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Posts in July, 2008

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Review of Financial Statements

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There are several different tasks an accounting firm or auditor performs for a company. Typically, accounting firms or auditors review a company’s financial statements on an annual basis. If you are interested in buying a company, you should ensure that business for sale have at least some level of review on their financial statements. This will ensure that there are integrity in the financials for each company. The three types of review are as follows: Read more

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Professional Networking

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Networking is vital to grow small businesses. Typically, small business owners rely on their existing networks for initial customers. In addition, small business owners will try to quickly expand their networks in hopes of generating new customers.  While this push to increase business contacts is understandable, small business owners should be careful to not alienate contacts. Read more

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Document to Understand Credit Card Processing

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We recently ran across a document from the Philadelphia Federal Reserve, entitled “The Merchant-Acquiring Side of the Payment Card Industry: Structure, Operations and Challenges“.  One of the biggest problems that business owners have in negotiating and understanding thier credit card processing contracts is that they don’t understand the economics of the credit card processor (also known as the merchant acquirer).  This is a 29 page document that is relatively easy to read.  If you really want to understand how payment processing works, we highly recommend it.  For those who don’t want to invest the time to read the whole thing, here is a short summary of the most important points: Read more

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Merchants Protesting for Lower Interchange Rates

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Mitch Goldstone, the man behind the website waytoohigh.com, as well as the lead plaintiff in a class action lawsuit against visa, mastercard and their member banks over the setting of interchange rates, recently organized a protest in California around the high cost of credit card processing.  The particular cause for the protest was the amount of credit card processing fees charged for gas now that gas prices have grown so large. Read more

Quick Hits

How Utility Companies Can Save At Least 25% on Credit Card Processing

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FeeFighters recently spoke at a utility conference about how its participants can save money on credit card processing. After analyzing one of the participants’ credit card processing statements, we realized they could save 25% or about $30,000 annually on their credit card processing fees.

7 Steps To Zappos-Quality Customer Service

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By the time we talk to business owners, many have been burned by a credit card processor. They reach out because they have been lied to, promised lower rates, and altogether feel cheated.

FeeFighters Panel @SxSW

We had a great time submitting, organizing, and speaking on our panel on financial institutions and startups. Here are some photos from the event and a great summary from moderator Felix Salmon: