file cabinets, lights, office chairs, and home office furniture.
6. Air quality appliances
The COVID-19 pandemic and growing worry over climate change are both responsible for the heightened interest in air quality. Humidifiers and air purifiers are two of the most accessible product ideas to enter this industry out of all the equipment that claims to handle air quality issues.
Humidifiers solve the problem of dry air that can irritate and swell airways by increasing the humidity in a room. Humidifiers can help with colds, flu, bronchitis, asthma, and sinusitis symptoms without curing the condition. They aren’t intended for continuous usage; instead, they are designed to precisely address dry air when it manifests, which is frequently in the winter owing to the use of heaters.
In contrast, air purifiers employ a fan and a filter as their two main parts to remove contaminants from the air. Depending on the product, air purifiers can remove dust mites, pet dander, pollen, and mold spores from the air. Such decreases allergy and asthma triggers by being detachable.
7. Car Accessories
According to estimates, the typical American spends eight hours and 22 minutes per week on the road, or 18 days a year. The average one-way commute time in the US reached a new high of 27.6 minutes in 2019. Additionally, meal delivery apps and ride-hailing apps like Lyft and Uber have made using one’s automobile to clock into a job possible. Cars are now an essential component of the workweek, whether getting to work or getting around while working.
Nevertheless, the market for automotive accessories is expanding and offers a wide range of potential products for you to market. Air fresheners, organizers, seat covers, rear cameras, and USB chargers are this sector’s most often used products.
8. IoT devices
The term “Internet of Things” (IoT) refers to items that have software, sensors, and other technologies that enable Internet-based connections with other systems or devices. Smartphones, smart watches, smart refrigerators, intelligent automobiles, smart security sensors, and smart lightbulbs are some of these goods. A reasonable rule of thumb is that an IoT gadget starts with the word “smart.”
As technology improves, more and more things will be turned into IoT devices, thereby creating an ever-expanding range of product ideas to offer. Of course, the disadvantage of these products is that they can be out of your company’s price range.
9. Reusable water bottles
The demand for reusable water bottles has increased due to rising environmental awareness. According to reports, younger generations, especially Millennials and Generation Z, are much more concerned about sustainability than previous generations are. This indicates that the movement for eco-friendly goods, including reusable water bottles, is here to stay.
The beautiful thing about this product concept is that any company may sell reusable water bottles to further establish its brand through form, logo, color, or other water bottle design options. It is eco-friendly advertising.
10. Air fryers
Since technology is advancing and people are becoming more health concerned, air fryers, in particular, are predicted to become more popular. Some of the technological breakthroughs are LED screens, sophisticated sensors, touchpads, and improved energy efficiency. Regarding the effects on health, some customers have reduced or eliminated oil from their meals to lower cholesterol levels. Without using oil, air fryers still produce crunchy treats.
11. Candles
Unlike many things on this list, candles have the added advantage of being consumable in that they are discarded after all the wax has been consumed. The customer will have to repurchase the candle if they enjoy the aroma. This market is therefore primed for repeat business. The candle industry does well during recessions as people who stay home to conserve money occasionally treat themselves to candles.
All varieties of candles are fantastic product ideas to take into consideration because they can easily fit into a variety of different businesses. To sell candles, you don’t necessarily have to run a candle business. Hotels, cosmetics shops, and other businesses already sell candles. Business owners can promote their brands by selling candles to these locations and drastically increase sales.
12. Baby products
The market for infant products is expected to expand due to growing economies, particularly those of China and India. The rising purchasing power of industrialized nations like North America, Europe, and others also aids the expansion of this industry. Infant safety awareness among expectant parents and technological advancements in the industry have created a market for novel and essential products. Baby carrying straps, breast pumps, and baby bouncers are particularly well-liked items to sell in this market.
13. Digital Products
Selling digital products is the quickest way to start earning a passive income. You don’t have to sell a set number of items to make money, and you can do it even while you sleep. When you have money in your account when you wake up in the morning, a company is worthwhile.
Because you can produce your products once and sell them to customers repeatedly, selling digital products is a lucrative internet business idea. You should also consider user feedback and enhance the product’s quality.
Furthermore, this business model may grow endlessly without ever having to worry about restocking, is cost-free, and is highly profitable. Digital products come in various forms, including e-books, templates, programs, online courses, applications, and more. Do you have the necessary skills to develop goods that improve the operations of other businesses? If yes, then get ready to produce and sell digital products.
14. Sell Your Crafts
Selling your crafts is one of the top small business ideas for 2023 if you’re a creative person. You can include anything from sculptures and paintings to clothing and jewelry under this product section.
You must first compile a portfolio of your work to get started. After that, you can start promoting your company on your blog and social media pages. You can also sell your handmade goods at regional craft fairs, consignment stores, and on websites like Etsy and Amazon Handmade. You’ll need to be resourceful and think outside the box if you want to market your crafts, as many opportunities are available.
15. Car LED Light
Every day, new lighting sources are discovered. Most auto manufacturers employed halogen lighting in their vehicles about 15 years ago. Then, because of its superior performance, the xenon technology of producing light replaced the halogen. Today, a lot of individuals utilize LED lights in their cars. This light source has better luminous flux properties while using less energy.
LED lamps truly gained popularity as soon as people from all over the world learned they could purchase them for a reasonable price. Google Trends reports high demand for automotive LED lamps, and as nothing new has occurred in the world of light sources, these lamps will continue to rank well shortly. By the way, the volume of orders for this product category might also be impressive.
16. Smart temperature sensors
Consider smart temperature sensors while shopping for affordable smart home products. You were given access to a climate-controlled chamber. These sensors measure the room’s temperature, humidity, and other factors and send the information to smart hubs, which control all the other smart appliances like smart heaters and drapes.
Smart temperature sensors are becoming one of the most well-liked eCommerce items worldwide because of their extensive versatility! Additionally, if you offer household appliances online, they could be among your top-selling products because of their low price.
17. Hair catcher
People must look for methods of catching these things since some foreign objects, such as pet hair and loose threads, might seriously damage their washing machines and sewage systems. Fortunately, some manufacturers have created a product known as a handy hair catcher. It is a filter that keeps everything redundant out of your kitchen sink or washing machine.
18. Fitness products
This is another sizable market that has been expanding steadily. Selling items like pedometers, sneakers, fitness trackers, towels, and armbands are an excellent place to start. If enough money comes in, you can add more products to your lineups, such as treadmills, bicycles, and other fitness gear.
19. Sterilizer Dryers
There has been a long-running trend with this product. Sterilizer dryers have been consistently trending since the end of 2018. Their appeal is limited to North America, though. Test this product on your store if you were selling in the US and Canada.
20. Lip Balms
Another affordable, top-selling item to offer online in 2023 is lip balm, which, as you can see from the trend graph, is still quite popular worldwide.
21. Matcha Tea
Another product that frequently appears on trending and best-seller lists is matcha tea. And as you can see, it has consistently high levels of popularity and global acclaim.
22. Laptop batteries
Another one of the top-selling products in 2023 will be laptop batteries. Laptop batteries are an excellent resource for those who want to revive an old laptop or create their own devices. A spare laptop battery ensures that mobile users never go without a computer.
Selling in the laptop sector gives you many chances to grow your product offering. You may market cases, wireless adapters, external hard drives, power supplies, and laptop memory.
23. Wall plates and covers
Coverings and plates you can put on the wall enable you to personalize your space. This is why many people are opting for this option over others. You can market ultra-modern decorative plates or classic ones with a finishing touch. Additionally, HDMI wall plates allow you to plug in HDMI-enabled devices and screwless wall plates with a sleek design.
24. Watch accessories
Watch accessories are among the most profitable popular items. Although the craze fluctuates in popularity, individuals typically hunt for watch accessories all year round. The market is also enormous, with a projected market volume of $335 billion in 2022.
25. Signage
Next on the list of currently popular products are signs. There are 135,000 searches per month for the term “signage” in the search volume. Marketing signage via social media is a brilliant idea. Determine who your main audience is.
26. Neck Massager
Neck massagers have become one of the most helpful self-care items you can get, possibly due to the shift to a work-from-home model and the need to get used to spending all day in uncomfortable positions! They come in a wide range of sizes and forms.
The data shows that there have been significant increases in the demand for neck massagers. As more and more individuals start purchasing self-care items to take care of their bodies, it will only increase with time.
27. Portable Blender
Fitness fans can benefit significantly from a portable blender, as maintaining fitness is becoming more popular. What is the most effective strategy to fulfill many people’s resolutions to maintain physical fitness? By eating a balanced diet! They can accomplish it because a variety of businesses sell the juice. Therefore, be sure it is authentic while selling this item because replicas need better received.
28. Car Phone Holder
Our lives are now more straightforward, thanks to technology. Before, we had to ask others for directions; now, our smartphone provides such information. But how can you use a smartphone to seek directions while driving? Car phone holders can be helpful in this situation. Automobile phone holders are becoming a necessary car component. They have been on the market for some time. The car phone holder will undoubtedly increase sales, regardless of whether you run a general or car-specific business.
29. Laptop Accessories
What could be better than a laptop that is compatible with your working environment as you incorporate work into the home? There are always more accessories to add to your business laptop, whether an HDMI cable to link it to the living room TV or your favorite skins. The market for laptop accessories is still on the rise significantly. They continue to be popular products to buy year after year.
30. Breathable Mesh Running Shoes
Because breathable fabrics are durable and provide movement comfort, athletes are now seeking footwear made of these materials. The airy sneakers are ideal for those who have only recently begun running. Since they are constructed of organic materials, breathable shoes are trendy. You can keep them for as long as possible because they don’t wear out.
Conclusion
It’s crucial to develop digital and physical product ideas depending on your target market, regardless of whether you’re a fledgling eCommerce business or an established player in the field. You can produce more quickly with great product ideas, stay one step ahead of the competition, satisfy your customers, and increase sales.
Now that you have the tools, it will be easier to start thinking of a great list of winning product ideas. Get outside and begin your explorations!
Accepting payment options other than cash and having the ability to process those payments is an absolute must in today’s business environment. Luckily, there are many ways to process payments in 2023. As more and more businesses have embraced the acceptance of non-cash payments, technological advancements and competitive forces in the payments industry have made the process affordable, seamless, and accompanied by many other tertiary benefits.
Over the past couple of years, the ways to process payments have multiplied as consumers have shifted towards touchless means of buying and paying. Benefits such as not using a physical wallet to pay for something or paying much more quickly with a card or your phone have introduced consumers to non-cash transactions, and the habits they have spawned are impossible to reverse.
As a result, we have many ways to process payments in 2023. Increasingly, technology has enabled speedy, secure and seamless payment processing. Below we look at some of the top ways to process payments, such as point of sale terminals, mobile wallets, cloud payments, EMV cards, and real time payments.
Top Ways to Process Payments in 2023
Point of Sale Terminals
For most businesses, the main ways to process payments in 2023 is via point of sale terminals, also known as POS terminals. These are now very traditional methods of payments often found in all types of businesses, both small and large, and even used in kiosks and numerous other small mobile companies that operate on the go. A POS solution can include a stand-alone handheld wireless device or be available in various arrangements, including handheld devices, monitors, tablets, card readers, cash registers, and receipt printers.
Which combination a business chooses often depends on merchants’ needs; a food truck may only require a card reader that can connect to their phones to process payments. A restaurant may have multiple checkout registers and tablets for order-taking, which route orders to the kitchen’s screens, whose team can then communicate via their terminals once meals have been prepared.
Contactless payments
Contactless payments have gained a lot of traction over the past few years and is one of the newer ways to process payments in 2023. As more and more consumers shift their spending habits towards digital, one of the main ways they choose to pay is via contactless payments. There is a technological component involved in processing payments with this payment type. Nonetheless, the majority of the POS terminals and capable of processing such payments. From the consumer’s end, there are a couple of critical technologies to process contactless payments found on almost all mobile phones and tablets today, hence the mass adoption by consumers since a device they already carry around, their smartphone, can now double as their wallet.
Near-field communication (NFC) – included in all the latest smartphones and tablets, NFC allows customers to simply swipe their mobile device in front of a POS terminal. The payment is processed in a matter of microseconds as the encrypted data is transferred from the phone to the terminal.
Payment by QR Code – with this technology, customers simply use their app that scans a given QR code at checkout, resulting in processing payments for transactions.
The Mobile Wallet Option
Paying via a mobile wallet is one of the best many ways to process payments in 2023. With the smartphone being such an integral part of consumers’ daily life, it is only a matter of time before the smartphone becomes a replacement for a physical wallet for users. Dubbed the mobile wallet, smartphones have been taking up more and more of the tasks of numerous other personal gadgets. We used to need physical maps, cameras, and video recorders when traveling. The cool crowd had their Walkman and Gameboys, and there were also mundane items such as calculators, flashlights, newspapers, books, a watch, and even a stopwatch. Today, the smartphone combines all of that into a single device.
Slowly, it became acceptable to use your smartphone as identification, board planes and buses, or be used anywhere that required a ticket. Now, slowly but surely, the consumer is pivoting to the smartphone to pay for things.
Mobile wallets, also called digital wallets, are a catch-all phrase that combines many different options to pay for a transaction. Almost every bank and credit card company now has its own app that users can download to their smartphones. There are also third-party apps that connect directly to consumers’ credit cards and bank accounts to draw money from them in the backend and use their own app to make purchases at the front end.
The underlying feature of a smartphone that turns it into a digital wallet is its ability to securely store various financial details on one device, which can then be used at the time of a transaction. Below are examples of how consumers use their smartphones as wallets to pay for purchases.
At a point of sale terminal – a smartphone uses the process of tokenization to transmit encrypted financial data stored on an app to a merchant’s point of sale terminal via the devices’ near-field communication sensors. After that, the regular course of payment processing begins as if a credit card or debit card was used to pay.
P2P transactions are the peer-to-peer transfer of funds completed by users of a common app. So, anyone with a Venmo or PayPal app can transfer funds to another person as long as that person has an account on that App. As a result, merchants process payments by setting up accounts and accepting payments on a slew of P2P apps such as Venmo, PayPal, CashApp, Apple Pay, Google Pay, Amazon Pay, and Facebook Pay, just to name a few.
Added security with EMV
EMV credit cards are quickly catching on in usage in the US. Although the technology has long been the de facto standard outside of the US, it has just started gaining traction here. Built out of a nano computer, the EMV chip is embedded into a credit or debit card that stores the user’s encrypted data and is transmitted via a process of tokenization to the point of sale terminal to process a payment.
A significant driver of EMV card adoption is the unanimous liability shift guidelines outlined by the major card networks since 2015. The guidelines state that any claims stemming from fraudulent activity on transactions processed by merchants on a non-EMV-equipped point of sale terminal will be the responsibility of that merchant. As a result, EMV-equipped terminals are an absolute must-have for any merchant processing payments in 2023.
Cloud-Based Payments
What started as a technological revolution has begun to impact the field of finance. It is indelibly leaving its mark on the payments industry. Cloud computing has been a growing solution for IT teams for over two decades. By 2023 cloud computing spending by users worldwide is forecast to touch nearly $600 billion, an increase of more than 20% from the prior year, according to Gartner[MF1] . This is even more pronounced since the world economic outlook is expected to slow down to 2.7% during that same time, according to the IMF[MF2] .
Cloud computing allows users to access their entire tech stack anywhere at any time, as long as there is internet connectivity. One of the mainstays of cloud computing is its self-service model that allows customers to scale operations up or down based on their specific tech needs.
Since its inception, the payments industry, with its first charge card, has continuously improved to offer a better, quicker, and safer alternative to transact. It was only natural for the industry to adopt the latest technology to deliver its service better to a growing market of end-users.
With cloud-based payments, merchants can process payments regardless of the physical infrastructure, i.e., a point of sale terminal. Businesses must ensure they have internet capabilities and can access their merchant services via an app or software. Any authorized user can access the service from any device, whether a point of sale terminal, a desktop, or a mobile device, at any time, from anywhere.
Cloud-based payments are part of an innovation wave within finance known as decentralized finance or DeFi. There has been a lot of hype and hysteria around blockchain and cryptography over the past few years; this is one of the few areas where practical use cases are starting to emerge.
Real-time payments
Decades of advancement and iterations on the shoulder of prior innovations have made payment processing the behemoth it is today. As a result, only about 18% of the global point of sale transactions are made with cash as of 2021, according to Insider Intelligence[MF3] . That number is expected to be reduced to about 10% by 2025. These trends did not emerge overnight. The payment industry worked for years to mitigate noncash payments’ friction and hassle. One area of focus has been the speed at which card and digital payments are processed and settled. With cash, settlement is instantaneous, and the merchant has the money in hand at the very moment goods or services are sold.
With payment processing, it took almost three days for the payment to settle and for the funds to hit the merchant’s bank account. Automated Clearing House (ACH) has made great strides in reducing the settlement time, bringing it down to one day. But that still isn’t instantaneous like cash. Some initiatives by many payment processors offer a tertiary service to merchants offering to pay out a certain percentage of total daily revenue the same day. This is an additional service known as Same Day Funding and is provided at a fee, accompanied by a level of due diligence the equivalent of a loan contract by the payor.
However, the US Federal Reserve is making real advancements in this space with its FedNow program. Announced in 2019 with an expected launch date in 2023, over 200 banks, financial institutions, and FinTech firms are participating in the pilot program setting up the rails for the country’s first real time payments program.
Once online, the program is expected to operate 24 hours a day, seven days a week, 365 days a year, including holidays. The FedNow program will allow merchants and consumers to transact anytime, clearing the payment and settling funds immediately.
Other considerations to be mindful of for payment processing in 2023
Merchants must keep a finger on the pulse of the latest payment processing methods to understand where consumers’ preferences are headed to avoid losing sales by being behind the curve. However, there are other considerations that merchants need to be mindful of.
The merchant service provider a business decides to work with is critical. What type of customer support is available by that payment processor? Is the service provider capable of handling all the latest payment technologies? Do they offer all the pertinent POS terminals? Are they sold for a one-time cost or leased? What are the contract terms of their services, tertiary products, and their third-party integrations? These are all important considerations that all merchants need to be mindful of, along with the latest ways to process payments in 2023.
Conclusion
The various ways to process payments in 2023 have expanded tremendously. The industry has achieved new heights of technological innovation for over seven decades to become the colossal global payment network connecting billions of consumers and merchants and processing trillions of transactions.
It started with the concept of a charge card after an entrepreneur left his wallet at home one night in the late ‘40s. It kicked off a new era of payments via card networks throughout the country. The ’60s brought about more organizations and the banking and financial services industry collaborating to develop the industry further.
The ’70s transformed those local industry networks into global initiatives. During the ’80s, it was the era of the point of sale terminal, which started becoming wireless during the 90s internet boom. All that infrastructure buildout facilitated the expansion of eCommerce during the 2000s that further transformed into mobile apps during the last decade. Today we are at the forefront of cloud-based payments processed in real time. These are all different ways to process payments today and help merchants grow their businesses in 2023 and beyond.
Online businesses and marketplaces are booming not just in the US but across the world. In 2023, eCommerce is expected to hit the $1 trillion sales mark in the US alone. That’s after the industry saw an increase of 50% in the year prior. As a result, more businesses are wanting to add payment processing to websites they own.
Marketplace platforms such as Amazon, eBay, Etsy, and Shopify have flourished, and more and more entrepreneurs are starting up eCommerce and online businesses daily. How to add payment processing to a website is a constant inquiry among merchants.
Considering the current trends, we compiled this article to share our expertise on how to get started with adding payment processing to a website. We explore what businesses need, whether that’s a merchant account or just a payment gateway, and explain what a payment gateway is. We also explain whom merchants may need to hire and what to expect to pay for the process. Finally, we remind merchants of security considerations that they should keep in mind when looking to accept payments online.
How do you get started if you want to add payment processing to websites?
Payment processing has started to find new spaces in which it can operate over the decades. It started with physical locations via a point-of-sale system. With the advent of the internet, payment processing went online. As smartphones entered the conversation and businesses became mobile, smart card readers that connected with smart devices started gaining traction. Then there was the introduction of mobile payment processing, and now there are even cloud payments.
Although this may sound complex, payment processing, regardless of whether it is in a physical store or for a website, has the same basic steps. Below are specific components online merchants need to have in place to get started with payment processing on a website.
Web hosting – this service is offered by a company that specializes in providing a facility to set up a website, offer the server space to store information of that website, and connect that website to the World Wide Web network. Web hosting service providers, also known as web hosts or hosts, also provide the infrastructure to add additional widgets to a website, such as expanding server space to accommodate an eCommerce store, setting up emails, a payment gateway, and a virtual terminal. This step is vital when a business is setting up a website or an eCommerce store.
Merchant Account – this is also known as a payment processing account and is the process of businesses setting up a specific bank account to accept credit and debit card payments. This step allows the merchant to accept payment via credit and debit cards, or any other non-cash means consumers wish to pay with.
Payment Gateway – this is the software businesses use that allows them to process payments on a website or other eCommerce sites and marketplaces. Customers enter their card data into the client-facing interface of the gateway, which communicates those financial details via a secure, encrypted transfer protocol to the issuing bank for the online payment to be authorized and the transaction to be completed. This step digitizes the process of accepting non-cash payments that have been set up with the merchant account for the digital and mobile environment.
Transparent (Direct) vs. External Gateways – payment gateways can be set up in a way that they are integrated into a merchant’s website. That is known as a transparent or direct gateway. An integrated payment gateway allows customers of the site to make the purchase and enter their card data to complete the transaction without leaving that specific environment. Alternatively, the gateway can be set up to process the payment on the website, and the customer would have to leave the website to go to a third-party site to enter the card data and process the payment. That is known as an external gateway.
A direct gateway is better as it allows customers to store their card data on the merchant’s website without entering their card data for every transaction. This process also doesn’t require the customer to leave the merchant’s website. Businesses have more control over the security of managing the client’s personal and financial data.
Who do you need to hire?
customer self-service orders a drink menu with a tablet screen and pays bills online at the cafe counter bar, seller coffee shop accepts payment by mobile. digital lifestyle concept
As an established business, merchants would need to hire professionals who bring value with their domain expertise. To add payment processing to a website, companies will likely need the help of a web developer first to develop a website, as well as eCommerce functionality on that website if that is not already done. The next step will be to embed code and plugins for the virtual terminal and payment gateway of choice if business owners decide to pursue one directly.
Business owners have enough to manage as it is with running a company. Hiring specialists can help merchants gain insight and recommendations from experts in that industry. Furthermore, a more technical person can offer the best advice on specific software or programming language to use for the best results and what would be the appropriate hosting space given the need of the merchant’s website.
It is essential to carefully evaluate any professional you are hiring and look for projects they’ve worked on in the past, such as the types of sites developed, if they included eCommerce or merchant sites, and if payment processing was added to those websites.
Finally, when adding payment processing to a website, merchants should know their risk profile increases as more nefarious individuals try to commit fraud using stolen card information to make purchases on their websites. There may also be attempts to hack the website to steal any stored card data on the hosted space. As a result, having a cyber security specialist who can advise on how to protect the website and customer data will be another area businesses need to focus on as they start adding payment processing to a website.
How much does it all cost?
There will be various costs associated with businesses wanting to add payment processing to a website. For this article, we will focus on the payment processing side of the charges, as it is difficult to put a number on how much web hosting or web development will cost as those are specific to the nature, size, and complexity of a website build.
Payment processing is generally made up of three specific fees outlined below.
Interchange fee – this is a fee charged by the Issuing Bank or the bank that issued the card used to pay for the transaction. An example would be when Joe Smith pays using his Citibank-issued Mastercard credit card, Citibank will receive the interchange fee. This fee is set, cannot be negotiated to a lower rate, and gets paid directly to the issuing bank.
Assessment fee – this is a fee charged by the payment network. As in the example above of Joe Smith, Mastercard is the payment network and will receive this fee. This fee is also set, cannot be negotiated to a lower rate, and must be paid directly to the card network.
Merchant services fee – this is a fee charged by the acquiring bank. That is the bank that set up the payment processing account for the merchant. The acquiring bank is responsible for accepting the credit card details and securely routing those details through the payment lifecycle. This is the fee that is negotiable to some degree for the merchant. This fee covers expenses associated with the cost of every transaction, a fixed monthly fee, and any expenses related to the merchant’s use of point-of-sale terminals and systems offered by the merchant service provider.
Furthermore, there are costs associated with a payment gateway. Although the prices vary depending on which vendor is chosen, it is essential to note that often merchant service providers have negotiated lower rates that they can pass along to their customers. So, merchants may want to leverage those relationships to get competitive rates via their merchant account provider rather than contract directly with a payment gateway solution provider.
Finally, an important topic related to costs, especially when businesses add payment processing to a website, is card not present transactions. It’s crucial because as companies start accepting online payments via their website, they are classified as a high-risk merchant. That high-risk classification results in higher payment processing rates for merchants.
The primary reason for that classification is that the transaction is conducted online, without any physically visible interaction between the customer and the business. Hence it can never be verified that the person entering that card data is the rightful owner of that card. Other steps are used to ensure that verification, increases the complexity, cost, and risk of these transactions, resulting in higher processing rates.
Building security and resiliency
Most consumers today prefer to shop online, either on their laptop or computer, but mainly via their mobile phone. Changing shopping, and spending habits brought about by advancements in smartphones and mobile technology. Consumers find the smartphone an integral part of their lives – more of it is lived using that device. As great as eCommerce has been, a subsection of eCommerce, mCommerce, which is commerce via smartphones and tablets, was slated to surpass $400 billion[MF1] in annual sales as of 2021.
eCommerce, mobile commerce, and contactless payments offer tremendous benefits for consumers and merchants. Consumers experience convenient and expedited transactions, while merchants get quick and easy checkouts and happy customers, and the prospect of increased business activity is facilitated by this ease. However, that convenience and ease also pose real threats. Those include increased risks of fraud leading to huge losses. According to Statista, a market research firm, in 2021, 75% of merchants globally reported experiencing some degree of fraud, totaling losses of nearly $20 billion.[MF2]
If merchants decide to add payment processing to a website, they also have to mitigate the potential of losses for fraudulent activities. As such, by 2025, global spending on fraud prevention and security buildup related to eCommerce is expected to explode and reach $70 billion annually.
Businesses are changing operating standards, requiring customers to create accounts on their websites, which verify their information before accepting any orders. Staff training is another area businesses are bulking up security measures, focused on helping their team identify the difference between a genuine error and an actual fraudulent threat and how to ask the right questions to ascertain which is which.
Conclusion
Consumers’ habits are changing rapidly, and they want to be able to shop and pay on their own terms. As eCommerce and mCommerce continue to flourish, businesses must quickly adapt to these demographic paradigm shifts. They need to quickly understand the latest preferred payment methods and how to accept them.
To add payment processing to a website requires a simple list of steps that must be followed. However, following that list requires deep expertise. So, it’s not hard, but there can be challenging steps. Merchants have many questions about whether they need a merchant account, whether their merchant service provider is their only option, whether they should go directly with a payments gateway, how much it all costs, and if they need to hire any additional help to get this all done. Partnering with the right specialists can make all the difference in the setup becoming a seamless breeze.
Here at Host Merchant Services, we guide businesses and merchants daily on how to quickly start accepting payments on their website and what to expect. We specialize in eCommerce and mobile payment processing with decades of expertise in the payments industry. Finally, with Host Merchant Business Solutions, merchants can easily set up their website and email and seamlessly integrate payment gateways to process payments on their websites.
