credit card statistics 2010
The Truth About Having A Credit Card Processing System For Your Business
It’s amazing how a lot of things have are no longer like what they used to be in the last two decades or so, with the introduction of the Internet. But unless we can keep pace with these changes, we will not be able to fully understand and experience their implications in our lives. If you own a small business, there is no doubt you are being challenged by the tough competition in every industry which prompts you to search for ways to at least ensure your business stays in operation. It might be impossible to compete with the large companies but if you can stay profitable, then your standing in the industry can be more stable. One of the most potent options to consider is to set up a credit card processing) system for your business. With the advancement in technology, the ability to accept credit card payments is no longer confined to large companies. Today, acquiring all the things necessary for the system to work is easy and affordable.
But what effect does this have on the way your business profits? For one, you are widening your market. According to 2010 statistics, there are about 173 million credit card holders in the US. In addition, there is approximately 2 trillion dollar worth of products and services obtained through the plastic money. Considering these figures, if you only accept cash right now, you are depriving your business of its potential for maximum profitability. Along with this system, you can also look into the possibility of a mobile credit card processing system, which can make your business earn more than what you had hoped it to be. It can give your business flexibility, allowing you to transact with customers even if you are outside your establishment. More so, if your business will have this payment option, your local store can have an extension online. Especially with the popularity of online shopping, you can expect a growth in your sales.
To begin working for the growth of your business, you have to be updated with the happenings around the consumer world. Have a working knowledge about the latest tools which you can use for your business to allow it to meet the requirements of your target customers. Again, you can take advantage of the Internet to gather any information as well as to supply you with products your business may need like the thermal printer. While a small time entrepreneur cannot really expect an exponential growth in sales the way big business owners do, this is not a reason to stay conservative with your business ideas. Keep in mind today’s world has overcome a lot of impossibilities. And you owe it to yourself to be more open to modernization so that your business can have a fair chance.
1Q10 CC Becker 69 sec.mpg
Should consumers borrow in 2010?
Let’s get some facts straight about our economy. It will cost the UK government 1.6 trillion pounds to pay off all our public debt and liabilities at a national level. Corporate borrowing is 2.5 trillion pounds which excludes the banks and personal debt: credit cards, overdrafts and mortgages are currently running at 1.8 trillion and rising. That’s over £300,000 of debt for every family in Britain.
Where do I get my figures from? The Office of National Statistics when compiled for overall totals.
Scary isn’t it and this time we don’t have North Sea oil to bail us out.
Yes I know the media and the politicians are talking up the economy. That’s their job! Your job is to safeguard your future as much as you can. Pay down your debts, avoid any new borrowing and try and build a financial cushion against future shocks because they’re coming.
We can’t keep printing money forever. Do you agree with this advice, what would you recommend?
Actually…if you do it correctly, you can keep borrowing forever.
Hopefully, you don’t mind me butting in — I am an American, but we have the same problem, so I hope I am not too terribly out of line.
In the big picture I am more-or-less on your side. I am financially conservative personally and professionally and I think my government should be too…but straight forward here is the debt, divide by the population, “this is what we owe” analysis misses some really important facts about different kinds of borrowing. In most respects, it is just plain wrong.
For example, do you think it is a bad idea for anyone to buy a house? Most people (in the US) do not. For generations, Americans have had one of the highest national home ownership rates in the world buy borrowing 200% to 300% of their annual income over 30 years to buy a home. For those people (like me) who did exactly what our parents and grandparents did, we have stable and affordable housing in difficult times as a direct result of massive borrowing (relative to income). (I am one of the 40% of US homeowners who owns my home outright, no mortgage now)
The use of debt for investment and income generating purposes is something that is entirely different than borrowing for consumption or wealth transfers. Such borrowing can go on for hundreds of years with comfort and ease. Massive companies like Walmart. Unilever, and Tesco have been doing it with billions for decades. Companies like Altria, GE, Royal Dutch Shell, British American Tobacco, & ATT have been doing it for 100 years or more.