ETD: 950 Card Processing Savings; Yes-No to American Express;
Live Chat recommendation: WebsiteAlive
E-Tailer's Digest
etd_post at gapent.com
Thu Jan 26 02:03:27 GMT 2006
E-Tailer's Digest --- Everything for the Retailer
Issue #0950 January 25, 2006
George Matyjewicz, Moderator mailto:georgem at gapent.com
Published by: GAP Enterprises, Ltd. http://www.etailersdigest.com
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CONTENTS
[1] Greetings
[2] Card Processing Savings
[3] Yes-No to American Express
[4] Live Chat recommendation: WebsiteAlive
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[1] Greetings.
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Hi All:
Today we an update on the savings (a full 1%) one of our list members
obtained by switching to a new card processing company. And, you can
receive a free analysis of your company, to see if you too can send
the savings to your bottom line.
We have some more discussion on American Express. Seems a lot of
people don't like American Express. However, I still say your
should use all methods of payment possible. Why lose a sale? And
would you ever know if you lost a sale because you didn't accept a
payment type?
List member Terry Kluytmans tells us about a new Live Chat program
they are using. It is something we should all consider using - a
great way to service customers and to get more business.
Now, let's get to everything for the retailer.
Sincerely
George Matyjewicz, PhD
Chief Global Strategist, GAP Enterprises, LLC
mailto:georgem at gapent.com
http://www.etailersdigest.com
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[2] Card Processing Savings
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I wanted to bring list members up-to-date on the savings experienced
by one of E-Tailers Digest list members. The owner read my recent
article in E-tailers Digest titled "The Hidden Costs of Credit Card
Processing."
His online store had been experiencing some problems with their
existing processor. Delays in receiving cash and costly processing
were two issues. After seeing the article he contacted me and we did
a free analysis of his then current program.
Our analysis revealed several fees being charged that were
unnecessary for the needs of the store. He switched to Charge Card
Systems (CCS) for the processing, and after reviewing the first full
month's statement, his savings are a full percent. Plus he's getting
funded within 24-hours for the daily batches, which was 2-3 days before.
Obviously the extra day or two of cash flow helps with his
growth. The reduced processing fees go right to the bottom line.
If any other list member would like a free analysis, please contact
me at (201) 568-6813 or at jdill at chargecardsystems.com.
Josh Dill
Senior Account. Executive
Charge Card Systems Inc.
www.chargecardsystems.com
CCS is a national credit card processor
powered by First Data Merchant Services
+++ [Moderator Comments] +++
Great stuff Josh! That's wonderful. I do know how some processing
companies will rape you with fees. Your rate is x.x%, which sounds
great. Then you get those additional processing fees, which should
really be calculated as part of your overall fee. Let's say you do
$1,000 a month and your rate is 2.5%. You would pay $25 in
fees. Let's say you have other monthly fees that amount to $15 a
month. Most people take that as a flat fee for processing, when in
reality you are paying 4% in this example.
Folks, I suggest you take Josh up on his offer for a free
analysis. You can only save money.
George
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[3] Yes-No to American Express
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I can only say that for my business, I have had only a few requests
to take American Express, but I have never lost the sale because I
don't accept it. It helps that it is not uncommon for businesses to
only accept Visa/MC (meaning I'm not the only one) and the customer
is used to it. What American Express customer does not have another
card in their wallet? I have cards that I prefer to use because of
rewards programs, but I understand when a merchant is not set up with
every payment option. If merchants were seeing lost sales, then it
would be time to re-assess the decision.
Freda Humble,
Complete, Inc.
Commercial Refrigeration, Restaurant Equipment & Store Fixtures
+++ [Moderator's Comments] +++
That may work for your business. However for those etailers who may
sell to the business world or to the luxury market, American Express
is the only way to go.
Do you know if you lost business for not accepting Amex? Do you
analyze abandoned shopping carts? Not many etailers do know.
Personally, I only carry Amex, and will walk away from any business
that does not accept that card.
See next post for an opposing view - yes to Amex.
George
+++ {Next Post] +++
We're happy to take AMEX in our business, especially on big ticket
sales. Why? Because, in the rare case when it happens, we have never
lost a chargeback dispute with AMEX. AMEX always notified us and gave
us the chance to provide documentation before they proceeded with the
chargeback. With Visa/MC we seem to lose disputes about 60% of the
time, which makes AMEX more "merchant friendly" in our experience.
Best Regards,
--Dean Martin
Pointofsale.com
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888-430-1685
509-375-0598
Fax: 509-375-0629
http://www.pointofsale.com
dean at pointofsale.com
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[4] Live Chat recommendation: WebsiteAlive
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While trying to renew my Thawte secure server certificate, I had a
technical issue that had to be resolved. Thawte offers live chat for
customers, using a tool called WebsiteAlive. I was so impressed with
it, that I clicked on the link from the Thawte site to find out more
about it. WebsiteAlive's web site can be found at:
http://www.websitealive.com
WebsiteAlive offers numerous options for their service, from free
to fee-based. I opted for the free service. Larger companies might
find a need for some of their feature-rich fee-based services.
It was incredibly easy to set up an account, and the
chat functionality was up and running on my site within minutes.
(I'm using it in my store at: http://www.kididdles.com/catalog if
anybody would like to see it in action.)
I had a small technical problem yesterday that was resolved quickly
by WebsiteAlive founder, Dustin Yu. Much to my surprise, even though
I'm only utilizing the free service, I got a follow-up Email
today from him asking how things were going, and inviting me to
contact him if I needed further assistance.
For those of you looking for an excellent, and cost-effective, way to
stay in touch with your customers, I believe this is it. (And, for
the record, I have absolutely no affiliation with WebsiteAlive,
except as a very satisfied customer.)
Sincerely,
Terry Kluytmans
Owner, KIDiddles
For quality children's music, personalized CDs and more, visit us at:
http://www.kididdles.com/catalog
+++ [Moderator's Comments] +++
Thanks Terry. That sounds great. Live chat is an excellent way to
service customers, AND to increase business. While chatting with a
customer, you tell him/her about another product that links with the
one they bought, or tell them about how others bought a similar product.
Let us know how it works for you.
George
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