Nov 18, 2015

Tips for Giving Your Business Consulting Endeavor a Hot Start

If you have extensive experience in an industry, you can become a business consultant. Dealing with multiple businesses can prevent burnout, which is all too common in today’s fast-paced business world. While you may have the brains and expertise to become a business consultant, getting started can be tough. While you can start with friends and others in your business circle, you will soon need to expand. Below are tips for expanding – and conquering – your business consulting endeavor.

First off, you need a good plan. While it’s a good idea not to treat all businesses like cookie-cutter versions of your business (or your idea of what they need to be), you still need a streamlined plan to present potential clients. Being organized, and having good resources, can take you a great distance in this field. Another thing that is useful: References. Make sure to get clearance to have former clients as references for potential clients.

You also need something to stand by, something to show that you have authority in your field. Be it a book, a local newspaper article, an appearance on a local news broadcast, or industry awards, you need to show that you have some form of clout amongst the industry. It doesn’t have to be an extensive resume, but one or two reputable instances can help.

You also need to obtain a business consulting merchant account, like one offered by eMerchantBroker.com. A business consulting merchant account allows you to process multiple types of payments, but not every merchant account is created equal. You need to make sure that chargeback protection is an added option, as business consulting merchants have an increased risk of being hit with a chargeback. You also need to make sure that your merchant account can accept multiple payment forms. These days, customers pay with everything from cash and check to ACH debit, iCheck mobile payments, and Bitcoin, among other payment types. If you are not able to accept certain types of payments, your business will suffer. Your business depends on the ability to accept payments, and you need to make sure that you are able to accept a wide variety of payment sources.

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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 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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