A Long Long Time Ago in a Far Away Land
I was looking back this morning. On this day in 2013, I was juggling just shy of 13 Million dollars in deals.
And then it really hit me. I don’t miss those days, the stress level was off the charts and every deal was mission critical….most of it US Military including a major US Air Force deal building Hush Houses in Aviano Italy and Nellis AFB in Vegas.
When I was just a young pup, I recall sitting at a morning coffee klatch with a bunch of much older business folks, thinking being in business for myself would be the adventure of a lifetime.
Fast forward 60 years and I realize, it really WAS the adventure I wanted, I just hadn’t realized how hard it would be along the way.
Today we see business coaches etc. In “my day” we had nothing except a mentor perhaps that for some reason, took an interest in you.
For me, it was partnerships and customers that were willing to share their stories and give advice. I’ll never forget any of them.
I also recall the fight to find ways to cut costs, find faster cash flow, etc. There were no such things as “next day” deposits etc. Checks took 5 to 10 days to clear and Credit Card payments took 3 days and we paid 4-5% just for the right to have access to the money that I had already earned.
Yesterday I talked to a customer that had been using World Pay as their processor. He told me he was paying 1.5%. I suggested a complete review of his statement and we found that even though he’d been promised that rate, he was paying just over 4.2%.
That’s a huge difference and we were able to finally get him to a rate that made sense.
It’s not always about the big deals you’re working, often it’s about the huge costs that you’re paying and aren’t even aware of.
When is the last time you really LOOKED and CHECKED your credit card processing statement? It’s probably been a while even though you “see it” every month.
Here’s the KEY.
Take the TOTAL PRICE that you paid for processing and divide it by the TOTAL AMOUNT you processed. That will give you the REAL percentage that you’re paying and it may well shock and surprise you.
Let’s look at an example:
You PAID $1,251 to process. You processed 25,000.00. Divide 1251 by 25,000 and you get .05004. That means you paid 5% that month. NOT a good number.
The NUMBER SHOULD be under 2% and if it’s not, send me a message and I’ll work with you to save that money.
That $1,251 SHOULD have been around $450.
AND….IF you’re in the RIGHT business, it easily COULD have been ZERO.
That’s what I do in my “old age” LOL. I foster businesses into creative ways to put MORE CASH in their pockets….and you pay me ZERO.
No Charge. No Contract. Just SOLD advice and REAL HELP and REAL CASH SAVINGS.
My best to each of you.
Jack
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