By All Industry Verticles
Companies rely on card acceptance as a seamless, expedient cycle of payment processing and reconciliation. Whether on the buying or supplying end of a supply chain, companies need a solution that is less expensive and less time consuming than traditional paper invoicing and check processing. Since most complex organizations today rely on card acceptance for invoice payments, learning best practices for card acceptance to help reduce cost and prevent fraud can result in significant savings across your business.
According to a survey by National Retail Federation and BIGresearch®1, a digital business analytics agency, a record-breaking 226 million shoppers visited stores and websites over Black Friday weekend in 2011, up from 212 million last year. In addition, Cyber Monday also experienced a surge in consumer spending in 2011, with online shoppers spending an average of $150.53 on the web — approximately 38 percent of their total Black Friday spending.
Enacting best practices for running tabs, accepting tips and managing chargebacks will help protect your business by decreasing the opportunities for credit card abuse.
Peek under the covers of a hotel chain and you’ll find a completely different business than you would have just a decade ago: frequent-stay programs, online and phone booking for hundreds of locations, and amenities beyond an onsite restaurant such as a themed gift shop, spa or casino. Consumers expect white-glove service for all aspects of their hotel stay. But how do lodging merchants best manage all these guest programs and amenities?
Satellites, blinking radio towers, pine tree look-alike cell phone towers and telephone lines are all visible indications of the media and telecommunications industry. Add the hidden components of this industry, like radio and television frequencies or telephone and broadband lines for data transmission, and this massive industry devoted to information distribution begins to come into focus. Exactly how the various communication and media channels share transmission space is an enigma to most consumers. However, every consumer recognizes that the industry’s accessibility and speed is fundamental to their daily lives. What is often taken for granted by consumers are the rigorous privacy standards at the local, state, federal and even global level that govern this industry.
As a convenience store or other petroleum retailer, you have specific needs at both the pump and the point of sale that differentiate your business from other retail markets.
From online ordering options to branded locations inside petroleum and retail chains, there is nothing slow about the evolution of fast food. If you’re wondering where the quick service restaurant (QSR) sector fits in the food and beverage world, just consider the number it employs nationwide: more than 13 million, according to QSR magazine. This sizeable work force is responsible for a host of unique tasks needed to compete in a wall-to-wall marketplace, where performance level is determined not only by taste but by speed, accuracy, choice, value and customer service. Continuous improvement is critical to this growing industry; the right point-of-sale (POS) equipment, loyalty program and payroll distribution product can create advantages for both your customers and employees, enabling your QSR to capture more of the market.
In her advisory series in Retail TouchPoints, Leslie Hand, research director for IDC Retail Insights, recommends investing in a variety of merchandizing and operational improvements such as digital retailing, loss prevention, marketing and brand management, store operations, and loyalty and reward programs.