What is

What Is PCI DSS? Compliance & Requirements for SMBs

PCI DSS compliance can seem confusing. This article breaks down PCI DSS requirements and how small businesses can meet them.

By Anna Lynn Dizon February 28, 2024 | Retail, What is

The Payment Card Industry Data Security Standard (PCI DSS) is a 12-point security standard that regulates the technical and operational requirements of credit card transactions to protect cardholder data. Merchants who intend to accept credit card payments are required to submit to an annual PCI compliance evaluation. The 12 PCI DSS Requirements PCI DSS v3.2.1…

What Is a Merit Increase? A Comprehensive Guide for Small Businesses

By Genevieve Que February 28, 2024 | Human Resources, What is

A merit increase is a performance-based raise added to an employee’s overall salary. In other words, it is given as an incentive for exceptional performance. While typically done annually, it can also be given any time, depending on the company’s budget restrictions. Additionally, employees might receive varying amounts of merit raise based on the criteria…

What Marketing Qualified Leads (MQL) Are & How to Use Them

By Lorraine Daisy Resuello February 28, 2024 | Sales, What is

Marketing qualified leads (MQLs) are prospects who fit within your target audience and have interacted with your website or an element of a marketing campaign. They differ from sales qualified leads (SQLs), which are prospects who have taken more direct actions like interacting with a live sales agent, requesting a proposal, or signing up for…

What Is Contact Center Workforce Management? Key Functions & Benefits

By Marianne De Guzman February 27, 2024 | Office Technology, What is

Contact center workforce management (WFM) is a set of processes that ensures the right number of agents with the right skill sets are available at the right time. It has four components: forecasting interaction volume, optimizing agent schedules, assigning agents to shifts, and managing intraday activity. When done right, WFM boosts agent engagement and customer…

What Is Direct-to-Consumer (DTC) Ecommerce?

By Meaghan Brophy February 27, 2024 | Retail, What is

Direct-to-consumer or DTC ecommerce is a retail model in which a business designs, creates, and sells its products to the end consumer. DTC has increased in popularity over the last 10 years, largely due to prominent startups like Warby Parker, Casper, and AllBirds that follow this model. But while high-revenue startups have popularized the DTC…

What Is a RACI Chart? A Guide for Small Businesses

By Sam Dadofalza February 27, 2024 | Office Technology, What is

A RACI chart, a type of responsibility assignment matrix (RAM), is a visual tool for defining team members’ responsibilities on specific tasks or outputs. To understand better what a RACI chart is, picture a diagram in a table format. The first column enumerates the project assignments, and the rest of the columns reflect the different…

What Is an Accrued Expense and the Required Journal Entry?

By Danielle Bauter February 27, 2024 | Accounting, What is

An accrued expense is a current liability used to record expenses that have been incurred but not yet paid. In accounting, expenses are recognized when they are incurred, not necessarily when they are paid. Therefore, if a company has received goods and services but has not yet paid for them by the end of an…

What Is MOQ? Retailers’ Guide to Minimum Order Quantities

By David Rivera February 27, 2024 | Retail, What is

A minimum order quantity (MOQ) is a sales strategy used by wholesalers and other B2B suppliers in which they set a minimum number of products they will sell in a single order. For example, a clothing supplier may require that retailers purchase a minimum of 100 T-shirts per order, not allowing them to purchase any…