Retailers are using multiple channels where shoppers can interact and purchase as the purchasing journey becomes less and less linear. Omnichannel retailing is when sales channels work together to form a cohesive customer experience (customer-first approach to building a brand). Meanwhile, multichannel retailing is when a retailer has multiple sales channels that are siloed (product-first…
Ultimate Guide
How Much Does a POS System Cost?
Point-of-sale (POS) system costs vary by industry; expect to pay $0 to $400 per month for software, and $60 to over $3,000 upfront for devices, registers, and hardware kits—depending on your POS hardware preferences. This comes to a total of around $4,000–$10,000 per year, without factoring in additional costs for payment processing. That price range…
How to Do Payroll in India: Ultimate Guide
As a US-based small business, expanding your operations into international markets like India can be both exciting and challenging. One of these challenges is understanding and effectively handling the intricacies of Indian payroll. This guide aims to provide you with an in-depth understanding of the process, ensuring accurate and timely payment for your employees abroad….
Can You Run a Cash-only Business?
Sick of processing fees eating into your margins? We explore whether it’s realistic or profitable to accept only cash payments.
Running a cash-based business is completely legal, and there are, in fact, certain business types that thrive with purely cash transactions (i.e., vending or laundry operations). Cash-only merchants are free from the burden of merchant account applications and the monthly fees associated with them. However, growing a cash-only business in an increasingly cashless economy and…
Contract Controlled Insurance Program (CCIP): Cost & Providers
A contractor controlled insurance program (CCIP) is a specific insurance policy purchased by general contractors to coordinate general liability for construction projects. Also called wrap-up insurance, CCIP insurance is controlled by contractors rather than project development owners. The cost for a CCIP starts at 1% of the construction costs with policy durations extending past construction…
What Is a Credit Card Surcharge? Merchant’s Guide
A credit card surcharge (or cc surcharge) is an extra fee applied when a customer chooses to pay via credit card instead of cash or check. Merchants have to pay payment processing fees to accept credit cards, and surcharging is when a business passes that fee on to the customer. Surcharging fees average around 2%–3%…
Hiring People With Disabilities: Benefits & How to Approach It
Hiring people with disabilities is an often overlooked strategy to compete in today’s business marketplace. By fostering a diverse and inclusive workforce, businesses cannot only enrich their corporate culture but unlock numerous benefits—financial and reputational—that may not be immediately apparent. The actual process of hiring someone with a disability is quite similar to hiring any…
Guide to Gross Rent Multiplier for Investors + GRM Calculator
A gross rent multiplier (GRM) is a financial metric that evaluates and compares various investment properties to determine a property’s potential profitability. It is used by investors, both beginner and experienced, to decide whether a property is worth investing in. The GRM formula is one of the simplest and quickest methods for initial screens of…