A certificate of insurance (COI), sometimes called a certificate of liability insurance, is a one-page document that summarizes your coverage and can be used as proof of insurance. The form includes policy details, such as coverage limits and effective dates, so business owners can find and share them easily without revealing other, more private information….
What is Upselling? When It Works, Examples & Best Practices
Upselling is a sales tactic that increases sales when done effectively by getting customers to purchase additional suggested products or services that are directly related to the original item of interest. Examples include offering extended warranties on laptops or premium features on a car as these items increase the sale value and complement their purchase….
What Is Voice-over-Internet-Protocol?
Voice-over-Internet-Protocol (VoIP) systems, also known as IP telephony, are a type of business phone system that transmits calls as data over the internet rather than conventional copper wires. As a result, they are more versatile and easier to implement than public switched telephone network (PSTN) technology, which is more commonly called a traditional landline. VoIP…
Types of CRM Software: Which One Is Right for Your Business?
A customer relationship management (CRM) software is a tool that businesses use to manage and improve their relationships and interactions with prospects and customers. CRM solutions generally fall into three fundamental types: operational, analytical, and collaborative. In this article, we outline the features and benefits of each CRM type, including their best use cases, to…
What Is Cross-selling? When It Works & Tips to Make It More Effective
Cross-selling is a sales management strategy used to increase the overall value of a transaction by suggesting additional products or services that complement the existing purchase. For example, a custom-tailored suit store might ask you if you’d like to consider shoes to go with a brand-new coat and pants. It is commonly used in retail…
Current SBA Loan Rates June 2021
The affordability of Small Business Administration (SBA) loans attracts many small businesses that may not otherwise be able to obtain affordable financing. Whether you are considering SBA 7(a) loans, Express loans, Microloans, or CDC/504 loans, the SBA loan rates you will receive will likely be more affordable than many other financing options. Current SBA Loan…
Order Fulfillment Costs: Services & Pricing Explained
Third-party order fulfillment companies charge retailers a monthly set of fees based on the services used to fulfill their orders. As a retailer, the total cost owed to your partner fulfillment company mostly breaks down into four fees: inventory receiving, storage, pick and pack, and outbound shipping. The periodic cost of each of these processes…
What Is a CMS & Do You Need One?
As technical as the term content management system (CMS) sounds, it’s simply the software used to build and manage a website. So no matter what type of website you’re aiming for, you’re going to need a CMS. Which CMS to use will depend on your needs, budget, and experience—whether that’s a code-based CMS, such as…
The 9 Best Call Center Phone Systems Features to Use Today
Today’s leading call center phone systems leverage voice-over-internet-protocol (VoIP) technology and cloud-based infrastructure to better manage inbound and outbound call traffic. These progressive systems give businesses access to advanced call center features like automatic call distribution (ACD), interactive voice response (IVR), CRM integrations, and live call monitoring. When evaluating the right call center phone system…
Easy Guide to Understanding Payroll for Nonprofits
Generally, processing payroll for nonprofits is similar to for-profits; however, there are some differences depending on your organization’s structure and the types of workers you need to pay. Like for-profits, all nonprofits must pay and withhold FICA taxes, but 501(c)(3)s are exempt from paying federal unemployment taxes (FUTA). You may also pay for a payroll…
NFC Payments: Everything You Need to Know About Contactless Payments
NFC payments are contactless payments that use near-field communication (NFC) technology to exchange data between readers and payment devices like Apple Pay and Google Pay e-wallets in smartphones and smartwatches, or tap-to-pay credit and debit cards. NFC devices must be close together (typically less than 2 inches apart) to complete these contactless payments. NFC payments…
What Is Cross Merchandising? Definition and Strategies
Cross merchandising is the practice of displaying items from different product categories together to incentivize customers to make multiple item purchases. Cross merchandising provides value to customers by reminding them of a need, sparking an idea, or saving them time from having to search the rest of the store. Cross merchandising adds value to you,…