How to Beat Your Competition

Apr 27, 2018

It doesn’t matter how big or small your business is or what sector you operate in, you can challenge your competition in the digital age using a combination of technology and business awareness. There is no secret to how to make the most of your business and offer a real challenge to even the most established of competitors, and by following the basic ingredients of business management and corporate planning, you will be able to provide a service to customers that will have them opting to use your services rather than more well-known outlets. If you’re looking for ways to beat your competitors, then here are your most essential key points to consider.

Make people your priority

Every single decision that you make when it comes to your business needs to be focused on the notion of people. This refers to both you, your staff and your customers. You can choose to adopt every new technology that is trending, but if you’re using that tech simply for the sake of it, then you have missed the point of your company. Focusing on the human element will help your business to encourage more customers to buy from you, and buy more on a regular basis. If you don’t have a firm understanding of what your customers want, then you are going to fail when it comes to business growth. Understanding the needs of your customers and your employees will give you a much clearer advantage when it comes to tackling your competition.

Learn to spot trends

Keeping up to date on the latest and greatest technology trends is a good way to keep yourself one step ahead of your competitors and have loyal and happy customers. However, learning to spot trends is no easy task, which is why companies like Sage have put together a useful infographic detailing the major startup and business trends in 2017, so that your business can continue to flourish in 2018.

Spotting new trends, using new tools and integrating them into your business management and structure can help you save money and streamline many of your processes, however, remember that your need for technology should always be driven by your need to make the buying process as smooth as possible for your customers.

Become a market leader

Your website and social media provides you with a platform that can increase your noticeability as a market leader in your business sector. It’s not really surprising to know that the majority of consumers will always opt to use the services of businesses that are knowledgeable and experienced in their fields, and by using blogs that address sector news and legislation changes, you not only increase awareness and trust in your business, but also provide you with content that can be shared on social media and thereby expand your potential consumer reach.

While technology has transformed the way we that run businesses, the key elements have largely remained the same. Every business needs to ensure that the customer comes first and that only by knowing what your customer needs will you be able to guide your company into a positive future.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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