How to Identify a Solid Business Partner

Dec 19, 2013

 

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Having your own business is a great personal success, but that success can lead to overwhelming duties. Many business owners decide that they need a business partner to help with decisions and financial support for the company. Finding someone to trust as a business partner can be tough, and at times, it can even seem impossible.  I personally struggled looking for the right business partner for my company eMerchantBroker.com, but after living through many of the steps below, I found the right person from which we have both built a successful Merchant Processing business.

Decide if you really need a business partner.

While it seems like a good idea to have someone else around to help make decisions, deal with employees, and call customers, it is not always necessary. If your business is barely treading water and cannot afford to take on another person to pay, then you cannot afford a business partner. If you like to micromanage the world around you and have issues with the way others work, then you do not need a business partner.

Find someone who is your opposite

When you work with a business partner, you need to have someone to offset your weaknesses with whether it concerns employees or financial dealings. By having someone who can help close the circle, you can focus on your own strengths. This will help the company run smoother.

Make sure the potential partner is stable

You need to make sure that your potential business partner is not only stable mental health-wise, but also financially. While a strong talker and a great resume are good, having someone who is financially stable and can help the business monetarily if need be is even better. While being debt-free is not a requirement, it does help measure the stability of the potential business partner.

Find someone who loves your business as much as you

You need to have a business partner who is as enthusiastic about your business just as you are. You want to find someone who knows what you offer, as well as the benefits of what you offer. If you hire someone based solely upon their resume, they might not know anything about your company, and might just be looking for a paycheck. Look for someone who loves the company as much as you do, if possible.

Someone whom you can trust

While a person can look good on paper and can seems enthusiastic about your business, you need to make sure that you can trust them with everything from a vending machine order to handling thousands of dollars. If you choose the wrong person, not only is your business reputation at stake, but so is your own reputation. Choose wisely, and when in doubt go with your “gut” feeling. If something about the person seems not right, then do not choose them to be your business partner.

Choosing a business partner is not a decision to take lightly

The right business partner can help your business soar, and the wrong business partner can make your business plummet. By taking into account the tips above, you are sure to have an easier time with your decision.

 

Who wrote this article?

Blair Profile Pic

Hey, I’m Blair Thomas and I’m an electronic payments entrepreneur and the co-founder of eMerchantBroker.com, proudly the best reviewed high risk merchant account company in the country by Top Credit Card Processors.  I enjoy hiking, dining and discovering new music online. When I’m not working in the electronic payments industry, you can find me producing and writing music. Add me and my company to your circles at Google +

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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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