The Dangers of ‘Hottest Selling Product’ Lists

May 14th, 2013

fireYou’d think the ‘Hottest Selling’ products on the Internet would be a good place to make money, right? Not necessarily!

There are many places that publish lists of ‘The Hottest Selling Products on the Internet’. They range from the big Internet Marketplaces like Yahoo and eBay, to smaller companies that sell software and ECommerce tools related to online selling.

A ‘Hottest Selling Products’ list is a strange thing. It can be a good thing if used properly, but it can also be a bad thing if you’re not very careful.

You should approach these lists like you would approach a large, dangerous looking dog that you’ve never seen before. Do the right thing, and the dog just might sniff your hand and lie down at your feet. Make the wrong move, and you might end up missing a hand or a foot!

The good thing about a ‘Hottest Selling Products’ list, when it comes from a reliable source like eBay, for example, is that it gives you a good picture of what really is selling well on eBay over a reasonable period of time. That’s important information to have when you’re selling online, whether you use eBay or not.

There are two potentially bad things about it.

  1. The first potentially bad thing is that these lists are generated from very simple statistics. If a large number of a certain type of product is being advertised and/or sold in a certain marketplace, then that product gets on that marketplace’s ‘Hottest Selling Products’ list. The problem is that the ‘Hottest Selling Product’ list does not take profit margins into account!

A very good example of this situation is the Electronics market. Computers, DVD Players, Stereo equipment, etc. Electronics is, in my opinion, the absolute lousiest market to make money in on the Internet. For some reason that nobody really understands, almost everybody who first starts out in Internet Business wants to jump right in and start selling electronics! I’m not saying it can’t be done, but it is very difficult. That market became flooded with competition years ago, which caused everyone to undercut everyone else’s prices over and over again to stay in business, which left a very slim profit margin in Electronics that still prevails today. You have to really sell a lot of Electronics to make any real money, because the individual sale profits are so small.

Yet, Electronics are almost always at the TOP of all the ‘Hottest Selling Products’ lists! Why? Simply because so many people starting out in ECommerce are advertising them and trying to sell them!

  1. The second potentially bad thing is that when these lists are published by a large Internet Marketplace like Yahoo Store or eBay, everybody sees them! That can be a bad thing, even if the product in question is a NEW product that just made the top of the list!

Let’s say, for example, that a new blockbuster adventure movie comes out in the theaters. The super-spy star of the movie, Dash Rimrock, constantly uses a brand new kind of palm-sized computer/video phone throughout the movie to save himself and many beautiful women from all kinds of dastardly and dangerous bad guys. The product is called the ViddyPuter, made by a company called VidTechie, and it looks really cool. Now, this is a real product, and most people don’t realize that the manufacturer, VidTechie, paid the movie studio millions of dollars to feature that product in the movie constantly. It’s a promotional tool that offsets production costs for the movie studio, and works very well for manufacturer. That’s why you see all kinds of brand-name products prominently featured in movies; it’s a very expensive form of product commercial.

Suddenly this product becomes a market trend and everybody wants one, because everybody wants to be as cool as Dash Rimrock. That is exactly the result that VidTechie was hoping for when they paid the studio to feature the product in the movie. Pretty soon, the quickest of the market-savvy ECommerce Sellers are starting to sell the ViddyPuter on eBay. Before you know it, so many of them are out there that the ViddyPuter makes it to eBay’s ‘Hottest Selling Products’ list.

So, when you see the ViddyPuter suddenly appear on the ‘Hottest Selling Products’ list, should you immediately jump in, find a supplier for that product and try to sell it on eBay as well?

Probably not.

Why not? Because when the ViddyPuter hits that list, millions of people are going to see that at the same time you see it! Chances are that ViddyPuter market is very quickly going to become flooded with new Sellers, and then the price-slashing frenzy begins. Too much competition equals everybody trying to undercut everyone else’s prices, which equals the ViddyPuter’s profit margins bottoming out in a very short time after it hits the ‘Hot List’.

So, from a straightforward ‘What Should I Sell’ perspective, ‘Hottest Selling Products” lists are not a good place to draw your inspiration from.

However, there IS a way that you CAN make a ‘Hottest Selling Products’ list work for you, and the most successful sellers out there know what that is.

The way to make that list work for you, and make money on the ViddyPuter frenzy, is to attack the product’s Vertical Market. A Vertical Market is simply a group of products that are similar to, or closely associated with that product.

For example, instead of trying to sell just the ViddyPuter all by itself, like so many others will try to do, put together and sell a ‘Dash Rimrock Super Spy’ kit. Include the ViddyPuter, because that product is what will get your listings noticed on eBay or in the Search Engines. However, you sell the ViddyPuter at just about cost, and don’t expect to make money on it. The other products that you bundle into your Dash Rimrock Super Spy Kit are the ones you take your profit margin on. Your Kit could include a cool pair of compact Spy Binoculars, a Spy Pen that contains a portable computer hard drive (yes, they exist!), and a pair of Spy Sunglasses that have backward-looking mirrors built into the frame, so that the wearer can see behind them! The additional products in your Dash Rimrock Super Spy Kit are the ones you make money on, because when you add several products into a very unique bundled mix, no one can really compare your prices against other sellers’ prices. You can build decent profit margins into the other products. What you’re selling is completely unique, allows no opportunity for price-shopping, and is part of the Vertical Market of a very hot-selling product.

Instead of being just another one of the tens of thousands of people that are trying to eke out a small profit in the super-competitive ViddyPuter frenzy created by the ‘Hottest Selling Products’ list, you become someone who really does make a good profit selling a unique ‘bundled’ set of products in a very hot Vertical Market.

Sales, whether on the Internet or in a store in your local mall, is a creative art, folks. It’s not just a case of ‘Here it is, buy it!’ You can apply the method above to just about any kind of product; you just have to avoid the Herd mentality, and think about it a little first. :o)

Internet Sales Tax and What it Means for your Business

May 7th, 2013

Considering The Tax ShelterSimple fact, people like shopping online. They like how they can quickly scan a store and see what they can buy, they like to search for products online, they like to comparison shop, they like not waiting in checkout lines and having the products delivered to their door.

Brick and Mortar Stores that do not have an online presence, complain about online stores because of sales tax reasons. As a brick and mortar store, you charge sales tax on ALL sales that are made, because the products are being sold in the state they are registered in. Online retailers, do not have to charge sales tax on products being sold in other states other than where they are located “physically”, and most of their sales and traffic probably come from different states. Hence, no taxes charged to the customer and no taxes collected and reported to the Government. But with the Senate recently approving the Marketplace Fairness Act, moving it one step closer to enactment, online shoppers will have to pay sales tax on the majority of online purchases.

The Marketplace Fairness Act would allow the states in the Continental US and DC (the states that currently charge sales tax) to require online retailers to collect tax on purchases.

But, and this is a BIG BUT! If you are a small online retailer, with no physical operation like a brick and mortar store or a warehouse, and less than 1 million dollars in sales a year, you DO NOT have to collect sales tax. This only applies to BIG retailers that make a lot of money every year online.

CNN reports that close to 30% of online shoppers surveyed by advisory firm AlixPartners recently said they would shop more at brick and mortar store if the tax became a reality. Nearly half, though, said that an Internet Sales Tax would have no effect on their online shopping habits.

As a small retailer, that offers products that big chain stores also sell online, you can target that 30% by touting NO INTERNET SALES TAX as a marketing angle to get more shoppers to your store!

So don’t be concerned about this new Act, use it to your advantage.

photo by: JD Hancock

What To Do If Your Dropshipper Stops Responding!

April 22nd, 2013

StopoverWhat should do if your Drop Shipper stops supplying your products, without warning, at ANY time of the year? Of course, when it happens during the Holidays, it’s worse, but no time is a good time for this to happen!

Sometimes, even the best of Drop Shippers will hiccup from time to time. This is a fairly normal thing, and a good Drop Shipper will get back on track quickly, making good on any problems they may have briefly caused you.

Other times, a Supplier will just quit talking to you altogether. Your orders will not be filled, your calls and emails won’t be answered, etc. When that happens, you’re stuck. If you have customers waiting for orders that they have already paid you for and they’re not showing up, you’re going to start hearing from those customers pretty quickly.

Remember that if you use GOOD Suppliers, this is EXTREMELY RARE. On the other hand, it happens fairly often with those drop ship middlemen you find all over the Search Engines. The moral of that story is that you need to start with good information to begin with, like the information we publish in our Directory at WorldwideBrands.com.

This is the real world. Unfortunate things happen whether we want them to or not. Rare as it is with GOOD Drop Ship Suppliers, something like this IS possible. Wholesale companies that drop ship are run by people, just like everything else. People experience unfortunate things. Buildings get damaged. Accountants run away with company funds and force a business to shut down. Again, however rare, this is the real world, and sometimes, “ship” doesn’t happen. :o)

If your Drop Shipper stops responding to you for some unknown reason, it’s your customers you have to answer to, and how you recover from this problem in your customers eyes is what matters.

So, let’s talk about what you should do if your Drop Shipper suddenly stops Drop Shipping, and you can’t reach them.

The first thing you’ll probably notice, if this happens, is that you’ll stop getting Shipping Confirmation and Tracking Number emails from the drop shipper. That’s usually the first thing you see after you place an order with a good Drop Shipper, and when they stop showing up within a reasonable time frame, it’s time to start asking questions immediately. Contact your Drop Shipper by email first, and ask them to confirm the order or orders they have not confirmed. If you don’t get an email within 24 hours, CALL them and ask the question. Yes, you should be able to call them. You should never work with a supplier that you don’t have a phone number for.

The second thing that will happen is that you’ll get an Email from a customer, asking where their product is. This takes a few days more, since the time between order and delivery is 3 to 7 days. By the time you get your first question or complaint from your Customers, you should already be aware that this situation is happening, because you should have realized that your confirmation or Tracking information did not come through.

Even if you have not heard back from your Drop Shipper by Email or phone yet, respond to the Customer IMMEDIATELY. Tell them that you are looking into the situation, and you’ll get back to them ASAP. Stay in touch OFTEN, even if it’s only to tell them that you are still investigating.

If you’ve been trying to reach your Drop Shipper by email and phone, and you have not been able to by the time your first couple of Customer complaints come in (about 5 business days), you could have a problem. This is the time to take stock of exactly how many products you sell from this Drop Shipper, and prepare to deactivate those products on your site or auctions for the time being. If your entire web site is made up of products from one Drop Shipper (which the majority of successful web sites are), or all your auctions are products from one Drop Shipper, then of course you have a bigger problem.

You should be continuing to trying to contact the Drop Shipper by phone and email, but don’t flood them with calls and emails. Once a day is reasonable for the first few days. Also, don’t leave nasty messages or send threatening emails. That is the mark of an amateur, not a business professional. There may very well be an excellent reason why you can’t contact them at that point. For example, here in Florida, over the early Fall months, we experienced no less than FOUR very damaging hurricanes in only about SIX WEEKS, one right after another! Thousands of businesses lost power and phone service, in some cases for WEEKS. There’s not much a Drop Shipper in Central Florida could have done in that situation. If a Drop Shipper here in Central Florida suddenly got their phones and power back, and got slammed by a series of nasty messages and threats from you, they would not be inclined to do much business with you in the future.

If it’s been more than five days without a response from this company, and nothing is being delivered to your Customers since you first were alerted to the problem, it’s time to stop putting your Customers’ orders through to the Drop Shipper. You can still take orders for a couple more days, but stop forwarding the orders to the Drop Shipper. Most Drop Shippers have automated systems whereby they charge your credit card when you order. The more orders you put through, the more it will cost you out of YOUR pocket to refund your Customers if the worst happens. You need to begin limiting your loss potential.

This is also the time to notify everyone who has recently ordered from you, starting with the first Customer who did not get their shipment, that your Supplier has a shipping problem, and it may take some additional time to deliver their order.  Remember, this is about how YOUR business looks to your Customers. At this point you HAVE to notify them whether you like it or not, if you’re going to RECOVER from this situation well. If it’s during the “off season”, most people will be reasonable and will be willing to wait. If it’s during the Holiday Season, that’ll be a little different!

If you end up going ten business days without response from your supplier, or after December 10th if it’s during the Holiday Season, it’s time to pull the plug. You’re going to need to stop selling the products from this Drop Shipper, and refund your Customers who have ordered and not received product.

Now, as much as you don’t want to stop selling products, especially during the Holidays, you will be unhappy about refunding your Customers as well. Why? Because there will be orders that you have ALREADY PAID the Drop Shipper for, in most cases. That means that you’ll be refunding your Customers out of your OWN money for those orders. Aside from keeping your Customers happy, that’s why you have to stay on top of this situation. The more products you’ve ordered from the Drop Shipper already, the more money you’re out temporarily when you begin issuing refunds. (Yes, I said temporarily; we’ll get to that in a minute).

When you do announce to your Customers that you can’t deliver the product, and are refunding them, you need to do it carefully, remembering the following points:

1. Yes, this is the Drop Shipper’s fault, but don’t go out of your way to place blame on them. You can certainly tell your Customer that your Supplier had an unexpected problem, and you can’t deliver the product. DON’T go off on a rampage and say bad things about the Supplier, though! Your Customers will respect you a LOT more if YOU shoulder the responsibility for the situation. Apologize for the problem, and tell them that you will promptly refund them.

2. You may get a few nasty emails back from some customers. DON’T take the bait! People who write nasty emails usually do it all the time, and you need to be the bigger person by not responding the same way.

3. Here’s the REALLY IMPORTANT one. FIND another online location (usually the online presence for a large “bricks and mortar” retail chain) that carries the products, and tell your Customers to go THERE to get them. The “bricks and mortar” stores will usually have a bunch of those products in their own warehouse, and will be able to fill the order. THIS is the thing that will gain you the respect and gratitude of your Customer. Down the road, when the situation is resolved, they WILL remember. Sure, some of them might not come back, but some WILL. I can guarantee you that, having been through this kind of situation myself.

Okay, now that you’ve refunded your Customers and stopped selling the products, keep trying to contact the Drop Shipper. If you get to a point where it’s obvious that they simply are not going to respond, send them a regretful email (not a nasty one!) telling them that because of their lack of service, you are forced to stop selling their products. Give them a list of the Order Numbers that you had to refund out of your pocket, and request an immediate refund for them.

If you get no action on the refunds, it’s time to contact your Credit Card company. Tell them what happened, and let them know you wish to file “Chargebacks” on all the orders not delivered.

A “Chargeback” is where YOUR credit card company will take your money back from the Drop Shipper’s MERCHANT BANK, whether the Drop Shipper has the money or not. Then the Drop Shipper’s Merchant Bank will have to chase the Drop Shipper for the money. YOU get your money BACK. In most cases, you can file a Chargeback with your card company at anytime up to six months of any purchase, and get your money back.

Yes, this is a lousy situation to be in, and yes, it will cost you some business. If you’re careful, though, you will not be “out of pocket” for any money, and you’ll retain the respect of your customers. Even if you have to completely change product lines to work with a new Drop Shipper, you’ll still have your Customer list, and you’ll still have the respect of the people on it. You’ll still be in business.

This situation is not limited to Drop Shippers; sometimes Bulk Suppliers can default on a shipment too, and leave you out of luck if you’re playing the “just in time inventory game”.

Once again, let me tell you that this is RARE. I’ve only seen it happen three times in all the years I’ve dealt with tens of thousands of Internet Sellers, and thousands of wholesale companies.

It is, however, something to keep in the back of your mind, and hopefully reading this article will help you remember to watch your Supplier’s shipping emails fairly closely. :o)

photo by: Nicholas_T

Over 14 Million Products to Choose From at WorldwideBrands.com!

April 9th, 2013

14 million products to sellVariety of the spice of life! This cliché is so true when you are trying to select the right products to sell online. You need a place where you can see millions of different products from genuine wholesale suppliers so you can decide what you want to sell.

Where can you find this kind of resource? Here at WorldwideBrands.com of course!

We currently list over 8,000 wholesale suppliers that offer more than 14 MILLION products! These listed suppliers will either dropship, light bulk wholesale, large volume or liquidate the products. We add new suppliers, brands and/or products every business day. This gives our members a large variety of products to choose from to sell in their online stores, auctions, brick and mortar stores, flea markets and wherever else they decide to sell.

Our members can also be assured that we verify the legitimacy of each of the suppliers that we list. So when you contact one of our listed suppliers to setup an account, don’t have any worries about the genuineness of the supplier! We take each supplier through an extensive verification process, sometimes even asking for pictures! We do this so our members don’t have to waste their time locating genuine companies to work with on their own. We’ve been doing this since 1999 and know what to look for and what to watch out for.

Each supplier that qualifies to become a listed company is deemed a WBI Certified® Wholesale Supplier. In the listings on each company, we post the contact information, where they ship, how they ship, payment methods and ordering information and any other pertinent information that our members needs to know up front. We also show 3 sample images and list the brands and product types available from the suppliers.

Check us out here! Worldwidebrands.com

Read what some of our members have to say on our Testimonial Page! http://www.worldwidebrands.com/wwb/test_customer.asp

The Importance of Trust for Online Retailers

April 4th, 2013

BBB Accredited Seal

For online store owners, you need your customers to trust you. The customer isn’t walking into your brick and mortar store, buying a product and taking it home with them. They need to trust that the item is as described and that they will receive the item after purchase.

This is why services like the Better Business Bureau (BBB) are important to online retailers. The BBB’s slogan is “Start with Trust” and their vision is, “An ethical marketplace where buyers and sellers can trust each other.”

The BBB sets standards for marketplace trust and encourages best practice by companies and will denounce bad marketplace behavior. They report on several things;

1. Company Information
This is where you learn about when a company started, what they are all about & contact information.

2. Performance
When a company gets a complaint filed to the BBB, the BBB will report what the issue was and if the company resolved the situation or not.

3. Rating
The BBB will assign ratings to companies, from A+ (highest) to F (lowest). These ratings are based on your history of complaints, how long you have been in business, type of business, background information and more. You can see how each item is graded and assigned points which make up the overall rating.

4. Accreditation
BBB Accreditation is an honor and not every company is eligible. Your business must meet the BBB’s high standards before you can be invited as an accredited business. Once you are accredited, that means that you have agreed to live up to the BBB’s Standards for Trust.

Once you are listed on the BBB’s site and you get your rating, you can then place a BBB seal on your website for customers to click on. This will take your customer to your BBB profile page where they can read more about your company.

With the high rate of scams and fraudulent activity online, customers like to see these types of accolades on your site so they can feel confident about shopping with you.

For more information about how to become a BBB Accredited Business, go HERE.

We here at WorldwideBrands.com just celebrated our 10 year anniversary for being a Better Business Bureau Accredited business. We are very proud of our A+ rating and we take all customer complaints very seriously, which is why the BBB is proud as well, to have us as an Accredited Member and gave us a shout out on Twitter!

You can check out our BBB profile here; http://www.bbb.org/central-florida/business-reviews/business-opportunity-companies/worldwide-brands-in-maitland-fl-24000594

WorldwideBrands.com – A New Search Feature Added in the WBI Certified® Directory!

March 12th, 2013
The WBI Certified Wholesaler Directory is the original source for dropshippers!

The WBI Certified Wholesaler Directory is the original source for dropshippers!

We DO listen to our Members and make changes to our online Directory when we can. Something that has been requested many times is the ability to search Dropship Suppliers and Light Bulk Wholesalers by category only. Seems like a simple request right?

Well, no, it’s not if you understand how coding works. 🙂

It takes time to implement any big changes in our Directory, and you have to find the right place to put something new. Especially if it didn’t originally fit into the original user interface.

But we have now added the ability to search by category only! For members, learn how to use this new feature by downloading and reading the Sourcing Tool Tips PDF located on the left under Quick Links in the Member Center. Not only does this PDF show you how to use the new category search feature, but you will learn a lot of other great tips to searching and using the Directory.

If you are not a member yet, read more about what you can get with a Worldwide Brands Membership HERE.

WorldwideBrands.com – Changes to the Market Research portion of the Directory of WBI Certified® Wholesalers!

February 7th, 2013
The WBI Certified Wholesaler Directory is the original source for dropshippers!

The WBI Certified Wholesaler Directory is the original source for dropshippers!

WorldwideBrands.com’s Directory of WBI Certified® Wholesalers just gets better and better all the time! We constantly make changes to our online Directory. We add new Certified Wholesale Suppliers, products and brands every day. We also continuously make updates to the already listed wholesale suppliers and drop shippers so the information will be up to date as humanly possible for our members.  We also are gathering data on our backend to make more improvements coming soon!

Recently we have made some updates to the Market Research portion of the Directory. We have now added Amazon to the competition section. So now our built-in Market Research program pulls competition numbers from the top three selling locations! Google, Amazon & eBay!

These competition numbers are highly important for deciding what to sell in which marketplace. If you sell on both eBay and Amazon, these numbers could help you decide where to place the product for sale.

Don’t forget the auction pricing and retail pricing tabs for the market research results as well! These two sections will show what the current prices are on eBay and Amazon so you can quickly and easily compare competitor retail prices.

If you are already a member, make sure to read the Sourcing Tool Tips PDF that is located in the Member Center on the left under Quick Links. This helpful PDF will give you some tips and tricks on how to use the Directory to its full potential. If you have any questions, please don’t hesitate to Contact Us!

Why Sell on Yahoo?

February 4th, 2013
Yahoo Store

Start a Yahoo Store today with this Yahoo discount!

We get the question,”Why should I sell my products on Yahoo?” So here are the top six reasons many of our members start and stay with Yahoo.

1. It’s Easy – If you can click a button that says, “Section;” you can add a new section to your store. If you can click a button that says, “Item;” you can add a new item to your store. Yes, it truly is that easy.

2. It’s SEO Friendly – Yahoo Stores are set up with CSS friendly design. That means that the back end code is nice and clean for the search engines to get to the most important stuff… your products.

3. It’s Secure – Yahoo has some of the most secure software available. Your customer’s information is also secure when you log into the administrative side of your website. Should a hacker get into your first password, they have to figure out a second password in order to view your customer’s credit card information. This helps you to be PCI complaint with your merchant account company!

4. It’s Informative – The Yahoo Store will show you where your visitors are coming from, what keywords got them to your website, and how many of them converted over into sales. This information is crucial when it comes to making the right decisions to increase your conversion rates.

5. It’s Inexpensive – For less than $40 a month, you can add up to 50,000 products to your store. Their transaction fees are cost effective.

6. It’s Scalable – Whether your business is large or small, the Yahoo Small Business platform is ready to take you to the next level.

As you can see, Yahoo Stores are awesome! If you are thinking about starting a Yahoo Store, don’t take my word for it. Give it a try yourself!

Merchant Processing 101

January 11th, 2013

Shopping CartShopping Carts, Gateways and Payment Processors
Years ago, an exchange of cash was all it took for a customer to buy from a merchant. How things have changed! Today, most businesses offer their products or services on the Internet and clearly, they can’t be restricted to cash-on-delivery practices anymore.

E-commerce has emerged as a lucrative channel for merchants to boost sales and grow their bottom lines. Many consumers have Internet access both at work and at home, and browsing an online catalog can be faster than browsing the aisles of a physical store and customers get the added convenience of shopping 24 hours a day, seven days a week.

Merchants should understand the value of operating in multiple channels. For those who haven’t yet incorporated e-commerce into their business but want to, there is much to learn. They must educate themselves on how payment processing works in order to best accommodate their online shoppers and serve the needs of their business. Though paying for an online purchase takes just a few seconds, it involves a complex chain reaction of behind-the-scenes processes.

Merchants can increase revenues and reach more customers by offering an efficient, successful e-commerce solution. This post examines what must be in place in order to complete a transaction that is both secure and offers superior customer service.

What Makes an E-Commerce Solution Possible? In addition to the range of software and hardware that companies use to support the sale of products and services online, there are three vital components that make online shopping possible: the shopping cart, payment gateway and payment processor. Each is critical to ensuring successful implementation of e-commerce functionality.

Shopping cart. The shopping cart acts quite literally as a virtual shopping basket. It holds the items customers select from a Web site until they are ready to proceed to the checkout stage, where their credit card information will be processed.
The shopping cart:
-Keeps track of items until they are purchased
-Automatically totals the amount of a customer’s order, including shipping and tax
-Allows shoppers to securely enter address and credit card information

Payment gateway. In order to accept credit cards through the Internet, a payment gateway is critical to transport the credit card information from the shopping cart to the payment processor once the consumer clicks the “Buy” button. In most cases, this transaction happens almost instantaneously. The payment gateway receives encrypted transactions from the merchant’s shopping cart. An encrypted transaction simply means that credit card numbers can’t be read by people who are not supposed to read those numbers. Authentication is then provided and the decrypted payment information is transmitted for authorization.
The payment gateway:
-Fulfills the same function as a point-of-sale (card swipe) terminal at a physical retail location
-Takes information provided through a shopping cart and transmits it electronically and securely to a payment processor to be routed for authorization of payment

Payment processor. The payment processor transmits a customer’s credit card information via the Internet to the merchant bank for authorization. It also sends data back to the merchant’s bank to approve payment or the transfer of funds.
Specifically, a payment processor:
-Acts as a link from the merchant to the acquiring bank or merchant bank
-Receives information from the merchant through the payment gateway and packages the information for delivery to the acquirer, ensuring that all necessary transactional data is present and valid
-Later transmits information back from the acquirer for delivery to the merchant to settle the transaction

With the shopping cart, payment gateway and payment processor in place, merchants have all they need to offer convenient e-commerce solutions that deliver superior security and service. With a little research and education, merchants can find the best providers to accommodate their business needs and those of their consumers. It just makes sense with online shopping projected to account for $963 billion dollars (according to Goldman Sachs) in  retail sales this year. E-commerce provides merchants an opportunity to make more money and succeed in an increasingly competitive marketplace.

photo by: Navicore

Is One of Your New Year Resolutions for 2013 “To be your own boss?”

December 11th, 2012

Happy New Year!It’s almost that time of year again! Creating a list of your New Year Resolutions for 2013! Are you one that creates your list but then forgets all about it? I do that too, but this year I am also resolving to get some of my resolutions off my list! 🙂

Some of the top New Year’s Resolutions every year are;

1. Spend more time with family and friends.
2. Learn something new.
3. Enjoy life more.
4. Make more money.

Did you know that you can accomplish all 4 of these with just one thing? An online business! Most people think that starting and running an online business is complicated. It can be, but with the proper education and starting it out right will save time and money in the long run.

Let’s start with the first resolution: Spend more time with family and friends. When you run your own business, you make your own hours. That means more time can be set aside to spend with your family and friends. Working from home will give you more freedom to do things with your kids that you normally woudn’t be able to do. When you are you own boss, you can do what you want as long as your business doesn’t suffer as a consequence.

The second resolution; Learning Something New. Learn how to start your online business the right way by downloading and reading our Free eBook. You can get that HERE. No strings attached!

The third resolution; Enjoy life more. When you are financially independent with your own business, you have the ability for more freedom in your life to enjoy things more. Always wanted to travel? You can still run your online business from anywhere as long as you have an internet connection.

The final resolution; Make more money.  Many of our members at WorldwideBrands.com sell online to supplement their income so they can make more money. They still work their regular jobs or go to school and run their online business in their spare time.  We have other members that have taken their online businesses to new heights and are now reaping millions in revenue a year. As long as you educate yourself, devote some time and money to your online business, you can succeed to.

So what are you waiting for? For your online business to be ready for NEXT year’s Christmas Selling Season, you need to get started now!

photo by: Sukanto Debnath