Credit Card Processing

The credit card is a commonly used financial instrument and its use forms an important part of personal finance. A credit card though simple to use has a networked system and structure that enables payment through a plastic card with minimal chances of misuse and fraud. The credit card industry mainly enterprises of:

  • Card Provider: Cards providers are very few in numbers. Some of the known credit card providers are: VISA, MasterCard, JCB, American Express etc. The logos of these card providers are what we very often see on entry to a store.
  • Card Issuers: financial institutions such as banks issue a MasterCard or VISA or any other card to card holders. This card will have logos of both the financial institution and the card provider.
  • Card Acquirer: The card acquirer processes the cards accepted by any store and this service is known as credit card processing or merchant account services.
  • Merchant Account: The merchant or stores have an account with a credit card processing service to enable credit card payments in their store.

Every credit card transaction initiates a flow of information and exchange of money between the credit card processing organization, card issuer and the merchant account authorized and connected by the credit card provider.

Credit card processing services do not limit their services to acceptance of credit cards alone but also enable the processing of various payment mediums such as: debit cards, electronic checks, gift cards and other forms of payment.

The credit card processing organization fulfills the key task of authorizing the credit card when presented to the merchant instantly. The credit card processing organization then debits the card issuers account and credits their account with the amount of purchase made by the card holder.This entails that the card issuer pays the card processing services for the transaction. The card services organization then makes the payment to the merchant after deducting a transaction processing fee.

This is the procedure followed for every credit card transaction and it is made easy for you due to the efficiency of various parties that are involved in making credit card transaction an easy process.

Career Tips in Commercial Real Estate Brokerage

The commercial real estate sales industry can be very rewarding to brokers and agents. That being said it requires focus and consistent effort if you are to reap real rewards and become a top agent.

Many salespeople join the industry with the hope that ‘things just start to happen’ as part of working for an agency or brokerage; unfortunately those salespeople do not last very long at all. After 6 months or so the reality of the market ‘kicks in’ with few if any commissions coming in.

It takes about 3 months of real effort to change your personal market conditions and your income. It is not a stop and start process. Things should happen to a plan and that will be a plan that you implement every day.

The agency or brokerage that you work for has little to do with the listings and clients that you create or serve. When you start working in the industry, start working hard on your commitment to personal success and progress. You will need a business plan or something similar that keeps you on task.

So what do you need to make the industry work for you? Try these for starters:

  • A good database that you keep up to date in all respects
  • A list of prospects and clients in your database that you can talk to in a continual way
  • Market knowledge and skills relating to your specialist property type
  • Sound and established negotiation skills for listing, inspections, marketing and negotiation
  • Excellent documentation skills relating to your property type, contracts, leases, and any other supplementary documentation
  • Personal drive and a passion for prospecting and selling
  • Excellent marketing skills in both direct, and indirect marketing
  • Communication skills that are advanced for the complexities of property sale, leasing, negotiating and closing.
  • Good time management and documentation processes that allow you to start the day early with momentum and results.
  • Targets and goals that you can track.
  • Exclusive listings that you control for your clients.
  • Referral opportunities with established clients and prospects.
  • Clients that trust you and your skills to help them resolve property problems.

To give momentum to these things it requires deliberate effort. Every agent or broker has plenty of opportunity to rise up in the ranks of the market. The key to making it happen is ‘personal activity and planning’.

It should always be remembered that the commercial real estate industry and market is under change. As brokers and agents we should adjust to market conditions and not wait for the market to come to us.

Where Does Advertising Fit Into the Marketing Mix?

Many people get confused about the role of advertising in the marketing mix so here’s a simple view of where it fits in.

In the traditional marketing model, we talk about the 4 P’s

o Product

o Pricing

o Place

o Promotion

The last section – Promotion is what we mean when we say you are “doing your marketing”. It’s your communications or your actual marketing activities.

But first, let’s get clear about the PURPOSE of marketing and why you want to get good at it.

“The PURPOSE of marketing or it’s biggest task is to

persuade prospects to visit you online or offline so you

can present your offer. Done well they come waving their

credit card and ready to buy so there’s no need for hard sell.”

Whenever and wherever you get in front of your potential market is your marketing opportunity – you are communicating or getting your message across.

You could say this started as far back as Babylon when the Town Crier was the only delivery method! They went around town shouting out to people to go to the marketplace and you went to the marketplace with your goods to “present your offer”.

With the invention of print and other technologies you now have a smorgasbord of delivery methods or media to reach people such as

o Print – newspapers, magazines, catalogues, newsletters

o Phone, mail, fax

o Radio & TV,

o Internet – through websites, blogs, social networking sites, email, video & Audio podcasts

o Teleseminars & webinars

o Mobile media – Blackberrys and mobile or cell phones

o And lets not forget in person public speaking and networking

Now that range adds a level of complexity. But choice is good and you don’t have to use all of these but they are available to you.

In any event you’ll either be speaking or writing. Simply narrow down what makes sense for you and your business and use your strengths to work out a plan.

JUST remember the marketing principles remain the same no matter the medium – so the PURPOSE of your marketing is still the same. To persuade prospects to visit you online or offline so you can present your offer.

So where does advertising fit into this?

Advertising is simply a subset of your marketing activities it’s the SALES function when you make the sales pitch or “present your offer”. This could be verbal or written in all the same media you use for your marketing communications. What adds to the confusion is sometimes big companies use image based ads for awareness so the “sales pitch” isn’t obvious.

But the primary purpose of advertising is to SELL.

So you create ads in one form or another and get them in front of your audience.

Small businesses can’t afford to waste money on image advertising that is designed for the masses to promote a well known brand. It simply isn’t designed to sell, NOW.

What I do and recommend is Direct Marketing which is based on one-on-one relationships and uses proven direct response advertising techniques instead of mass advertising.

The purpose of a direct response advertisement is to get a response, NOW! Which means these ads actually ask the prospect to DO something.

Whether you’re building a list, selling a product or service, an appointment or even something you are giving away – you still need to “sell” it to your prospect. And ask them to take the action you want them to take to move them through the sales process.

In a nutshell, advertising is a subset of marketing and direct response marketing and advertising is the champion for small business.

Overcoming Communication Barriers in Organizations

Although all communication is subject to misunderstandings, business communication is particularly difficult. The material is often complex and controversial. Moreover, both the sender and the receiver may face distractions that divert their attention. Further, the opportunities for feedback are often limited, making it difficult to correct misunderstandings. The following communication barriers in organizations and ways to overcome them will be the main topic of this article.

1. Information Overload. Too much information is as bad as too little because it reduces the audiences ability to concentrate effectively on the most important messages. People facing information overload sometimes try to cope by ignoring some of the messages, by delaying responses to messages they deem unimportant, by answering only parts of some messages, by responding inaccurately to certain messages, by taking less time with each message, or by reacting only superficially to all messages.

To overcome information overload, realize that some information is not necessary, and make necessary information easily available. Give information meaning rather than just passing it on, and set priorities for dealing with the information flow. Some information isn’t necessary.

2. Message Complexity. When formulating business messages, you communicate both as an individual and as representative of an organization. Thus you must adjust your own ideas and style so that they are acceptable to your employer. In fact, you may be asked occasionally to write or say something that you disagree with personally. Suppose you work as a recruiter for your firm. You’ve interviewed a job candidate you believe would make an excellent employee, but others in the firm have rejected this applicant. Now you have to write a letter turning down the candidate: You must communicate your firms message, regardless of your personal feelings, a task some communicators find difficult.

To overcome the barriers of complex messages, keep them clear and easy to understand. Use strong organization, guide readers by telling them what to expect, use concrete and specific language, and stick to the point. Be sure to ask for feedback so that you can clarify and improve your message.

3. Message Competition. Communicators are often faced with messages that compete for attention. If you’re talking on the phone while scanning a report, both messages are apt to get short shrift. Even your own messages may have to compete with a variety of interruptions: The phone rings every five minutes, people intrude, meetings are called, and crises arise. In short, your messages rarely have the benefit on the receivers undivided attention.

To overcome competition barriers, avoid making demands on a receiver who doesn’t have the time to pay careful attention to your message. Make written messages visually appealing and easy to understand, and try to deliver them when your receiver has time to read them. Oral messages are most effective when you can speak directly to your receiver (rather than to intermediaries or answering machines). Also, be sure to set aside enough time for important messages that you receive. Business messages rarely have the benefit of the audiences full and undivided attention.

4. Differing Status. Employees of low status may be overly cautious when sending messages to managers and may talk only about subjects they think the manager is interested in. Similarly, higher-status people may distort messages by refusing to discuss anything that would tend to undermine their authority in the organization. Moreover, belonging to a particular department or being responsible for a particular task can narrow your point of view so that it differs from the attitudes, values, and expectations of people who belong to other departments or who are responsible for other tasks.

To overcome status barriers, keep managers and colleagues well informed. Encourage lower-status employees to keep you informed by being fair-minded and respectful of their opinions. When you have information that you’re afraid you boss might not like, be brave and convey it anyway. Status barriers can be overcome by a willingness to give and receive bad news.

5. Lack of Trust, Building trust is a difficult problem. Other organization members don’t know whether you’ll respond in a supportive or responsible way, so trusting can be risky. Without trust, however, free and open communication is effectively blocked, threatening the organization’s stability. Just being clear in your communication is not enough.

To overcome trust barriers, be visible and accessible. Don’t insulate yourself behind assistants or secretaries. Share key information with colleagues and employees, communicate honestly, and include employees in decision making. For communication to be successful, organizations must create an atmosphere of fairness and trust.

6. Inadequate Communication Structures. Organizational communication is effected by formal restrictions on who may communicate with whom and who is authorized to make decisions. Designing too few formal channels blocks effective communication. Strongly centralized organizations, especially those with a high degree of formalization, reduce communication capacity, and they decrease the tendency to communicate horizontally thus limiting the ability to coordinate activities and decisions. Tall organizations tend to provide too many vertical communication links, so messages become distorted as they move through the organization’s levels.

To overcome structural barriers, offer opportunities for communicating upward, downward, and horizontally (using such techniques as employee surveys, open-door policies, newsletters, memo, and task groups). Try to reduce hierarchical levels, increase coordination between departments, and encourage two-way communication.

7. Incorrect Choice of Medium. If you choose an inappropriate communication medium, your message can be distorted so that the intended meaning is blocked. You can select the most appropriate medium by matching your choice with the nature of the message and of the group or the individual who will receive it. Face-to-face communication is the richest medium because it is personal, it provides immediate feedback, it transmits information from both verbal and nonverbal cues, and it conveys the emotion behind the message. Telephones and other interactive electronic media aren’t as rich; although they allow immediate feedback, they don’t provide visual nonverbal cues such as facial expressions, eye contact and body movements. Written media can be personalized through addressed memos, letters, and reports, but they lack the immediate feedback and the visual and vocal nonverbal cues that contribute to the meaning of the message. The leanest media are generally impersonal written messages such as bulletins, fliers, and standard reports. Not only do they lack the ability to transmit nonverbal cues and to give feedback, they also eliminate any personal focus.

To overcome media barriers, choose the richest media for no routine, complex message. Use rich media to extend and to humanize your presence throughout the organization, to communicate caring and personal interest to employees, and to gain employee commitment to organizational goals. Use leaner media to communicate simple, routine messages. You can send information such as statistics, facts, figures and conclusions through a note, memo or written report

8. Closed communication climate. Communication climate is influenced by management style, and a directive, authoritarian style blocks the free and open exchange of information that characterizes good communication.

To overcome climate barriers, spend more time listening than issuing orders.

9. Unethical Communication. An organization cannot create illegal or unethical messages and still be credible or successful in the long run. Relationships within and outside the organization depend or trust and fairness.

To overcome ethics barriers, make sure your messages include all the information that ought to be there. Make sure that information is adequate and relevant to the situation. And make sure your message is completely truthful, not deceptive in any way.

10. Inefficient Communication. Producing worthless messages wastes time and resources, and it contributes to the information overload already mentioned.

Reduce the number of messages by thinking twice before sending one. Then speed up the process, first, by preparing messages correctly the first time around and, second, by standardizing format and material when appropriate. Be clear about the writing assignments you accept as well as the ones you assign.

11. Physical distractions. Communication barriers are often physical: bad connections, poor acoustics, illegible copy. Although noise or this sort seems trivial, it can completely block an otherwise effective message. Your receiver might also be distracted by an uncomfortable chair, poor lighting, or some other irritating condition. In some cases, the barrier may be related to the receiver’s health. Hearing or visual impairment or even a headache can interfere with reception of a message. These annoyances don’t generally block communication entirely, but they may reduce the receiver’s concentration.

To overcome physical distractions, try to prepare well written documents which are clear, concise, and comprehensive. When preparing oral presentations try to find a setting which permits audience to see and hear the speaker clearly.