Every Yahoo store requires a separate merchant account even if you operate more than one store with them. For identification and individuality purposes, it would not be possible to make use of the same merchant account if you are planning to open a second Yahoo store in addition to your starter merchant plan. Alternately, you can either apply for a new merchant account or upgrade your current Yahoo Merchant Solutions plan.
If you want to create another store with Yahoo either because you intend to offer new products and services or because your website’s traffic volume has increased to exceed your store’s capacity, you are required to open a new merchant account. This is because the features of Yahoo! Merchant Solutions are intended to benefit and apply to individual business needs, thus requiring a specific merchant ID (MID) and terminal ID (TID) per store, assigned by your merchant account provider. To address your concern, consider the following alternatives:
Apply for a new merchant account
If you have a new set of products or services to offer, then you really need to open a new store. Your option would be to apply for a new Yahoo store merchant account that is compatible with First Data Merchant Services (FDMS) Nashville Platform. FDMS is Yahoo’s payment gateway service provider. Aside from being a requisite, even if it would be possible to use only one merchant account for both stores, it would be logical to separate your funds with each other, since the nature and the needs of your new store would be different from your existing business. In this way, it would be easier for you to manage your funds especially when reconciling your sales and profits, as well as dealing with chargebacks or refunds to customers.
Upgrade your current Yahoo Merchant Solutions plan
If you are planning to open a second Yahoo store because the traffic in your website has increased or maybe you want to expand your business and add related products, but your store’s capacity is not able to handle your needs, then you can resort to upgrading your store. You do not have to create a new store and undergo all the hassles and incur all the additional expenses starting from business permits to new merchant account applications, new website, and other related operating costs. Considering you have a starter plan with Yahoo, you can upgrade to either standard or professional plan depending on the sales you expect to generate per month. Even if upgrading entails higher fixed monthly fees, per transaction fees are lower for these higher plans. More features are also included, which will allow you to save more in the long run.
What is important in decision-making is that you are able to see all the benefits and the costs that go hand in hand. Always remember that your aim is not only to increase your sales, but ultimately to gain more profits. You need to provide yourself with as much options available in order to come up with the best course of action that will help boost your business.
Wednesday, March 24, 2010
Adapting to Changing Business Landscape
Adapting to Changing Business Landscape
Business has changed during this economy. Money has gotten much tighter, both in people’s pockets and their credit lines. This affects your business in many different ways. First, you may have seen a drop-off in customers due to people being a lot more careful with their money. Next, you may have had trouble borrowing money for your business. Finally, you may be wondering how to generate more income in a tough economy.
Advertise More Not Less
The first problem can easily be resolved by doing some targeted advertising. Yes, this means you have to spend money. However, studies from the Great Depression showed that during times of poor economic activity, those that advertised more did better. Those that didn’t advertise created a self-fulfilling prophecy of low demand by failing to advertise when it was most critical.
Take Advantage of Alternate Funding Sources
Since credit is hard to locate, you will wan to take a look at different ways to fund your business. Merchant funding can be obtained for businesses that have a healthy history of credit card receivables. You may to need to purchase special equipment, but usually the application process is fairly easy. They don’t even require a good credit score to get you funded.
Generating More Income
You want to pay attention to what’s selling in this economy and how shifting demographics are changing your revenue structure. You may find people are buying for different reasons. You may find men aren’t buying as much as they are being laid off in greater numbers. You will have to customize your inventory and advertising to appeal to the demographic that is buying and the products they need most. You may even find you have to expand your services or move to a new location to get more business through the door.
Business has changed during this economy. Money has gotten much tighter, both in people’s pockets and their credit lines. This affects your business in many different ways. First, you may have seen a drop-off in customers due to people being a lot more careful with their money. Next, you may have had trouble borrowing money for your business. Finally, you may be wondering how to generate more income in a tough economy.
Advertise More Not Less
The first problem can easily be resolved by doing some targeted advertising. Yes, this means you have to spend money. However, studies from the Great Depression showed that during times of poor economic activity, those that advertised more did better. Those that didn’t advertise created a self-fulfilling prophecy of low demand by failing to advertise when it was most critical.
Take Advantage of Alternate Funding Sources
Since credit is hard to locate, you will wan to take a look at different ways to fund your business. Merchant funding can be obtained for businesses that have a healthy history of credit card receivables. You may to need to purchase special equipment, but usually the application process is fairly easy. They don’t even require a good credit score to get you funded.
Generating More Income
You want to pay attention to what’s selling in this economy and how shifting demographics are changing your revenue structure. You may find people are buying for different reasons. You may find men aren’t buying as much as they are being laid off in greater numbers. You will have to customize your inventory and advertising to appeal to the demographic that is buying and the products they need most. You may even find you have to expand your services or move to a new location to get more business through the door.
New home Sales Hit an All-time Low
Sales of new homes fell to their lowest point on record in February, underscoring the housing industry's struggle to rebound from the worst slump in decades. (March 24)
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