Merchant Services and Bank Accounts

Last year we changed our business entity and in January when we met with our business banker Ken, he informed us that we needed to get a new bank account. Being that he’s our business banker, and we tend to listen to everything he tells us, we followed through. That night, while laying in bed, I realized that I now had to change everything attached to that old bank account. Needless to say, I didn’t sleep that night.

Now as a business owner, this really shouldn’t have really peeved me for anything other than the inconvenience of updating everything, but then I sat there and thought about it. This change affects my bank account, which in turn affects my Merchant Services, which in turn affects how our clients pay us, which affects my business’s money, and as all business owners, affecting our business’s money is just a major headache.

Well, the headache only got worse! We use Chase PaymentTech to accept credit card payments. It’s wonderful because it’s tied to our bank account. However, it was tied to the old one, so Ken, our lovely business banker called them up with me one day and we had that updated. I figured life was good, I don’t have to worry about getting our money anymore and let’s just go make sure everyone else gets paid with the correct debit card, but no, I was wrong.

300px American Express logo.svg Merchant Services and Bank Accounts

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Apparently being able to accept American Express is even more of a pain then I thought. Granted, I love AmEx, the rewards are wonderful and I understand why lots of our clients like to pay with them. However, when I logged into our bank a week or two later, I noticed a discrepancy with our balances in the bank in comparison with our online billing manager. Needless to say, I had a heart attack at the state of our finances. I started freaking out wondering why some money seemed to be missing.

This is where I call Ken and proceed to have a heart attack over the phone with him. He checks everywhere and finds that the money was being deposited to our old bank account and I’m relieved because the money did not just decide to vanish into thin air (always a good thing!). We look into it further and realize all the American Express deposits go there and this is where I realize that apparently we (Ken, Payment Tech support guy, and I) overlooked when updating our bank accounts.

So I call up Payment Tech again and they tell me that I actually need to call American Express. I call them, and one guy tells me that I have to open a new account and he’ll start the paperwork and to wait for them to send me a confirmation in three days. I wait a week, and nothing. So I call American Express again and this time a lady tells me that I just need to give a new number to Payment Tech. I write down the number, call Payment Tech, give them new number and things seems all dandy.

Two weeks later, I log into my bank accounts and am confused. Apparently the numbers looked good but they still seemed off. Went to our old account and saw that it had more money in it than it should and see deposits from American Express. Well, clearly my triumph was short-lived and now I’m in the process of fixing this. Yay me.

The lesson of the story is, American Express is awesome for various reasons, but when wanting to change bank accounts, not so much. Changing bank accounts in general is fairly not awesome and I will refrain from doing so in the future.

Hope you learned from my experience. What are your experiences with changing Merchant Services and/or Bank Accounts?

 Merchant Services and Bank Accounts

My Favorite Product Pages and Why

As a business owner, and just as a general person in my 20′s, I rarely have time to go shopping for anything besides groceries. I haven’t gone window shopping in probably a year, and every gift I purchased last holiday season was purchased online. When I want something, or have the urge to burn a hole in my pocket, I scour the internet for my latest find.

productpages1 154x300 My Favorite Product Pages and WhySince I do all my shopping online, I see a plethora of stores. Working in e-commerce and also being a customer, I have really high demands on where I spend my money. On top of that, since I’m buying something I can’t phsyically access the item I tend to only shop from stores that understand my dilemma. Here are a few example sites that do their products justice, and in turn, earn my hard earned money.

Torrid – Product Video.I have wide calves and I can go on end about this issue with you for a length of time, but I’ll try and ignore my personal dillema and explain why I love buying shoes from this company. Not only do they give me multiple angle shots of the shoes I’m interested in, but they also allow you to watch a video of the shoes on an actual person! I don’t have to consider how they’ll look on my own feet because they’re kind of enough to show me what they look on.

UrbanOG – Proper MeasurementsWhile trying to find the elusive boots that will fit my horrid calves, measurements are very very important! When shopping online, I don’t want to purchase something, wait a week to recieve the package, only to find out that it doesn’t fit me! Then I have to ship it back and wait for my refund. such a waste of time on everyone’s parts. A lot of websites just give basic sizes, but if you can be as specific as possible, you’ll save everyone from a headache. Give examples of what a medium size truly is. When selling boots, include the opening circumference. This will just make everyone a happy panda. productpages2 My Favorite Product Pages and Why

Zappos – Returns PolicyBecause I shop online, and again, I can’t try on what I’m buying, it’s very important for me to ensure that I like the company’s return policy. If I can’t return the items that clearly don’t fit me, I immediately leave and forget the website ever existed. Zappos has the best returns policy out there with a 365 day return policy and free return shipping! And then its only 72 hours before I get my money back.

So as a store owner, what other ways can you ensure that your shoppers are happy and want to buy from you? What you sell does have merit to the buying process, and while the above is very pertinent when shopping for shoes, what you sell may need something else. Whatever you do though, just do what you can to make the shopping choice better. And if you have a suggestion for the boots that will fit my horrible calves, I’d be happy to hear it.