So you are starting a retail business or maybe just looking to add some new products to your shelves. Either way, you are ready to source products and need a little guidance for getting started. We will walk you through a step-by-step breakdown of how to choose the best products and receive them most effectively,…
How to Overcome Challenges & Recruit for Retail in 5 Steps
As you know, the team of associates that supports your retail business is essential to its success. However, COVID-19 and related issues have resulted in a labor shortage that has made recruiting candidates that are right for your brand a challenge for retailers nationwide. With the right plan and hiring strategies, however, you can overcome…
How to Find a Wholesaler for Your Retail Business
When you start a retail business, you need to have something to sell. But that doesn’t mean you have to make and manufacture products yourself. You can source them from external wholesale suppliers. The right wholesale supplier will meet your minimum quantity, cost, and shipping requirements—but it takes research to find the best options. Here…
QR Code Payments: Everything Businesses Need to Know for 2022
QR stands for quick response and refers to the black-and-white square graphic label that looks like a bunch of large pixels. You can scan QR codes with your mobile device to perform many tasks, including visiting a website, placing an order, and making a payment. QR code payments involve digital payments made via the scannable…
7 Best Square Competitors for POS & Credit Card Processing
Square is a free point-of-sale (POS) system and payment processor used by many small businesses because it’s an affordable, all-in-one solution. Though the company once dominated the market, many Square competitors now offer comparable products and services. Depending on your business, you may find better functionality or a lower price point using an alternative. The…
Payment Depot Review: Is It Right for Your Business in 2022?
Payment Depot is a merchant services provider enabling companies that transact over $10,000 monthly to process credit card payments at wholesale rates. It is compatible with retail, restaurant, B2B, mobile, ecommerce, medical, legal, accounting, and professional services businesses; its features include rate protection, chargeback and risk monitoring, shopping cart integration, next-day funding, mobile payments, and…
Open to Buy Planning: Definition & Formula for Retailers
Open to buy (OTB) planning is a process by which businesses create budgets for future purchases during a specific period. In other words, an OTB budget tells retailers how much they can spend on inventory. By creating these kinds of plans, retailers can forecast sales, remain cash flow positive, and avoid excess, unpopular, or aging…
16 Cross-Selling Tips & Techniques for 2022
Cross-selling is motivating customers to buy additional products related to their current purchase. The right cross-selling strategy can significantly increase sales and build customer loyalty at the same time. Some cross-selling tips work better for specific businesses—such as online shops vs brick-and-mortar retail stores—looking to maximize their selling opportunities. The most important concern when cross-selling…
What Is a Merchant Account? Small Business Guide for 2022
A merchant account enables you to accept credit card and debit card payments. It’s a bank account that serves as a liaison between your bank account and the customer’s. When a customer makes a payment with a credit or debit card, the funds are first transferred to a merchant account before they move over to…
13 Customer Engagement Strategies & Tips to Boost Sales in 2022
The future of retail depends heavily on customer engagement strategies that keep engagements positive and consistent. Even before the pandemic, shoppers were becoming more open to paying a premium for goods and services in exchange for a better customer experience. In response, online store owners are finding ways to connect with shoppers, while brick-and-mortar retailers…
7 Best Clover Alternatives and Competitors in 2022
Clover is a point-of-sale (POS) system that offers an all-in-one solution for small retailers, restaurants, and service-oriented businesses. Its POS software comes bundled with a configurable payment processor and proprietary hardware, plus integrated apps. However, choosing a Clover alternative can offer a more flexible solution as pricing and overall contract transparency vary greatly among Clover…
Interchange Fees Explained & Current US Interchange Rates
Credit card processing is an essential part of business, and it comes with a cost. Credit card processing fees are made up of three parts: Assessments: Fees paid to card associations (Visa, Mastercard, etc.) Markups: Fees paid to third parties (payment processors and merchant accounts, like Square and First Data) Interchange: Fees paid to the…