Gail Cavanaugh

While I was out prospecting yesterday, I came across a business owner who was proud of the fact that she had an ATM machine and not a credit card terminal. She preferred to make money when the customers used the machine rather than to incure a charge for accepting credit cards.
Her ATM machine happened to be located at the front of th store next to the door. But, is that a good place to have an ATM machine? Take a look at this video.

Business owners should carefully consider where they will install their ATM machine or whether they should bother to have one at all. These incidents are becoming increasingly common.

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Caculating Losses, by Lisa Solonynka, morguefile
Chapter 1
Making a Decision to Accept Credit Cards
Start-up business owners have to make many decisions about their cash flow and if they are not currently accepting credit cards, this may not be a priority when all seems to be running well. After all, people are coming into the store and paying in cash. Once in awhile, someone asks if you accept credit cards and the answer is “No.” If the customers really wants the product and has the cash, they just pay in cash.
However, if the person does not have the cash, the business owner loses out on a sale. But, this does not seem to matter, as most of the patrons come in with cash. The business owner may even direct the customer to the nearest ATM machine, at which time, the customer returns with the cash and pays for the merchandise.
Money in the Competitor’s Pocket
But, what is really happening here? When the owner directs the customer to the nearest ATM machine, he pays for the use of the machine and the owner of the other business receives a fee for the transaction.
What about that customer who desperately needs or wants your product so badly and prefers to pay with a credit card? He leaves and finds another business which sells the same product, but accepts credit cards. Because he has found the product and payment terms he wants, he opts to become a regular customer.
Let’s say you own a restaurant and the customer likes to go out to eat dinner with his wife once a week. Your average dinner is $15.00. That computes to a loss of $60.00 a month or $720.00 per year. This does not seem to be much of a loss for your company on a yearly basis, but what if you turned down five customers per day and they all found another restaurant as the first customer did?
Calculating the Loss

You are open six days per week, so you turn down 30 customers per week. That’s 120 customers per month at $15.00 each which computes to $180 per month. At this rate

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Caculating Losses, by Lisa Solonynka, morguefile
Chapter 1
Making a Decision to Accept Credit Cards
Start-up business owners have to make many decisions about their cash flow and if they are not currently accepting credit cards, this may not be a priority when all seems to be running well. After all, people are coming into the store and paying in cash. Once in awhile, someone asks if you accept credit cards and the answer is “No.” If the customers really wants the product and has the cash, they just pay in cash.
However, if the person does not have the cash, the business owner loses out on a sale. But, this does not seem to matter, as most of the patrons come in with cash. The business owner may even direct the customer to the nearest ATM machine, at which time, the customer returns with the cash and pays for the merchandise.
Money in the Competitor’s Pocket
But, what is really happening here? When the owner directs the customer to the nearest ATM machine, he pays for the use of the machine and the owner of the other business receives a fee for the transaction.
What about that customer who desperately needs or wants your product so badly and prefers to pay with a credit card? He leaves and finds another business which sells the same product, but accepts credit cards. Because he has found the product and payment terms he wants, he opts to become a regular customer.
Let’s say you own a restaurant and the customer likes to go out to eat dinner with his wife once a week. Your average dinner is $15.00. That computes to a loss of $60.00 a month or $720.00 per year. This does not seem to be much of a loss for your company on a yearly basis, but what if you turned down five customers per day and they all found another restaurant as the first customer did?
Calculating the Loss

You are open six days per week, so you turn down 30 customers per week. That’s 120 customers per month at $15.00 each which computes to $180 per month. At this rate

This is an excellent video and because of the simplicity, I have included it on my website, http://www.freewebs.com/gailcav for students.

Americans are faced with having to cut expenses at home as well as in their businesses. If people are living above their means, they need to discover ways of living on less money. The world’s millionaires live below their means and this is how they are able to accumulate so much money. If you are living below your means, you have more money to save.
When parents learn to master the art of living on a lower budget, then they can teach it to their children. When children learn this concept at an early age, then they will remember it at the time when they need this knowledge most. Managing the household budget well will help children to seek other ways of living below their means.

For example, instead of living in a house with a room which is not used very often, opt for a smaller house with rooms that will be lived in and utilized. The rent or mortgage will be lower. If a person is single, try living in a studio apartment even though you can afford a two or three bedroom house or apartment or room with a friend. The money you save on rent can be deposited into a savings account or invested wisely.
Instead of buying brand new clothing or vehicles, opt for well maintained second hand items. There are countless thrift and consignment shops available in your area. If you go to the shops in the affluent areas, you will find better quality clothing. If you already have your own vehicle, try car pooling with others in your neighborhood.
If you know how to sew, go back to making your own clothing with fabric purchased from fabric warehouses or outlets. Sometimes you can find fabric at thrift or antique shops at bargain prices. Visiting places like e-Bay or other places on the Internet will help you find other bargains as well.
Press Release: Gail Cavanaugh’s Business Solutions Informs Teens about Credit Cards
© Gail Cavanaugh and Cavanaugh Business Solutions Blog, 2008. Unauthorized use and/or duplication of this material without express and written permission from th