How Much Money Do You Need To Start A Business?

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What Is Square And How Does It Work?

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Top Metal Credit Cards For 2019

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How To Accept Donations Online

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How To Start A Pet Sitting Business: The Complete Guide

Have you always had an affinity for furry (or scaly) things? Have you ever needed money? If you answered yes to both these questions, you may want to consider starting a pet-sitting business.

But before you pick up the leashes and pooper-scoopers, it’s a good idea to sit down and plan out the trajectory of your business. If that sounds overwhelming, don’t fret. Below, we’ll lay out the steps you can take to start a pet-sitting business.

Decide On A Location

Since you’re going to be dealing with people’s pets, you’ll need to take into account your proximity to your clients. If they’re dropping their pets off with you, you’ll want to be located somewhere easily accessible to most of your customers, and one that can accommodate animals. Depending on where you live, this can be tricky as the space necessary to accommodate animals will usually be cheaper in less centralized locations.

On the other hand, if you’re going to your customers, you’ll need to take into account the amount of time you need to spend with each client’s pets, the costs of commuting to the job, and how animal-friendly/animal-hostile the infrastructure in your service area is (dog parks, etc.).

Register Your Business

Why should you register your business? Depending on your local laws, you may actually be required to register your business in order to legally pet-sit. But even in jurisdictions where it isn’t compulsory, there are some advantages to doing so.

The first is that you can do business under a name other than your own. So instead of Martha Swearingen, LLC, you can do business as Baron Bark’s Pet Pampering Service (you can have that one for free).

The default configuration for businesses is a sole proprietorship (or a partnership, if you’re starting it with someone else). This essentially means that you’ve started a business with your own name or, if you file a DBA (Doing Business As), a name of your choice.

Sole proprietorships have the advantage of being cheap and easy to start. Your taxes will also be easier to file (and lower) than they would generally be with other forms of incorporation. Keep in mind, however, that for liability purposes, sole proprietorships and the individuals behind them are essentially one and the same.

Other forms of incorporation will require a bit more work and come with their own advantages and disadvantages. Most pet-sitting companies aren’t going to be interested in forming C-suites for governance, so you can probably ignore S-Corps and C-Corps for now. You may, however, want to consider forming an LLC to provide some separation between your personal finances and liabilities and your business ones.

Here are the most popular ways to incorporate:

  • Limited Liability Corporations (LLCs): If you’ve seen LLC after a corporation’s name, you’re dealing with this type of company. LLCs offer limited liability protection for their owners without the full complexity of a corporation. Each state has its own rules for how to start and maintain an LLC, and you don’t necessarily have to register your LLC in the state where you’re doing business (although you’ll generally want to). LLC owners report their business earnings and losses on their personal taxes.
  • C-Corp: This is the “basic,” default form of incorporation. Shareholders are considered the owner(s) of the company and receive limited liability protection; however, the business decisions are made by corporate officers who may or may not be shareholders. The corporation is taxed separately and shareholders pay income tax on dividends. To form a C-corp, you’ll file articles of incorporation with your state.
  • S-Corp: S-corps are similar to C-corps in most ways, but come with a few additional restrictions: you have to have fewer than 100 shareholders and they have to all be U.S. citizens or residents. Unlike C-corps, profits and losses are reported on personal taxes, not unlike an LLC. In addition to filing articles of incorporation, you’ll also need to file IRS Form 2553.

Get Business Insurance

As a pet-sitter, you’re not just dealing with property, you’re dealing with animals whose owners often view them as part of their family. In other words, if something goes wrong, things could get ugly.

Depending on your local laws, you may be required to carry certain types of insurance.

The type of insurance that will probably be of most interest to you is general liability insurance. This protects you in the event of a lawsuit or accident, whether it’s an accidental injury to the animal or if you accidentally damage property within a client’s home. It doesn’t only protect you, however; it also makes you look like a safer option than a business that isn’t covered.

There are other, more specialized types of insurance that are worth taking a look at depending on the specifics of your business. These include:

  • Property Insurance: Protects the property needed to run your business (as opposed to damages you cause to clients’ property).
  • Business Interruption: Covers costs related to unforeseen events that make your business unable to function.
  • Professional Liability (Error and Omissions): Covers the costs of defending your company in lawsuits in cases where your business caused a financial loss.

If you aren’t sure where to look, we can help you.

Invest In Business Software

While not absolutely necessary, you can save yourself and your customers some hassle with strategically chosen business software. For pet sitting, there are probably three types most worthy of consideration.

Payment Processing

Doing business with cash can be convenient when you’re first starting out, but as you grow, you’ll probably be missing out on clients if you can’t accommodate other forms of payment.

Recommended Option: Square

Best Overall Mobile POS


Review Visit Site

Highlights

  • No contract or monthly fee
  • Instant account setup
  • Retail upgrade available
  • Restaurant upgrade available
  • For iOS and Android mobile devices
  • 2.75% per in-person card swipe

Retail POS: Free trial ($60/mo value)

 

Restaurant POS: Free trial ($60/mo value)

 

Square POS: Always free

If you have an iOS or Android device, Square offers an extremely convenient way to accept mobile payments while on the go via a small add-on you plug into your device. It’s also a very scalable service; if you’re running a retail location, there are even more features and service options you can take advantage of.

Best of all, there aren’t any monthly fees to worry about. Square charges between 2.75  – 3.5 percent per transaction (depending on whether you swipe or key in the info), so you’ll want to factor those costs into your expenses.

Scheduling Software

As you add clients, it will get harder to remember their particular preferences, not to mention more difficult to fit them all into your schedule. With booking or scheduling software, you can track your time, note customer needs, and efficiently plan your days’ work. Many of these offer their basic features free of charge.

Accounting Software

Most businesses can benefit from accounting software. What you don’t want is to spend money unnecessarily on one. Wave offers most of the features you need at no cost.

With no monthly fee, you’ll get invoicing, estimates, contact management, expense tracking, accounts payable, and inventory tracking.

Seek Funding

Pet-sitting, especially, if you’re going to your clients, doesn’t have a lot of overhead when you’re first starting out. In the event that you do need to scare up some money to cover starting expenses or equipment, there are a number of options available to you.

Personal Savings

If you can avoid taking on debt, it’s usually a good idea. It may hurt to part with some of your rainy day funds, but you won’t be accumulating expensive interest and fees.

Tap Your Support Network

If you do need money from an outside source, you can often get a better deal from your support system than you can from a private lender.

Keep in mind that this comes with its own risks. You may stress your relationships, especially if you aren’t able to pay back these so-called friendly loans quickly. One way to avoid this is to formalize any agreements you make with friends and family so that everyone fully understands what they’re getting into and what the expectations are. You may even want to draw up a formal contract that outlines any expected payments and return on investment.

Credit Cards

For the relatively low expenses you will encounter when you start a pet-sitting business, credit cards can probably suffice for most of your needs.

The general rules of thumb when it comes to using credit cards effectively are these:

  1. Use credit cards for expenses that you can pay off within their interest-free grace period.
  2. Pick a card with a reward program that matches your spending habits and needs.
  3. Do not take out cash advances on your credit card.

If you follow these rules, you can actually save money by using your credit card to make purchases.

Recommended Option: American Express SimplyCash Plus

SimplyCash Plus Business Credit Card from American Express



Compare

Annual Fee:


$0

 

Purchase APR:


14.49% – 21.49%, Variable

Amex’s SimplyCash Plus offers one of the best cash back programs available without an annual fee. You’ll get 1 percent back on generic purchases, 5 percent back on wireless telephone purchases and office supply stores in the U.S. But it’s the middle tier that’s most interesting. You can select a category of your choosing (airfare, hotel rooms, car rentals, gas stations, restaurants, advertising, shipping, or computer hardware) to get 3 percent back.

It also carries an introductory 0% APR for the first nine months, which can be helpful if you’re just starting out.

Recommended Option: Amazon Business Prime American Express Card

Amazon Business Prime American Express Card


Compare

Annual Fee:


$0

 

Purchase APR:


16.24% – 24.24%, Variable

This one’s a little more niche. But if you find yourself buying supplies and random pet-related doodads on Amazon frequently, you can get a lot of value out of the Amazon Business Prime American Express Card.

If you have a Prime membership, you’ll earn a whopping 5 percent back on purchases made at Amazon.com, Amazon Business, AWS, and Whole Foods Market — or an extra 90 days interest-free grace period for purchases made at those places. Even if you’re not a Prime member, you’ll get 3 percent or 60 days, respectively. You’ll need to spend around $6,000 to recoup the cost of a $119 Prime membership with points alone, but that’s without factoring in money saved through Prime’s programs (shipping, deals, etc).

Personal Loans

If you need more money than you can safely put on a credit card, or need longer to pay it off, you should consider getting a personal loan that can cover business expenses.

There are some disadvantages to taking this route, namely that you’re on the hook rather than your business, but if your credit is good, it’s not the worst option out there.

Recommended Option: Lending Club Personal Loans

lending club logo

Review

Check Rate

Lending Club is a good option for individuals who may not have the strongest credit, but have a good debt-to-income ratio. The borrowing range is fairly narrow at $1k to $40k, but when you’re just starting out, you don’t want to go too deeply into debt anyway. You’ll have three-to-five years to pay it off, which makes it fairly manageable.

Recommended Option: Lendio

Review

Visit Site

If you’re just entering the alternative loan market for the first time, it can be pretty overwhelming. Lendio takes some of that burden off of you by allowing you to effectively apply to their whole network of lenders with one application.

Need more options? Check out our feature on startup loans.

Create Contracts

If you’ve just been watching your friends’ pets, you’ve probably had an informal agreement about the services you’d provide and the expectations of safety and liability involved. And that was probably enough.

When you’re dealing with strangers in a professional capacity, however, it’s smart to formalize these elements in a contract. This can save you a lot of headaches, if not legal troubles, down the road. You’ll want to include critical information about the pet (when and what they eat, how they are with strangers, pertinent medical history, etc.), what’s included in your services, and the client’s expectations for how their home will be treated under your care (if applicable). You’ll also want to include your fees and rates.

If you can, have a lawyer look it over to make sure it checks out legally.

Market Your Business

Getting the word out is always one of the most challenging parts of getting a business off the ground. The easiest place to start is through word of mouth. Are you already looking after the pets of a family or two? Let them know you’re looking to take on more clients, along with your friends, family, and social contacts.

At some point, you’ll probably want to expand outside the reach of your current contacts, which means advertising. It doesn’t have to be fancy. You can post flyers on bulletin boards and leave business cards in places trafficked by pet owners. Online classified sites like Craigslist can also cover a large audience in your area.

Bolster Your Web Presence

When it comes to promoting small business, the internet is one of those things that’s easy to both over- and underestimate. On the one hand, simply buying an ad and hoping for the best likely won’t yield amazing results. On the other, you do need an internet strategy to grow your business.

It doesn’t have to be fancy, but you’ll probably want a website that details your basic services and contact information. Don’t overthink it. There are a lot of great tools available that can help you build a website.

Remember, too, that social media isn’t just for sharing pictures of your dinner with your friends. You can use to communicate with customers, make engaging content that makes them keep your brand in mind, and announce special deals and service changes.

Final Thoughts

Hopefully, everything we covered doesn’t look too intimidating. If you’re good with animals and don’t mind turning that love into a source of revenue, you can get a pet-sitting business up and running in no time!

Having second thoughts about pet-sitting but are still looking to open a business? Check out our other beginners’ guides.

The post How To Start A Pet Sitting Business: The Complete Guide appeared first on Merchant Maverick.

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6 Square POS Features To Run Your Small Business Like a Pro

When a merchant signs up for a new Square account to start processing payments, many times the focus isn’t on the other features; it’s on getting paid — and rightfully so. But after signing into your account for the first time, it may become evident to you that there is a lot more to Square than just payment processing.

For those of you who are new to Square or if you are shopping around and checking out your options to make a final decision — you’re in the right place. We are going to take a look at what is available in the free Square POS app. We’ve discussed both Square (read our review) and Square POS (read our review) in depth, so check out their respective reviews for a more comprehensive look. Don’t forget, when you sign up with Square Payments, you get access to the POS app, the online selling tools, invoicing, and a whole lot more. 

But before we dig into all that, let’s quickly review Square’s payment processing costs for the price savvy among us. Square has very upfront pricing, but keep in mind that your processing costs change with the Square hardware you use. With the free Square POS and your own smartphone or tablet, you’ll pay a flat rate of 2.75% per swipe, dip, or tap. Check out How Much Does Square Charge? for a thorough explanation of any other fees you might incur with Square, including software. 

While it’s true that Square’s fee for payment processing may seem a bit higher on the face of things, keep a few things in mind: Square doesn’t charge any additional monthly account fees, and you can expect the same flat rate for all of the cards you process, even American Express. You can also close your account any time with no cancellation fees whatsoever. However, one of the more notable reasons we like Square here at Merchant Maverick is that merchants get end-to-end, PCI compliant payment security included with every account, without paying a dime for it.

While Square may not be as packed with features as a traditional POS, there are still a wide range of features waiting if you take advantage of them. In addition to features within the app itself, Square’s back-end management tools (centralized in the web Dashboard) are powerful. 

We have much to cover, so let’s discover the most noteworthy POS features you can start using to manage customer engagement, employees, inventory, and take charge of your business like the pro you are!

Customer Directory

Square Customer Profile

If you have an existing customer list, you can migrate that over via CSV right into the directory and get started. Every time you complete a sale, your customer directory grows to include your customer’s name, purchase history, location, and credit card (save this only with their permission). If your customer enters their email for an e-receipt, that gets added to the directory, too!

The customer directory builds automatically with each sale, but you can also manually add customer information from the Square POS or the Square dashboard. (See Why We Like Square’s Online Dashboard and Analytics App for a primer on the dashboard.) In the Customer Directory, you can add an email, birthday, make notes about their order history, or add their company, for instance.

Customer Directory

As your customers continue to shop with you, Square builds reports on customer behavior patterns, too. You can find out things like visiting frequency and when they purchased something from you last. You can view some reports from the in-app reporting in the Square Point of Sale, but to access all of the reporting features, you’ll need to get to the Square dashboard.

A lesser-known Square feature is the private feedback you can gather after a sale. Giving your customers this opportunity to share their opinions with you directly (and right from their receipt) helps keep the lines of communication open. When your customer leaves feedback, you can respond to them directly and offer to comp their item if you wish. In this way, you can hopefully also avoid negative public reviews — and keep your customers happier while you’re at it.

Inventory Management

Keeping up with inventory changes and accurately ordering the stock you need is probably one of the most critical business matters there is. Not only does good inventory management build loyalty and trust with your customers, but you can also avoid some unneeded expenses surrounding both excess and deficient stock. The great news is that basic inventory management comes along with your free Square POS software.

Have a large amount of inventory? You can easily import any existing stock with a CSV spreadsheet. You can also add items manually through your dashboard or Square POS. Either way, you can quickly update product names, prices, and quantities as needed. Setting up low stock alerts is easy — set alerts to send when inventory gets to the amount you decide. In the screenshot below, you can see that this shop has 20 prints in stock and the alert will be sent when there are three left.

Creating an Item in Square

Have different sizes or other variables of the same item? Square supports setting up different price points and variants, too. Square does not support partial quantities — but don’t lose heart! If you sell in partial quantities, you can work around this issue by setting up a Variation, as seen in the screenshot below.

Square Item Variant

Whether you’re a micro shop or you move hundreds of items a day, you can set Square up for what makes sense for your business. However, if your business has several hundreds of items, you’re likely going to find the inventory navigation a bit unwieldy. That’s because you have to scroll to find the item manually; you can’t just type the name in a search bar. Square does offer a more robust solution with Square for Retail (See our review), starting at $60/month/register/location.

To keep up with inventory and track customer spending, you can also assign your products to specific categories. Keep in mind that all of the initial work you do to distinguish your inventory through categories, variations, and accurate item descriptions pays you back with richer insights when it comes time to check out your reports. Square creates free basic reports such as Sales Summary, Sales Trends, and Category Sales, to name a few.

Square Sales Reporting

It’s worth it to mention that if you are in a time crunch or you don’t have an item already in your inventory, you can still ring it up easily in quick sale mode — simply punch in the amount, and you’re ready to take payment!

Loyalty

Square Customer Loyalty Program

The proof is in the pudding — loyalty programs lead to more customer spending. This fact is proven time and again in retail spending statistics, but Square also reports that customers spend over 30% more after joining their loyalty program. That’s a nice chunk of change, but making the loyalty program work for your business is the key to profitability.

The Square Loyalty Program is not free — it starts at $45 and the prices scale with the number of loyalty visits. That means that you won’t be paying for what you don’t use, but we still suggest checking your reports to track success. However, you really are in charge of the program and its success in your business. That’s because everything is highly customizable. From a classic digital punch card to earning points each visit, you control what — and how — your customers earn rewards with you.

According to Square, merchants get the best responses with their loyalty program by offering a meaningful reward, making the reward happen sooner rather than later (about 30 days from enrollment), and limiting the rules when it comes to earning rewards.

When you ask your customer to join your loyalty program, they enter with their phone number, which you can then promote via text messages. The other cool thing about the loyalty program is that the add-on software gives you even more data about your customer’s purchase history and buying behavior. All of this information makes it easier to personalize customer service or even plan your next promotion.

Employee Management

Small Business Owner Using Square Customer Service

The optional employee management software can make a significant impact on your business if you have multiple locations or many employees. From customizing permissions to timekeeping, performance tracking, and advanced reports, there is a lot of potential here.

With your basic Square account, you can let employees take payments as Mobile Staff and allow or disallow issuing refunds. Beyond these two functions, you are limited unless you opt for Employee Management at $5 / month per employee, however.

For example, employee-specific reporting only comes with advanced Employee Management. In the screenshot below, you can see what types of insights are available under the Employee Sales reports that come along with Employee Management.

Square Employee Management


In addition to gaining better insights regarding your employee’s performance, you also have much more control over employee permissions. Choose who has access to cash drawer reports, assign individual access codes, and choose other custom permission settings both at your Point of Sale and in your Dashboard.

Cash Drawer Management

From the Square Point of Sale app, you can enable cash drawer management to promote greater accountability across the board. Take note that you can only manage your cash drawer from an iPad or Android tablet — you can’t track and manage with your smartphone. Basic information about your cash drawer session includes:

  • Cash amount
  • Cash sales
  • Cash refunds
  • Cash paid in and out
  • Expected cash amount in drawer

Cash Drawer Management lets you know exactly how much cash you start with and what to expect in the drawer at the end of the session. You can set up cash drawer reports to be auto-emailed at the end of the business day. Because the reporting is specific to the device connected to your cash drawer, you’ll have to run a separate report for each device. You can view your drawer history at any time from your Square app, too. All you need to do is select the date and the drawer session to see details.

If you have Employee Management software, you can also control employee access to your in-app cash drawer reports. Grant your manager access while restricting other employees from accessing cash reports you may not want to make privy to everyone.

Offline Mode

For days when even the Internet can’t seem to work correctly, being able to accept payments offline prevents losing customers and sales. Offline Mode is also a game changer for the many businesses who aren’t bound to four walls. Whether you have set up shop in a more remote location or you are a mobile business traveling across the country, you can use your offline mode to swipe your card and securely accept payments. There are a few things to keep in mind when it comes to Offline Mode, however:

  1. Offline Mode only works with a magstripe swipe card, and you must swipe it.
  2. You have to connect to the Internet within 72 hours of the sale, or it expires.
  3. Offline transactions automatically process when you get connected with the Internet again.
  4. If payment doesn’t go through after connection, you are responsible for the cost of goods or services.

The good news is that there’s no additional charge for Offline Mode, just the standard rate of 2.75% per swipe. And there are a few things you can do to protect yourself from the issues listed above. When you take a sale in Offline Mode, be sure to check for the signature on the back of the card and have your customer sign so you can compare signatures. Checking your customer’s ID is also recommended, of course. You’ll also want to double check the card’s expiration date. If you remember these simple best practices, you can still accept offline payments with a reasonable amount of assurance that your sale is good to go.

Is Square Right For You?  

Square offers a wide range of features to support a growing small business. If you are adding employees and locations, Square is ready with advanced software that grows with you, including Employee Management and the highly customizable Loyalty Program. (Not to mention the less glamorous but just as important features like cash drawer permissions, inventory management, and offline support.)

Want to find out even more about Square? Check out our Square POS review for more insights on the Square Point of Sale or visit our full Square Review for more helpful insights. If you’re ready to try Square out and see for yourself, head over and set up your free Square account to start processing your first payments!

The post 6 Square POS Features To Run Your Small Business Like a Pro appeared first on Merchant Maverick.

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Everything You Need To Know About Small Business Property Insurance

Everything You Need To Know About Small Business Property Insurance

If you are a small business with a physical storefront, a location where you store your goods/supplies, or a strong inventory of vehicles and equipment, buying a commercial property insurance plan should be part of your risk management plan. Commercial property insurance is designed to protect your business from accidents, theft, fires, and some (but not all) Acts of God.

If the worst-case-scenarios for your property come to fruition, a solid commercial property insurance plan creates a way for your business to run and thrive despite the setbacks.

What Is Property Insurance?

Commercial property insurance is a policy of coverage that protects your business assets in the event of property damage. Accidents, fires, and vandalism are all covered by property insurance, and the policy not only provides compensation for damage to buildings but also damage done to products inside the building. Structures, fixtures, and equipment inside the building are protected under property insurance, but it’s best to check the policy and speak to an insurance expert to make sure your most important assets are included in the policy’s coverage.

When you file a claim, you can choose to receive the cash value of the destroyed items or the replacement value (how much it would cost to replace new). However, policies are often specific in what they’ll cover and what they won’t cover. Read on to see what is and isn’t covered in most policies.

What Property Insurance Covers

In general, the commercial policies will cover accidents, damage, and theft to your building and assets inside your building. In most cases, commercial property insurance policies will cover the following (although, as with any policy, ask questions about the coverage):

  • Damage and destruction from a fire
  • Losses and damage from theft and vandalism
  • Damage from tornados or a hurricane
  • Sinkholes
  • Smoke damage
  • Damage from aircraft or other vehicles crashing into your building
  • Damage from riots/civil unrest

What Property Insurance Doesn’t Cover

Most commercial property insurance policies will not cover everything and the list of things not covered is extensive. Most policies don’t cover flood, tsunamis earthquakes, and sewer backups among other things.

Sometimes the exact same damage is covered or not covered depending on how the damage occurred. For example, if your toilet backs up and sewage destroys your property, it isn’t covered. But if that same toilet backs-up because of vandalism, that is covered. Since policies vary by carrier, it’s important to learn exactly what is and isn’t covered by your insurance provider.

Who Needs Property Insurance?

Everything You Need To Know About Small Business Property Insurance

Most businesses need a basic type of commercial property insurance if they have a physical location for their business. The coverage will protect business assets in the event of damage to the property. Buildings, machinery, and some electronics are covered under the policy.

If your business is leasing or renting a commercial space, you will need to check with your landlord to see who is expected to carry the burden of insurance. Some landlords will still expect you to pay rent on a damaged building (and it is becoming more common that you will need to supply proof of insurance before signing a lease), so understanding your business insurance policy will help with surprises. Even if commercial property insurance is not required by a landlord, you don’t want to find yourself under-insured.

You should get commercial property insurance if you need to protect the following items:

  • A commercial space (that you either rent or own)
  • Computer and electronic equipment
  • Office furniture and supplies
  • Inventory and stock

Property Insurance VS. Business Owners Policy (BOP)

Everything You Need To Know About Small Business Property Insurance

Many business owners find that it is better to bundle their commercial property insurance policy with a general liability policy. This is known as a Business Owners Policy (BOP) and is often the most economical way to protect your business from the biggest claims for and against your business.

What Is A Business Owners Policy?

A Business Owners Policy (BOP) is a bundled policy that includes both property and liability insurance. Check with specific insurance providers about what their particular BOP entails. Under a BOP, many business owners can add extra insurance coverage that exceeds the basic coverage of a commercial property policy. (And if you have employees, a BOP can also negotiate worker’s compensation insurance into the bundle.)

What Does A Business Owners Policy Cover?

All Business Owners Policies (BOP) have general liability insurance and commercial property insurance bundled into one policy. General liability coverage protects your business from the cost of a lawsuit due to accident or injury to someone’s person or property. Additionally, a BOP includes commercial property insurance which provides protection to your assets in the event of damage to your property. Most BOPs also include business income insurance or additional coverage against theft through crime insurance. (Each policy is different and most can be tailored to fit your business risks.)

Additional Types Of Property Insurance

Everything You Need To Know About Small Business Property Insurance

When you start shopping for commercial property coverage, you’ll want to know what you can add to your policy to make sure it is the best fit for your business. Most commercial property policies don’t cover earthquake damage or flooding. Are you in an area where the fault lines aren’t predictable? You’ll want extra coverage. Is your business’s location prone to flooding? You’ll want additional flood insurance.

It’s important to ask about additional policies to cover the following possible situations if they are risks for your area/business type:

  • Water damage due to flooding/tsunamis
  • Damage from earthquakes
  • Mold damage
  • Acts of war
  • Debris removal
  • Employee theft
  • Sewage backups
  • Loss of business income from closure

Which Type Of Property Insurance Is Right For You?

Type of Insurance What It Covers Who It Is For

General Liability

Protects your business from the threat of a lawsuit

All businesses

Property Insurance

Protects your building and things inside your buildings from damage and accidents

Businesses with a physical property site and products located in those physical locations

Business Interruption

Provides resources if your business is forced to stop or relocate

Businesses located in riskier areas and businesses who might work with vendors in risky areas

Commercial Auto Insurance

Provides protection from accidents on your commercial vehicles

Businesses that rely on automobiles to do business

Workers Compensation

Provides protection to you and your employees should they become injured on the job

All businesses

Professional Liability (E&O)

Protects your business during a lawsuit if your business commits errors or malpractices

Any business that provides a service

Product Liability Insurance

Protects a business from a lawsuit related specifically to the product it sells

Any business that manufactures, sells, or distributes a product

Home-Based Business Insurance

Protects any business-related items inside your home not covered by home owner’s insurance

Any business owners running out of their own homes

Business Owners Policy

Includes both general liability and commercial property insurance

All businesses

Umbrella Insurance

Provides a bigger ceiling for the legal costs of a lawsuit that extends your liability coverage

All businesses

Whether you are buying a commercial property policy separately or as part of a business owner’s policy, knowing which types of insurance are available will help you make the most informed decision for your business. Here are the types of policies you can add to your general liability policy.

  • Direct Damage Property Insurance: This is your standard commercial property insurance. The policy covers any direct damage to your business location and damage to business property.
  • Business Interruption Insurance/Business Income Insurance: After a disaster, the business may need to close its doors for a bit. This insurance covers the lost income due to a closure and it also helps provide protection for expenses related to the closure (temporary locations, moving supplies, etc.).
  • Extra Expense Insurance: For businesses that cannot afford to close (a 7-day business like a clinic or a security center), in the event of a disaster or interruption to the business, this policy helps provide the finances to move to a new location or minimize the financial effects of a shutdown. It is similar to business interruption service but targeted specifically toward the extra expenses of moving a business to a new location.
  • Leasehold Interest Insurance: If a business loses its lease (especially if they had a nice lease, under market-value), this insurance covers the financial loss of losing the lease. It can also help pay back a business owner for betterments to the space that they are leaving.
  • Fine Arts Coverage: If you decorate your space with tapestries and rugs and paintings, you might need fine arts coverage if you’d want to replace it after a disaster. Because fine art needs a valuation, someone who purchases this floater coverage would want to itemize their art. However, this is specifically designed for people who use fine art as decoration and have no intention of selling it. (That would require a larger insurance policy.)
  • Contractors Equipment Coverage: This additional coverage specifically covers and replaces equipment and tools that are either damaged or goes missing on a job site. For contractors and construction businesses that might have expensive tools in a variety of locations, this floater will specifically insure machinery and tools.
  • Cyber Liability Coverage: If you are the victim of hacking or a data-breach, and your customer data is leaked (including social security or credit card numbers), it can cost your business a lot of money to comply with federal guidelines. This coverage helps pay legal fees and protects you from lawsuits arising because of the data breach. If your business is online or you collect information online, this is an important addition to your plan.
  • Electronic Data Processing Coverage: This insurance protects the equipment and the data that you collect. This is a policy that bridges a gap in your commercial policy between what electronic equipment is insured after an accident or disaster. With this add-on, your computer hardware, as well as software and data information, is all insured.
  • Employee Theft Insurance: If a dishonest employee steals equipment, money, or securities, the losses are covered under this additional policy added to your commercial property plan. This plan will even cover the losses if you don’t know which employee committed the crime, and it is part of the crime add-ons to a commercial property policy.
  • Inland Marine Insurance: A commercial property policy will only cover items at a specific business location, so what if your equipment and business materials travel from one place to another? This type of insurance covers things in transit or an instrument of transit or any equipment that is moveable.
  • Debris Removal Insurance: This section of property insurance covers the cost of removing debris after an accident or Act of God. While property insurance may cover the cost of repair, without this specific add-on to your policy, the cost to remove garbage and debris may fall on you as a business owner.

Buying Property Insurance

Once you’ve decided to invest in commercial property insurance, you’ll now need to decide what type of coverage is best suited for your business and make a list of assets you’d like to protect. After that, read our article on the steps needed to buy insurance. There are four quick steps to getting yourself secured with the right policy.

  1. Assess your risk and choose which insurance you need.
  2. Gather the necessary business information (in this case, you’ll need specific details about your commercial property including square footage).
  3. Comparison shop the costs. (You can use comparison sites like Coverwallet, Coverhound, and Insureon, or contact your local insurance provider to see what commercial plans are available.)
  4. Purchase your insurance!

Commercial property insurance is important to provide needed protection for your building and the assets inside your building. Whether it’s a fire or an unruly mob of people, if your property is damaged, don’t be left to pick up the pieces on your own. Find a policy that will give you peace-of-mind and adequate coverage to the things that matter most.

The post Everything You Need To Know About Small Business Property Insurance appeared first on Merchant Maverick.

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What Is Credit Card Tokenization?

Tokenizing Payments

While tokenization in the payment security space may be relatively new, evolving, and even somewhat complicated, the concept of substituting one bit of information for another to protect something is anything but new. Tokenizing protects sensitive or personal data by replacing it with a “token” — a code word, essentially, though that might be oversimplifying the matter. Because the token is a substitute for the actual data, it holds no value if intercepted by fraudsters. You would need a way to decode the token in order for it to have any value. 

In this post, we are going to focus on credit card tokenization, but you should also know that tokenizing other types of highly sensitive data like social security numbers and personal records may become commonplace across markets — and very soon.

But back to the payment industry. As of late, the idea of tokenization is typically linked to digital wallets like Apple Pay and Android Pay, and for good reason. But there are many implementations of tokenization technology including:

  • Card-on-file subscription billing
  • One-click checkouts on eCommerce sites
  • In-app payments
  • All NFC mobile wallets (contactless payments)

Whether you are a brick-and-mortar shop wanting to implement contactless payment options for your customers, you have an online shop, you use an app to support your business, or you have regulars you know and love, you could start taking advantage of credit card tokenization.

And if you’ve bought anything via those methods listed above (who hasn’t?) in the last couple of years, the chances pretty good that your data was tokenized. So what is tokenization?

Tokenization Defined

When we define tokenization, it’s worth mentioning that while the main crux of the matter is consistent, no one-size-fits-all definition is universally accepted among the big payment security organizations like PCI and EMV. However, here is a simplified version, as given by the PCI Council, that gets to the heart of the matter:

Tokenization is a process by which the Primary Account Number (PAN) is replaced with a surrogate value called a token.

When we look at the PAN, which is the actual account number on your credit card, remember that other sensitive pieces of data connect to it — including your personal information and expiration date of the card. When we tokenize, we place all of that information farther from merchants, cashiers, and other players in the payment process. And because the data is no longer recognizable in its token form, we protect it across the payment process. A token’s life can be for just one interaction to get coffee, or a store could tokenize payment data for a specific customer for a limited amount of time.

Also, notice in the definition I shared in bold above, that there is no defined “how,” because it depends on how you implement the tokenization process and what application your business needs. Here are a few examples to help shed some light on how sensitive data gets tokenized.

How The Account Number Gets Tokenized

There are two ways to tokenize data: partial or total. They each have their advantages but may not be right for all situations.

First up, let’s talk about partial tokenization. In some cases, the middle six digits of a customer’s credit card get replaced with a token. The first group of numbers doesn’t get tokenized so that the processor knows what type of card they are dealing with (Visa and MasterCard have unique identifying numbers). Additionally, the last four digits of the PAN also remain intact for customer reference. This type of partialized tokenization is also backward compatible, meaning the token has the same amount of numbers as the real PAN. It “looks like a real card and acts like a real card” when a merchant enters it into their own POS system. If a merchant wants to tokenize data and keep their legacy system, this is one way to do it.

The other way to tokenize the PAN is to completely randomize all of the numbers. All of this is done by a third-party, and may include vault storage to keep the payment card data. In either case, the same general thing happens in a sale; the tokenized number is de-tokenized and matched with the real card data. More on that below.

What Happens During A Tokenized Sale?

When it comes time to process a payment, whether that is through an eCommerce site, an app, or a mobile wallet, the payment processing steps are generally similar. Here is a simplified process for your perusal below.

  1. The customer initiates payment for a product or service.
  2. Next, the merchant sends the token to the acquirer.
  3. Acquirer routes the token to Visa’s network.
  4. Visa sends a token to the card issuer.
  5. Issuer returns token and authorization.
  6. Viola! A sale is complete.

Check out the screenshot below for a visual example of tokenization, courtesy of Visa’s Infographic, How Tokens Are Used.

Tokenization

As we’ve discussed, tokenization relies on a completely random, traceless value as the surrogate. This process is unlike encryption which relies on a mathematical algorithm. Let’s take a look at how tokenization and encryption compare.

Tokenization vs. Encryption

Tokenization and encryption are similar in that the data is “hidden” from would-be interceptors, but the process of each is totally different. In tokenization, the customer data gets replaced with a token — a completely random number. In tokenization, typically a vault stores all of the actual data on a “table.” After de-tokenization, this random string of digits (sometimes alphanumeric) are matched up with the real account. The main takeaway here is that the token gets passed to the merchant and eventually back to the table, without exposing the real payment card information to the merchant.

With encryption, the payment card information runs through an algorithm, a mathematical process, to transform the original data into something indecipherable until unlocked with the “key” during processing. Since the process isn’t randomized, the algorithm is somewhat vulnerable to hackers trying to crack the code.

In short, encryption is mathematically reversible, and tokenization is not. Additionally, encryption is not a complete, end-to-end security method, like tokenization. Payment processing costs can be a bit higher with encryption as it requires more computational power (e.g., rotation of “keys”) than tokenization throughout the payment processing cycle.

Considering The Pros & Cons

While tokenization can be cheaper to implement per transaction than encryption, and it isn’t mathematically reversible, there are some issues to consider. Because vaulted tokenization requires central management, there is a lot of pressure to maintain a wholly secured vault (however, sometimes the issuer (e.g., Visa) hosts the vault, too).

Additionally, tokenization does significantly reduce PCI scope for merchants, meaning there is less pressure on the merchant for payment security overall. That means less work for you to do in order to remain PCI compliant. While encryption is a generally accepted security measure, it does not do anything to reduce your PCI scope or lessen the work you must do to stay PCI compliant. 

However, tokenization is still a relatively young whippersnapper in the world of payment security. Encryption has been around for a while, and consumers regard it well. But tokenization has become more attractive to those who understand that the payment security industry must stay a step ahead.

Tokenization’s Protective Role In Payment Processing

Tokenization Vault Security

There are a few ways that tokenization protects information during payment processing. As mentioned before, customer data is made useless to a would-be interceptor because it’s no longer the actual information; it is a token that substitutes the actual data. The other way that tokenization protects data is that in the case of digital wallets, the credit card number isn’t stored on the customer’s device, either. That means thieves can’t retrieve credit card numbers from a phone, tablet, watch, or connected device when a customer and a merchant utilizes a digital wallet.

As the payment security industry evolves, we’ll continue to move further away from sharing a physical card and any identifying information that comes with it. Tokenization successfully separates our sensitive data from the transaction by taking the physical card out of the equation entirely, and it does this by tokenizing parts or all of the credit card number.

Because tokenization also removes the merchant from the equation when it comes to transmitting highly sensitive data, it also significantly reduces a merchant’s risk to fraud — from both internal and external threats. That being said, there are some things to consider depending on how you implement tokenization.

How Can Merchants Adopt Tokenization?

There are several ways that you can adopt tokenization into payment processing for your physical, eCommerce shop, or your mobile app! The simplest way for the brick-and-mortar shop to tokenize payments is to get a contactless, NFC-capable reader. Mobile wallets already tokenize the data so as long as you can accept payments from these mobile wallets without having to do anything yourself. As far as tokenizing other transactions, you can ask your existing payment processor about tokenization options for your POS. If you are an eCommerce shop or you have an app, MasterCard and Visa both offer solutions, too.

Mastercard offers a free, optional service called Digital Secure Remote Payment (DSRP), and all you need to do is contact your acquirer to see if they support DSRP, and then integrate the mobile app with the digital wallet partner. You can also look into the Visa Developer Platform — a program offered by Visa where their team works with you to create your mobile payment application with Visa Token Service SDK.  

Sometimes, there is more to the whole tokenization shift than patch-on solutions, however. If your business has a tremendous legacy system with other data to consider, a more complex, third-party solution may be necessary. While we won’t get into all the nitty gritty in this post, here are a few things to consider below.

Companies Specializing In Tokenization

If you inherently deal with sensitive information as a part of your business model and you need to create a custom solution, you will need to find a PCI compliant company with a trustworthy, highly secure tokenization method and vault. Here are some things to ask:

  • How are tokens randomized? How protected is the “key” that de-tokenizes?
  • Is a reversible algorithm used? If so, how protected is that software?
  • And ultimately, how protected is the table holding the data and the vault protecting it?

While it becomes a bit more tricky to ensure that all of the right security measures are in place, tokenization can still reduce your risk as a merchant and help protect data from a breach. However, you’ll need to ensure due diligence when it comes to new or legacy systems. The PCI Council says it best in the PCI DSS Tokenization Guidelines Document:

Tokenization solutions can vary greatly across different implementations, including differences in deployment models, tokenization and de-tokenization methods, technologies, and processes. Merchants considering the use of tokenization should perform a thorough evaluation and risk analysis to identify and document the unique characteristics of their particular implementation, including all interactions with payment card data and the particular tokenization systems and processes.

Do You Need Tokenization To Process Credit Cards?

Keep in mind that at this point, there are no hard and fast rules as to exactly how to implement tokenization, so if you are a merchant, the ball is in your court to make the best decision for your business needs. That being said, tokenization can significantly reduce the merchant’s liability when it comes to payment security. And keep in mind: You don’t have to carry the burden of tokenization yourself. There are ways to utilize the expertise of other companies and hardware to get the job done. If your business is just looking to improve payment processing and you don’t need or want to store sensitive payment card or personal data, using the solutions discussed in this post provide a much simpler way to navigate tokenization.

While it’s not mandatory — and is undoubtedly flexible in implementation –, tokenization remains one of the fastest growing ways to keep data more secure and shift the risk of fraud away from the merchant while protecting the transaction from end to end.

The post What Is Credit Card Tokenization? appeared first on Merchant Maverick.

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Lowe’s Credit Cards VS Home Depot Credit Cards – Which Is Right For Your Business?

Lowe’s and Home Depot are two of the biggest home improvement juggernauts. Like many big box stores, they both offer an array of co-branded credit cards.

These cards give you rewards or pay lower interest rates when you buy at either store. This makes them appealing options if you frequent either Lowe’s or Home Depot. Should you have both stores nearby, selecting the right card could ultimately save your business a decent amount of money.

Ready to find out the best Lowe’s or Home Depot options for your business? Read through to find out!

Best Standard Credit Card: Lowe’s Business Rewards Card From American Express

Lowe’s Business Rewards Card from American Express



Compare

Annual Fee:


$0

 

Purchase APR:


17.99% – 26.99%, Variable

For businesses that shop frequently at either Lowe’s or Home Depot, but need a card that can be used elsewhere as well, there’s only one choice: Lowe’s Business Rewards Card From American Express. That’s because all of Home Depot’s cards can only be used in-store, and the rest of Lowe’s offerings can only be used in-store, too.

This Amex card features three points per dollar spent at restaurants and U.S.-based office supply stores, and on wireless telephone services purchased straight from U.S. service providers. You’ll then collect two points per dollar spent on Lowe’s purchases and one point per dollar on everything else. On top of those rewards, you’ll also get 5% off when buying at Lowe’s—effectively giving you 7% back when buying from the home improvement store.

Once you get your rewards, you’ll be able to redeem them for Lowe’s or American Express gift cards. Besides the base rewards scheme, this card lets you snag 5,000 bonus points after you spend $100 in your first 30 days.

You’ll also get access to standard credit card features. These include employee cards, an extended warranty of up to two years, purchase protection against theft and damage, and travel insurance. Additional bonuses include no annual fee, although there is a foreign transaction fee of 2.7%.

Best Store Card: Lowe’s Advantage Card

Lowe’s Advantage Card


Lowe’s Advantage Card
Compare

Annual Fee:


$0

 

Purchase APR:


26.99%, Variable

When it comes to a basic in-store card, Lowe’s takes the cake again. The Advantage Card nets you 5% off eligible Lowe’s purchases as its base rewards feature. This discount cannot be used in combination with coupons, price-matching, or various other discounts, including military and employee ones.

You can also opt out of the 5% discount and into two different special financing options. The first financing method scores you six months 0% APR on purchases above $299.

Lowe’s second option (called “project financing”) enables special financing on purchases above $2,000. Here’s its payment table:

  • 36 fixed monthly payments at 3.99% APR
  • 60 fixed monthly payments at 5.99% APR
  • 84 fixed monthly payments at 7.99% APR

If either financing option is selected, the 5% discount will be voided. With this in mind, the financing routes should only be used when necessary. Note that despite these special financing rates, the Advantage Card’s standard APR sits rather high.

Also, this is not marketed as a business-specific card; however, using a personal card for business can still be an excellent option.

Best Rewards Program: Lowe’s

Keeping with the theme, Lowe’s has the best overall rewards program. The reason for this is simple: every Lowe’s card features—at the bare minimum—5% off every purchase made with Lowe’s. Home Depot, meanwhile, either offers a convoluted gas discount with their Commercial Account Credit Card and Commercial Revolving Charge Card or no rewards at all.

Besides that 5% off, Lowe’s includes additional rewards with their American Express co-branded business card. This means that the Business Rewards Card can ultimately collect up to 7% cash back if you’re using it at Lowe’s. This rate is very impressive and is ultimately one of the best cash back rates across all credit cards.

Home Depot’s lone rewards program (bundled with the Commercial Account and Commercial Revolving cards) features a $0.10 per gallon savings when you fuel up at Shell and other select gas stations for every $100 purchased at Home Depot. Because you’re able to buy up to 20 gallons of gas with the savings in effect, you essentially get 2% cash back earmarked for gas.

Best For A Large Purchase: Home Depot Project Loan Card

Home Depot Project Loan Card


Home Depot Project Loan Card
Compare

Annual Fee:


$0

 

Purchase APR:


7.99%, Fixed

While Lowe’s leads the way in most categories, Home Depot still has one trick up its sleeve. That trick comes in the form of their Project Loan Card.

Aimed at those working on large projects, this card is technically a loan. You’ll be able to receive a loan between $2,500 and $55,000. It offers a fixed APR of 7.99%. You’ll have 84 months to pay off the loan and can pay in-full early without penalty.

Once approved for the Project Loan Card, you’ll have a six-month window to buy products or installation services. There are no annual fees included with this card. However, because it is ultimately a loan, you won’t score any rewards like you might with a regular credit card.

Best APR: Lowe’s Advantage Card

Lowe’s Advantage Card


Lowe’s Advantage Card
Compare

Annual Fee:


$0

 

Purchase APR:


26.99%, Variable

For the best APR, we come back to the Lowe’s Advantage Card. While its standard APR is higher than most cards, the special financing attached with this card sets it apart.

As mentioned earlier, you’re able to forgo the card’s 5% discount on Lowe’s purchases and instead choose one of two financing options. The initial option grants you six months 0% APR on purchases above $299.

For the second option, you can nab special financing on purchases at Lowe’s that are above $2,000. Its rates and time frames are as follows:

  • 36 fixed monthly payments at 3.99% APR
  • 60 fixed monthly payments at 5.99% APR
  • 84 fixed monthly payments at 7.99% APR

Other cards may offer better standard interest rates. However—because of its pair of options—the Lowe’s Advantage Card makes a great tool for those making a large hardware purchase and needing to carry a balance.

Final Thoughts

All told, Lowe’s generally offers the better cards. Between higher reward rates and more appealing APRs, Lowe’s cards are simply more appetizing. However, Home Depot still has an excellent option if you need a larger loan for a project.

Didn’t find a card you’re looking for? Get a bigger picture on all of Lowe’s credit cards. Or take a peek at Home Depot’s offerings.

The post Lowe’s Credit Cards VS Home Depot Credit Cards – Which Is Right For Your Business? appeared first on Merchant Maverick.

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How to Accept Online Payments With Square

When you are ready to start selling online, Square (read our review) offers a wide variety of options depending on your skill level and needs. For example, if time is of the essence or you don’t want to fuss with code, build a free online store from Square’s templates and get up and running by the end of the day.

Already have a site? Choose a plugin integration from the Square Dashboard that solves your problem — without the need for code.

But those aren’t all of your options. If you do have developer expertise, you can build your checkout flow with Square Transactions API and start accepting all major credit cards with digital wallet support, too.  Square Checkout is yet another developer option that requires less coding with a pre-built payment form and digital wallet support.

In this post, we’ll explore each path so that you can get the facts and navigate to the choices right for you. Before you know it, you’ll have launched your own online store and can move on to more exciting business matters.

Note: If you’re also curious about in-store payments, check out our related post, How To Use Square To Accept Credit Cards In Person.

Webstore Integrations Developers

Build Your Webstore Quickly & Easily

Integrate With Popular eCommerce Software

Developer-Friendly Tools For Customization

Get Started

Get Started

Get Started

Highlights:

  • No coding required
  • Free personalized URL
  • Premade customizable themes
  • No hosting fees
  • Manage from your Dashboard
  • Mobile-ready storefront
  • Integrate with your in-person store

Integrate with:

  • WooCommerce
  • BigCommerce
  • Ecwid
  • 3dcart
  • OpenCart
  • Zen Cart
  • Weebly
  • WordPress.com
  • Wix
  • +More

Highlights:

  • API for custom solutions
  • In-person solutions
  • Online solutions
  • Card reader SDK
  • Customer management solutions
  • PCI and EMV compliance
  • End-to-end encryption
  • Dispute management
  • Fraud detection

Instant Account Setup

Fast Funding

No Monthly Fees

2.90% + $0.30 for online sales

Instant Account Setup

Fast Funding

No Monthly Fees

2.90% + $0.30 for online sales

Instant Account Setup

Fast Funding

No Monthly Fees

2.90% + $0.30 for online sales

How Much Does Square Charge For Online Payments?

The cost question can be a very loaded one when it comes to payment processing. The great news is that Square offers a transparent pricing model.

To process credit cards online with Square, you’ll pay 2.9% + $0.30 per transaction. The significant thing to note is that this flat fee encompasses much more than is typical with traditional merchant accounts. For instance, you don’t need to worry about a payment gateway (and the expenses that go with it) when you process through Square. Read on below to learn the differences between Square and a traditional merchant account — and why they matter.

Traditional Merchant Account Vs. Square

Square’s hardware and services encompass an end-to-end processing system that captures payment information and encrypts it through the payment chain with no need for a separate payment gateway.

What this means for you is cost-savings compared to a traditional merchant account. You won’t be paying initial set-up fees, PCI compliance fees, monthly account fees, batch fees, or higher rates for processing cards like American Express. Square also doesn’t assess any chargeback fees and offers merchants up to $250/month in chargeback protection. All of this is a pretty big deal because Square spares business owners from the laundry list of itemized charges that can come with traditional merchant accounts.

So if Square isn’t a traditional merchant account, what is it? Square is a third party processor. This means that instead of opening a merchant account directly, you are basically a sub-user on Square’s giant merchant account, along with all of Square’s other customers. Square acts as a payment processor and also assumes the financial risk associated with your business to do so. The whole premise behind Square is that it makes setting up a shop very easy for the busy entrepreneur. In fact, you can get an account set up and running to take payment the very same day. The Square sign-up process doesn’t even require a credit check!

While you don’t need to jump through a lot of hoops to open up an account with Square (as you would working directly with a bank), Square is more apt to terminate or put a hold on an account if certain red flags are raised. While the overwhelming majority of businesses will never have a problem with an account hold, it can be disconcerting if it happens to you. Check out our post How to Avoid Merchant Account Holds, Freezes, and Terminations to find out more. Again, most merchants will likely never have to face this issue, but it helps to cover your bases.

Now that we have covered Square Payments as a third party processor and the cost of processing, let’s dig into Square’s offerings when it comes to going live and selling online.

Option 1: Build A Free Square Online Store

Square Store Template

As I said in the introduction, you can get a free Square store up and running today with no technical expertise needed. This whole process is powered by Square Payments and Weebly (read our review). After creating a Square account, you can go back into your dashboard and select “Online Store” in the menu. Then, Square leads you through the process of selecting the categories that most closely apply to your business. You’ll get a suggested template, but you can choose a different one if you fancy another one better. You can also add your logo, choose from limited fonts, and have some color choices, but overall the design freedom here is limited to the template itself.

Again, for being free, there isn’t much to complain about. A Square store is the simplest solution to get your shop up and running. All you need to do is add your products — your eCommerce shop syncs with Square POS and all of the other Square software and tools. Your inventory automatically updates when you sell an item, too.

One potential drawback to the freemium option, however, is that you are bound to the Weebly logo in your domain name and the footer of your website, and your shipping options are minimal. The screenshot below shows the shipping options available when setting up the free Square store with Weebly. Note that you must upgrade your Weebly plan to calculate real-time shipping rates:

Square Free Store Shipping Setup

If you want a bit more customization and dynamic shipping calculations (among other upgrades), you can purchase a domain and upgrade to a professional or premium account through Weebly.

Square Online Store Upgrade Options

Square and Weebly

The free online store option, although robust in its own way, limits you a bit. As you can see from above, for example, if your company relies heavily on shipping items with large size or weight ranges, it may be worth it to you to go to the Premium eCommerce plan for the real-time shipping rate calculator and accurate rates for UPS, FedEx, or other third party carriers.

The free store also has a 500 MB storage space limit, which could limit the number of photos on your site. The paid tiers give you a considerable upgrade with unlimited space, along with website analytics and insights.

As far as accepting payment goes, you can accept all major credit cards. Digital wallets like Apple Pay are not supported at this time, but I suspect they will be soon. For more about the pros and cons of this solution, check out our Square Online Store and eCommerce Review.

Option 2: Connect Square To An eCommerce Platform

Square eCommerce Apps

Whether you already have your site up and running or you are building your site from the ground up (or somewhere in between), you can probably find what you need in the Square App Marketplace. Square integrates with many eCommerce platforms, including:

  • 3dcart (read our review)
  • Wix (read our review)
  • BigCommerce (read our review)
  • WooCommerce (read our review)
  • Ecwid (read our review)

And of course — let’s not forget that Square also integrates with Weebly, as well as WordPress and WP EasyCart.

On the topic of app integrations and Square, it’s worth noting that Square can easily integrate with a range of different types of apps that you can shop for right from your dashboard. You can find everything from accounting to invoicing, employee management, loyalty and rewards, and marketing, to name a few. Pricing depends entirely on the apps themselves, but the Square App Marketplace is set up to compare costs easily.

All of Square’s basic eCommerce features integrate with these apps, so you’ll be able to enjoy the same payment processing rates, security protection, and inventory updates as you sell. Of course, each app platform has specific features and benefits, so the finished product (and look) varies depending on the integrated solution you choose. Check out The Best eCommerce Integrations That Work With Square Payments for our top picks!

Option 3: Build Your Own Checkout With Square APIs

If you already have your own site and you have developer expertise, then you have two more options thanks to Square API: Square Checkout and Transactions API. The most significant difference between the two is that Square Checkout is much closer to an out-of-the-box solution. With Square Checkout, Square is actually hosting the payment form, and the UI is already done for you. If you want more freedom in the checkout and payment UI and you want to host the payment form on your site with customized branding, you can opt for Square Transactions API.

Here is a handy side-by-side comparison chart to give you an overview of what you can expect with each solution. Note: All Square APIs and SDKs are free to use. As always, you pay only the payment processing fees.

Square Checkout Feature Square Transactions API
Yes Requires Developer Support Yes
No Can Customize Yes
Yes Square Hosted No (You host)
Yes Store Customer Data Yes (With integration)
No Card on File & Recurring Payments Yes (With integration)
Yes (Customer data
& itemization)
Detailed Dashboard Reports No (Transaction
amount only)
Recommended,
not required
SSL Needed Yes, with
separate integration
Yes Eligible for Chargeback Protection Yes (with conditions)
Yes Data Encryption Yes
Yes PCI Compliance Included Yes
Yes Itemization Yes, with Orders API
No Dynamic Shipping Calculations No
Yes Accept Google Pay Yes
Yes Accept Apple Pay Yes
No Accept MasterPass Yes
Yes Accept All Major Credit Cards Yes
Yes Inventory Syncing Yes, with Inventory API

The choice between Square API and Transactions API largely depends on your particular needs and what you find most important in the customer journey.

Other Ways To Accept Online Payments With Square

Square Developer In-App

Though we have explored several options in Square payments, there are yet a few more to keep in mind. Before we go on, it’s worth mentioning that you can’t add an embeddable “Buy Now” button to any site like you can with PayPal or even Shopify. However, there are still ways to take payments online — even without a website! Let’s check out the last two ways you can take payments via Square from your customer online — through invoices and in-app payments.

Invoices

Square Invoices

You don’t need an online store to send and collect payment from your customers if you use invoices. Square allows you to send one-off invoices for single orders, or to set up recurring invoices for subscriptions or even installments. It’s easy to track the status of invoices and follow up right from your Square Dashboard, too. Want more info on invoices? Check out How To Use Square Invoices To Ensure You Get Paid On Time so you can leverage this option for your business.

In-App Payments

With all the cash being exchanged through in-app purchases, it was only a matter of time before Square decided to join the party. That’s right; now Square offers in-app payment support with a few lines of code! You can update elements to match your app’s style and have the freedom to customize the look and feel however you want. It’s all in Square’s Transaction APIs and completely free for you to use with your Square account.

Is Square Online Payments Right For You?

Square offers solutions for both the tech-savvy and those who want something ready to run out of the box. With that being said, the more appropriate question is, “Which of Square Online Payment solutions are right for you?” And that answer comes down to your needs. From a quick-to-set up Square Store to Transaction APIs that are customizable and free to us, or plug-ins apps that add eCommerce to your existing site, there are many solutions to choose.

Keep in mind that you can add or subtract Square’s services and other integrations to scale up or down with you as needed, so you don’t have to make a final decision today. Setting up a Square account is the first step to get the ball rolling and see the options along the way. With no sign-up fees, binding contracts, or credit checks, Square is one of the least intimating companies to deal with if you are just checking things out.

The post How to Accept Online Payments With Square appeared first on Merchant Maverick.

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