3 Tips For Choosing A Payment Gateway: Collecting Money Online

As a consumer, when you check out of your local convenience store, you swipe your credit card through a point-of-sale device, and your gas, coffee, and donut are paid. But what if you are the retailer and your business is online? It’s not like you have a card-swiping device at every customer’s PC — there has to be a way for you to process that information. Essentially, that's the job a payment gateway does for online retailers. Roy Banks, president of http://Authorize.net, a leader in the payment gateway industry, explains, "We basically function as the digital version of a hardware point-of-sale terminal.” What a Payment Gateway Does They allow online merchants, like eStore owners and auction sellers, to accept credit card payments over the Internet by taking steps to ensure the transactions are legitimate: 1. They authorize the cardholder’s credit — that is, they check to ensure that the customer has enough money on their credit card to cover the charges. 2. They place a hold on that amount, so the buyer can’t turn around and spend that same money elsewhere before it gets transferred to the retailer’s merchant account. Says Banks, "A payment gateway is just the technology necessary to consummate a payment transaction.” A Payment Gateway's Role in Your Total Payment Solution Many people confuse payment gateways with merchant accounts, but they're two different things. They actually work in conjunction to get your profits into your account; but they play separate roles in your online payment solution. Your payment gateway and your business bank account aren't linked directly; your merchant account services act, for the most part, as a liaison. When a customer orders a product from your online business, their card is processed via your payment gateway. The money is moved over to the merchant account service, who then transfers those newly captured funds into your business bank account. 3 Tips for choosing a Payment Gateway: 1. Is it PCI-compliant? That means that the company’s security has been audited by a third party and found to be up to industry standards. Since payment gateways store all your customers’ credit card information (sparing you the stress), it also means you can sleep better at night, knowing your customers’ valuable info is safe and sound. 2. Good customer support. ‘Nuff said. 3. Lastly, it's important that the payment gateway you choose be integrated to the third-party solutions you're planning to use. You want your storefront platforms and shopping carts to be compatible with your gateway. Payment gateways not only allow you to collect the monies from your sales, many also offer an array of security features, to help you avoid becoming a victim of fraudulent orders. In the end, they make your eCommerce business a less-stressful, more pleasant experience — for both you and your customers. About the Author: Product Sourcing Radio is Created and Hosted by Chris Malta and Rob Cowie of WorldwideBrands.com, Home of OneSource: The Internet's Largest Source of Genuine, Factory-Direct Wholesalers for online sellers. Click Here for FREE E-Biz & Product Sourcing info! Read more articles by: Chris Malta & Robin Cowie Article Source: www.iSnare.com Share: Del.icio.us Digg Reddit

Understanding Consumer Buying Trends - Building Dynamic Product Lines

The ability to detect trends can tell you what consumers want now, but the ability to interpret where those trends are headed will help you predict what they’ll be looking for tomorrow. This can really give a retailer a big edge, particularly when it comes to selecting product lines. What is a Trend? More than just a group of popular items that everyone is buying, a trend is actually an expression of what matters to consumers at the moment. It’s a sign of what they’re excited about. Unlike fads, which come out of nowhere, trends evolve and morph with rhyme and reason. A trend can give you many ideas of what products might be popular in certain groups. For example, the trend towards natural living could inspire a whole line of products, because people are currently interested in that. Trend Analysis Lisa Suttora of http://WhatDoISell.com explains, "Trend analysis means looking at the buying habits of a definable group of customers that you can get coming back time and again.” When you're paying attention to the products your target market is looking for, you can get a feel for where the trends are headed, so you’re not sourcing products in a vacuum. Though it may initially take you more time to study market trends, it will save you time in the long run. You won’t be stuck trying to figure out why you can’t move products, and you won’t waste money just guessing at what you think will sell. How Do I Become a Trend Spotter? Spotting trends is a learned ability — it doesn’t require you to be trendy. But it does require discipline, so make it a habit to research trends daily. There are many avenues you can use to help you research: • Most major search engines offer keyword tracking tools that show you how many people are searching for a given item. Worldwide Brands's product sourcing tool, OneSource, includes a built-in market research function that can show you how likely a product is to be successful online, based on market statistics. • Consumer magazines and web sites are great sources for gathering information. • Trade shows, associations, and publications can provide you with current trending information, as well as a preview of new products, not yet on the market. Though trade publications tend to be pricey, the information in them is the result of millions of dollars of research and projects out from twelve to eighteen months, which really gives you a jump on buying trends that haven’t even evolved yet. • The media can supply valuable trending stats — newspapers often give numbers and demographics. Look for indicators of growth and decline. You want to get in on the upswing of a trend — not when it’s on its way out. Document everything so that you have it all in front of you and don’t forget anything important when you sit down to analyze the results of your research. The key is to be consistent and do your research daily. Says Suttora, “Studying trending information is not something you do once and then stop. Every successful business owner is going to continually be reinventing their product line on an ongoing basis.” About the Author: Product Sourcing Radio is Created and Hosted by Chris Malta and Rob Cowie of WorldwideBrands.com, Home of OneSource: The Internet's Largest Source of Genuine, Factory-Direct Wholesalers for online sellers. Click Here for FREE E-Biz & Product Sourcing info! Read more articles by: Chris Malta & Robin Cowie Article Source: www.iSnare.com Share: Del.icio.us Digg Reddit

The Ins And Outs Of Importing: What You Need To Know To Begin

Importing can provide your e-business with cutting-edge products at rock-bottom prices. But it’s a very complicated process, and not one you want to go through alone. “Customs brokers and freight forwarders are your gateway into the world of international trade,” explains Custom House Broker Don Hoffman, of http://EveryOnlineShoeStore.com. “For commercial shipments, you’re legally required to utilize the services of a licensed broker. They’re the experts in getting the documentation and duty payments through Customs.” Getting Good Help Since most freight forwarders employ brokers to handle any customs issues, you might start by contacting a forwarder as soon as you make the decision to import products into the U.S. You can find a forwarder in the yellow pages or search engines, but doing so is like playing the lottery—you have no idea what you’ll get. The real problem is sorting through third-party operations, posing as forwarders, who are really nothing more than middlemen, marking up your end costs. The safest way to find a reputable forwarder is through trade associations or publications. A forwarder can help you calculate your costs up front to determine if you can be competitive with a product. Your manufacturer should be able to give you the tariff number for your product, which your broker will use to give you the local U.S. duty rate. You have ten days to pay once the goods have been cleared in the U.S.; but most companies pay within eight, to give themselves room, in case of processing errors. Bond Options When importing, you’re required to buy a bond that acts as insurance with Customs, in the event you should default on duties—although the bond doesn’t relieve you from legal repercussions should that happen. Bond companies underwrite the value of the shipment plus the duty, with either a single entry or annual bond. If you only plan to import once or twice a year, the single entry bonds are more affordable. But if you’re receiving goods on a regular basis, the cost of an annual bond may pay for itself. You need to make your determination based on the number of shipments you’ll be bringing in. A Paper Trail Your manufacturer will send you certain papers: •a commercial invoice •a packing list •a detail sheet (depending on the type of product) that breaks down the components of a product and the way they’re manufactured so Customs can determine the duty classification •an airway bill or bill of lading You will need all these documents when you pay duties to Customs to prove what you owe; as the importer, you’re legally responsible for obtaining them. Delivery Arrangements Once you have your paperwork, let your forwarder know the goods are ready. They’ll contact the supplier, process the shipping bill, and book the shipment on your behalf. Your forwarder should be able to price out your shipment in various ways to see which would be most cost-effective. Air shipping is often overlooked as being too pricy, but it doesn’t require many of the minimums that ocean freight does and there are far fewer incidental charges involved. Bringing commercial goods into the U.S. is an involved procedure, but don’t let the intricacies scare you. With qualified assistance, it can be a very profitable undertaking. Says Hoffman, “It’s labor-intensive; you have to follow through with everything. The key is to get good help—they can really guide you through the process and ensure you’re in ship-shape.” About the Author: Product Sourcing Radio is Created and Hosted by Chris Malta and Rob Cowie of WorldwideBrands.com, Home of OneSource: The Internet's Largest Source of Genuine, Factory-Direct Wholesalers for online sellers. Click Here for FREE E-Biz & Product Sourcing info! Read more articles by: Chris Malta & Robin Cowie Article Source: www.iSnare.com Share: Del.icio.us Digg Reddit

Made In China: How To Source Products Directly From Asia

Sooner or later, your home retail business will likely reach a point where you’ll need to buy product directly from the manufacturer in order to get the best price. To go all the way up the supply chain may mean buying directly from Chinese manufacturers. If you’re like most eBiz owners, you may feel very uncertain about the prospect. The idea of trying to locate China suppliers willing to deal in smaller quantities, fly across the world to meet with them, and make buying arrangements with them, probably seems completely overwhelming. Upcoming Trade Shows According to Peter Zapf, Vice President of eCommerce Services for http://GlobalSources.com, one of the best ways to locate genuine manufacturers who will work with you is to attend a China trade show. His company is hosting one such show from April 12-15, 2007 in Hong Kong—the Global Sources China Sourcing Fair (http://www.ChinaSourcingFair.com). Explains Zapf, “It’s an excellent opportunity to meet hundreds of direct manufacturers of consumer electronics, digital entertainment, computers, WiFi and VoIP Products, Security and much more.” Global Sources also runs shows in April for Fashion Accessories, Swimwear, Gifts and Home Products. Target Potential Suppliers When you start walking the show floor, you’ll need to gauge which suppliers have products you’re interested in sourcing. You’re likely to find several suppliers with similar products and you can, and should, talk to all of them. It’s important to ask questions: • What are their minimums? • What kind of lead time do they require before they ship products? • What packaging options do they offer? • Can items be customized for your eBiz? Once you’ve sorted through the suppliers and determined who you can work with, then it’s time to start the process of getting quotes and finding a freight forwarder or customs broker to help you get the products stateside. You may even want to talk to a few before you make the trip to China. Understanding Importing In addition to meeting with suppliers, Global Sources China Sourcing Fairs also give you the chance to learn how to source product from China and Asia via a free conference program. Explains Zapf, “Getting started is often the most challenging aspect of importing, and these conference sessions can help you get moving in the right direction.” He especially recommends the seminar “Buying from China: What New Buyers Need to Know” for first-time importers. Easy Entry Don’t let the idea of flying halfway across the world intimidate you: Hong Kong is a world-class city, easily accessible from anywhere by plane. Most everyone speaks English, and you can find all the food and amenities you need. You can get show details, watch video from past shows, ask questions, and even pre-register to attend at the show’s website, http://www.ChinaSourcingFair.com. Encourages Zapf, “The best way to begin supplier relationships is face-to-face. For those who are not quite ready to schedule two weeks in mainland China for meetings with suppliers, these trade shows are a great solution.” About the Author: Chris Malta and Robin Cowie of WorldwideBrands.com are the Writers and Hosts of The Entrepreneur Magazine EBiz and Product Sourcing Radio Shows. Click Here for more FREE eBiz info from Entrepreneur Magazine Radio! Read more articles by: By Chris Malta & Robin Cowie Article Source: www.iSnare.com Share: Del.icio.us Digg Reddit

Far From Home: 4 Keys To Successful Importing

As your eBiz grows, and housing large stores of inventory becomes feasible, importing becomes a cost-effective way to source products. If you purchase in large volumes, the incredible deals you can find by purchasing directly from overseas manufacturers may outweigh the costs and complications involved. The key to importing profitably is to do your homework: Research your suppliers According to Peter Zapf, of http://GlobalSources.com and http://GlobalSourcesDirect.com, there are several steps you should take to find and select a manufacturer: •Locate suppliers. Look for online sites that deliver imported goods directly, or that list manufacturer names and contact information. If possible, attend an overseas tradeshow, visit their booths, and ask questions in person. •Verify suppliers. To ensure you’re dealing with legitimate suppliers, find out what steps a website takes to verify the manufacturers they list. Also, ask the suppliers if they participate in any tradeshows, and then go to those shows’ websites and confirm their participation. Most tradeshows research the manufacturers they let in; and a company that invests the money to take part in a trade show is probably genuine. Lastly, always be certain they provide you with the paperwork to prove they have all relevant certifications. •Evaluate suppliers. Suggests Zapf, “Notice the customer service you receive—how long does it take them to respond to your inquiries? Are their answers thorough and friendly? If they seem capable, try them out with a small order. If you’re happy, go from there.” Take steps to ensure product quality •Request a sample, and study the product and packaging. Make sure the information and spelling are correct; and check the instructions. You don’t want them to be written in British English for a U.S. market. •Keep in constant communication with your supplier. Email digital pictures back and forth of any changes. •With a larger order you may consider hiring a third-party quality control firm to inspect and count your products at the factory, and perform a functional check. A small order may not justify that kind of risk-management investment; but with a larger order, you can more likely afford to pay for an inspection and still make a profit. Confirm your shipping logistics Your shipping agreement will assign handling of the different shipping costs and logistical factors to either you or the manufacturer. Depending on which agreement you sign, you may need a Customs broker or freight forwarder to handle your end of the shipping logistics. A freight forwarder will give you a quote base on the shipment size, the ports you’re going through, and the inland freight to your warehouse. Plan ahead for duties and customs All imported products are categorized and assigned a duty rate, which you can find in the Harmonized Tariff Schedule, available online. However, customs doesn’t decide how to categorize a product until they see it, so you may not know the exact rate of certain ambiguous products until they arrive. Even though two-thirds of all products have no duty, you should always look up the code—never assume they’re duty-free! You don’t want unplanned expenses eating away at your profits! Enthuses Zapf, “When your e-business reaches a certain point, importing becomes a practical consideration—buying directly from overseas suppliers can provide your business with a steady source of low-overhead, quality products.” About the Author: Chris Malta and Robin Cowie of WorldwideBrands.com are the Writers and Hosts of The Entrepreneur Magazine EBiz and Product Sourcing Radio Shows. Click Here for more FREE eBiz info from Entrepreneur Magazine Radio! Read more articles by: By Chris Malta & Robin Cowie Article Source: www.iSnare.com Share: Del.icio.us Digg Reddit

Tax Loopholes: 3 Ways To Make Tax Laws Work For You

Many people associate the words “tax loopholes” with questionable accounting practices. But according to tax strategist Diane Kennedy, of http://TaxLoopholes.com, “A loophole is nothing more than a government incentive—tax laws are written to favor people wanting to start businesses because businesses stimulate the economy.” Tax loopholes are just legitimate deductions the government allows in order to encourage certain behaviors. Exploiting loopholes isn’t about skirting the law, but rather making it work for you. 3 Steps to Reduce Taxes 1. One of the best ways to reclaim your tax dollars is by starting your own business. Owning a business allows you to take advantage of the way those laws are written. With the increase of e-commerce, it’s easier than ever to start an online business. Whether you offer a product or service, an e-business is an excellent vehicle for lowering your tax liability. 2. As a business owner, it’s crucial you consider the business structure in which you operate. Don’t just start selling online without considering the tax implications or bothering to incorporate. Says Kennedy, “Your business structure can save you a lot of money—not acting on that can cost [you] tens of thousands of dollars.” 3. Many business owners miss out because they fail to take all their lawful deductions. Particularly when starting a business, you’re going to encounter many expenses that you can legally deduct—but you have to report them or they don’t do you any good. It’s important to keep good records of all your business-related costs because anything ordinary and necessary to the production of income is a valid deduction. Don’t be afraid to take advantage of the business tax breaks the law allows: • Home-offices. Changes in tax laws have made this a fairly simple deduction. You need a separate room used exclusively for business, and you must regularly conduct business in that room. If you meet those two criteria, you qualify for a home-office deduction. • Business-related storage space. Unlike a home-office, this space can be multifunctional. If you use one-third of your spare room to store inventory or promotional products, and the remaining space as a wreck room, then one-third of your spare room is tax deductible. • Wages. Rather than giving your kids an allowance, pay them to help out with your business. • Travel. All your business travel is deductible. For validation reasons, you need to keep track of the mileage and purposes of your trips. • Donations. Anything you donate to your business serves as a deduction. Even if your business can’t afford to repay you right away and you have to take a loss there, that net operating loss can roll forward and offset future income. Money you earn is subject to taxes—the more you earn, the more you pay. However, when you save money by reducing your tax bill, your savings are yours to keep. Tax laws are written to foster your business’ growth, so put them to good use. Take a good look at your accounting and expenses, and avail yourself of the tax loopholes and breaks your business entitles you to. About the Author: Chris Malta and Robin Cowie of WorldwideBrands.com are the Writers and Hosts of The Entrepreneur Magazine EBiz and Product Sourcing Radio Shows. Click Here for more FREE eBiz info from Entrepreneur Magazine Radio! Read more articles by: By Chris Malta & Robin Cowie Article Source: www.iSnare.com Share: Del.icio.us Digg Reddit