Have you ever considered that corporate strategy might apply to your own life? No? Well, think again. In this issue of the Pulse, we share a video from Harvard Business Review, in which expert Rainer Strack asks seven questions which can clarify what really matters to you and help you build your own life strategy.Â
The world of payment processing is incredibly complicated, with lots of different moving parts. Depending on how your business or organization operates, it only becomes increasingly complex. Payment integration is the process that simplifies all of that, ensuring a seamless experience across various systems, platforms, or applications. Â
In this article â part one of a two-part series on payment integration â we look at what payment integration is, and its benefits for both the merchant and consumer. Â
Integrated payments happen when a merchantâs payment processor is connected with their point-of-sale system (POS), e-commerce platforms, accounting software, or other business management tools, such as a CRM. This means customers can pay with credit, debit, Apple Pay, and more, without the need for manual processing, separate terminals, or when purchasing online, without leaving the platform or switching to another application or website. Â
Likewise, because it connects to other management software, integrated payments allow for the real-time monitoring of inventory and sales data. Â
Essentially, all payment integration processes should:Â
Integrated payments are commonly facilitated through Application Programming Interfaces (APIs) – protocols that allows different software applications to communicate with each other.Â
On top of the benefits to your own operations, customers expect ease and convenience when making payments. Not only that, they expect options. As much as 63% of retail customers prefer to use integrated payment options â such as Apple Pay, Google Pay, etc. â when making purchases. Your customers want online options, want to be able to pay from their phone, and donât want to have to enter their information every single time they shop with you. All these factors come down to payment integration. Â
Simply put, payment integrations save you time and money, which in turn, makes your business more profitable. It does this in the following ways:Â
Of course, there are alternatives. And for some businesses, these methods may work just fine and make sense for the kind of transactions they process. These include:Â
As your business grows, considering payment integration might be prudent for anticipating customer needs and making operations more seamless.Â
In the era of e-commerce and mobile payments, integrating your merchant services solutions is key to staying on top of business growth and meeting your customersâ needs. Â
In the final issue of our two-part series on payment integration, we take a look at payment integration connectors, and how they can save your business even more money on payment processing expenses. Â
A great personal goal for the year ahead is to prioritize maintaining your work-life balance. Most of us will likely admit that the âlifeâ part of the balance needs more prioritization because after working an 8-hour day and a full week of work, we are tired and struggle with prioritizing personal needs.Â
When the weekend rolls around, Business Insider reports, âmost people aren’t feeling refreshed or rested after their days off.â People often spend their spare time watching TV, scrolling social media, or relaxing at home, thinking it will help them decompress from responsibilities. As time-management coach Alexis Haselberger says, “it does [help] in the moment, but then it doesn’t. And then we’re scrambling to do all of the things.”Â
Haselberger reports, âa lot of her clients struggle with relaxation and putting work down.â But just like in our diets, to stay healthy and energized for the long haul, people need variety. We tend to fall into a trap of believing we can be productive all the time, however, that is hard, if not impossible, for many individuals to achieve.Â
As an Australian government blog healthdirect explains, âwork-life balance is about finding a way to manage the demands of your work or study with your personal life and the things that top you up.Â
A good work-life balance means you have harmony (most of the time) between the different aspects of your life. Outside of work you will have time to spend on other things, such as caring for yourself and your family, and leisure activities.âÂ
In a perfect world, we would all be able to handle the needs of our jobs, personal lives, and feel completely satisfied with our ability to fill our own cup. However, if youâre struggling to achieve that balance, some helpful strategies are practicing time management, setting boundaries, prioritizing relationships, focusing on personal health, and trying new things. Â
Laura Vanderkam, the author of 168 Hours: You Have More Time Than You Think, recommends planning your time by thinking about it in chunks: weekday evenings, weekends into segments for each morning, afternoon, and evening. Viewing your free time with this schedule can help you plan fulfilling moments into your downtime; such as a Friday evening with friends, a Saturday morning spent sleeping in, and chores on Saturday afternoon. Planning out your free time helps keep you from writing unrealistic to-do lists and winding up unsatisfied when you donât get âenoughâ done.Â
Learning to accept minor things like mess and unorganized workspaces at work and focus on giving yourself a break when you donât have the energy to cook from scratch or tidy your home leads to lower stress levels. Consciously managing our self-care efforts often leads to better outcomes at work too. If you can find a good balance between work and other demands, you are likely to be happier, more productive, take fewer sick days, and stay in your job for longer. It might take some time, but small daily or weekly habits can make a huge difference in the long run.Â
Work-life balance is quite difficult to perfect. Often one aspect of your life tips the balance of the scales. Active practice of prioritizing your well-being by taking time to do things you love and maintaining your physical health are top ways to help you prioritize the life part of your balance. Sadly, there is no quick-fix to achieving work-life balance and is a life-long exercise.Â
A lot of businesses and organizations have the luxury of shopping around when it comes to selecting an eSignature provider. However, depending on your region and industry, this isnât always the case. In this article, we look at those exceptions. Â
No matter what industry youâre working in, you must select an eSignature provider that complies with federal regulations. In the United States, that includes:Â
Businesses operating within the United States must also adhere to any state regulations that apply. Â
For organizations operating in Canada, on top of any provincial electronic commerce acts, these regulations include:Â
Due to the sensitive nature of some materials that might be dispersed via eSignature, some industries have specific provider requirements that limit an organizationâs ability to be selective about their vendor if they wish to remain compliant. Â
Some industries that often have specific regulations or standards governing the use of eSignature providers include:Â
Often, due to the nature of the work being done in these industries, businesses and organizations have stricter eSignature requirements. Weâre going to look at some of those requirements across a handful of these industries. Â
While there isnât a specific list of approved eSignature providers, North American healthcare providers must carefully evaluate potential solutions to ensure they meet the specific legal and regulatory requirements. These regulations are in place to ensure the security and privacy of patient information.Â
In the United States, the main regulation governing healthcare and eSignature is the Health Insurance Portability and Accountability Act (HIPAA) â which dictates the electronic transmission of healthcare information. Therefore, any healthcare practice or business dealing with healthcare information must ensure the eSignature provider they use is HIPAA compliant. Â
Some of those specifications include:Â
Likewise, across the continent, healthcare businesses must also ensure their provider adhere to high-security standards to protect against unauthorized access and data breaches.Â
eSignature is complicated in the finance world, with several laws providers must comply with, especially in the United States. On top of the overall federal regulations, financial institutions and businesses must ensure their solutions are compliant with the following:Â
Regardless of your location, it is critically important for financial institutions and businesses to ensure their eSignature provider maintain incredibly high high-security standards to protect against fraud, unauthorized access, and data breaches. Likewise, they must offer robust compliance documentation and audit trails to demonstrate adherence to regulatory requirements. Many organizations will also require seamless integration with existing systems, such as CRMs, as well as compliance with international eSignature requirements, if they do any global transactions. Â
Because of the cross-industry nature of the insurance world, insurance companies often face significant limitations or requirements when choosing eSignature providers. They may be required to comply with healthcare regulations, financial regulations, or more, depending on the products they sell. Â
When choosing an eSignature solution for an insurance business, itâs crucial to not only understand the regulations within your industry, but also governing any adjacent industries as well. Â
Like healthcare, legal practices deal with strictly confidential information every day. Therefore, security standards are especially important. Â
While eSignatures are generally accepted in legal contexts, the requirements can vary based on jurisdiction. For example, certain types of documents like wills, family law documents, or court orders may have specific requirements that not all eSignature providers can fulfill.Â
Itâs not necessarily that thereâs a law out there impeding competition or saying businesses must use âxâ eSignature provider or else. Rather, you might find youâre limited as to which providers meet the requirements for your sector. Your organization may not have the same opportunity to shop around as others in different industries. Â
With fewer options, it may seem like you have less control over your eSignature plan. However, there are still ways to ensure youâre not overspending. A comprehensive audit of your eSignature needs, monthly or quarterly spend, envelope capacity, and more is an important part of optimizing your expenses. Â
Different industries that deal in confidential and sensitive information have stricter eSignature requirements and may find they have less freedom when choosing a provider. However, this doesnât mean they have to accept overspending. Â
In making its annual predictions for the upcoming year, Gartner projected that a âperceived decay in the quality of social media platforms will drive 50% of consumers to abandon or significantly limit their interactions with social media by 2025.â With users experiencing significant frustrations with platforms like X â formerly Twitter â over the past year, this prediction doesnât seem to be totally out of left field.Â
In this issue of the Pulse, we take a look at the likelihood that social media is headed for a slump. Â
Gartner conducted a survey of 263 consumers âbetween July and August of 2023 found 53% of consumers believe the current state of social media has decayed compared to either the prior year or to five years ago.âÂ
The top reasons cited for this perceived drop in quality include:Â
Gartner predicts that user distrust over AI, specifically, will lead to a landscape in which brands will position themselves as different because of a lack of AI in their business and products. Â
According to The New York Times, one of the big problems with social media right now, is that itâs becoming less social. Â
âThe kinds of posts where people update friends and family about their lives have become harder to see over the years as the biggest sites have become increasingly âcorporatized,ââ explains lead consumer technology writer Brian X. Chen. âInstead of seeing messages and photos from friends and relatives about their holidays or fancy dinners, users of Instagram, Facebook, TikTok, Twitter and Snapchat now often view professionalized content from brands, influencers and others that pay for placement.âÂ
For many users, who are simply looking to connect with like-minded individuals, this is a significant turn-off. Â
Youâll find no shortage of headlines proclaiming the end of social mediaâs reign â and itâs true that usersâ time online is decreasing overall. However, this doesnât mean social media is on its way out. Apps like WhatsApp and TikTok, for example, are more popular than ever. But the lack of trust and disillusionment with social media does mean the landscape is changing. Â
Industry experts have noticed the following trends:Â
Essentially, increasingly, the average social media is looking to fine-tune their interactions, and be sold to less. Â
Many businesses and organizations rely on social media for digital marketing strategies. While this is by no means a signal to jump ship, it does mean that leadership should consider diversifying customer acquisition and retention methods. Â
Keeping on top of consumer social media trends and complaints will go a long way in avoiding being a brand that alienates its online audience. Â
Social media is changing. Or, it has changed, and consumers are responding, preferring a less corporate experience online. As brands continue to practice digital marketing, keeping this disillusionment with todayâs social media landscape in mind will be critical for success. Â
Did you know there are more than 700 categories for merchant services transactions? Quite frankly, thatâs just too many for you to have memorized to know if youâve been assigned the best code by your payment processing services provider. Â
In this article, we take a look at Merchant Category Codes, and the importance of ensuring your business is using the correct designation. Â
A Merchant Category Code (MCC) is a four-digit code that is assigned to businesses by credit card companies and payment processors to categorize the type of products or services the business provides. The MCC is used for various purposes, such as determining interchange fees and helping with fraud detection.Â
Some examples of the possible categories include bookstores, detective agencies, country clubs, clothing rental services, and more. They can get incredibly specific, and guaranteed, whatever it is your business or organization does, thereâs an MCC for that. Â
Errors happen all the time with business services, and MCC designations are no exception to that. Â
For MCC assignments, mistakes can occur for various reasons, including human error during the application process, changes in the nature of the business that are not reflected in the code, or misunderstandings about the products or services offered by the business. Â
Short answer, yes. Itâs crucially important to your payment processing budget, and overall bottom line, that your business is using the correct MCC. Â
MCCs give both issuers and payment processors the information they need to handle every aspect of a transaction. For this reason, they bear a substantial role in determining the fees you pay on those transactions. Â
One area your MCC influences is your interchange rate – the fees paid by the merchant’s acquiring bank to the cardholder’s issuing bank for each credit card transaction to cover the costs associated with processing transactions. Interchange fees vary based on several factors, but part of that is your MCC. Your MCC helps determine your perceived risk of fraud and chargebacks, and as such, MCC designations that are considered lower risk tend to have lower interchange rates.Â
Your MCC also determines whether or not you can charge cardholder fees, what level of chargeback protection you receive â especially on card-not-present (CNP) â transactions, and even how your business is taxed or required to report transactions. Â
Chances are, unless you have the time to go through every possible MCC from your provider, youâre at risk of missing if youâre on the wrong MCC or interchange rates.Â
As a business owner or manager, itâs not your responsibility to be an expert in the intricacies of merchant services rates and designations. Youâre already an expert in the work you do every day. Â
Working with an expert to ensure your MCC is correct and that your rate structure is fair and competitive is important to prevent overpaying. Â
Itâs that time of year again. The time to start feeling the pressure and, letâs be honest, the pain of setting resolutions for the next 365 days. While having goals and plans in mind is a great practice, New Yearâs resolutions have a reputation for falling through. Why is that?Â
In this issue of the Pulse, we take a look at the longevity of New Years Resolutions, and discuss how to set goals that are more likely to succeed. Â
If youâre one of the many who has suffered year after year with failed resolutions, it might start to feel like a statement about you, but youâre not alone. Whether your resolutions are professional or personal in nature, here are some of the reasons they might fail:Â
Of course, life also happens. External events and anomalies can always get in the way, despite your best intentions and efforts. A fitness goal faithfully followed can easily be ruined by an unrelated injury. Sometimes, itâs truly out your control. But most of the time, itâs not.Â
Apart from external events getting in the way, all of the above listed problems are can be resolved. When creating resolutions, whatever they may be, be mindful of these common reasons for failure, and aim to avoid them with the following strategies. Â
Setting overly ambitious or unrealistic goals can lead to disappointment. Likewise, trying to make too many changes at once can be overwhelming. A lack of focus can result in spreading oneself too thin and not making meaningful progress in any particular area.Â
Be clear and specific about what you want to achieve, focusing on what is reasonably attainable. Instead of a vague goal like “grow a better professional network,” make it specific, such as “attend two networking events per month.”Â
By creating clear goals that are within your reach, you avoid frustration and discouragement, and ensure there are ways to hold yourself accountable. Â
Saying youâre resolved to do something isnât enough. Without a detailed strategy, people may struggle to translate their intentions into actionable steps. Consider:Â
In trying to achieve any goal â New Yearâs resolutions or otherwise â your mindset is critical. Â
Many people suffer from impatience, which is a very human response to anticipation. However, expecting quick results, especially when progress is slower than anticipated, can lead to discouragement and even defeat. If â when â you encounter obstacles or setbacks, view them as learning opportunities and a chance to re-strategize.Â
In order to achieve long-term results, patience and adaptability in the face of setbacks is crucial. Likewise, frame your resolutions in a positive light. Instead of saying what you won’t do, focus on what you will do.Â
Your motivation must be more than the fear of failure. Resolutions driven by external pressures or societal expectations rather than genuine personal motivation are less likely to succeed. A strong internal desire for change is essential. Â
For proper motivation, consider:Â
Being fair and kind to yourself when assessing your progress and remaining distance to cover is tantamount to keeping yourself track. Â
New Yearâs resolutions have a reputation for failing, but it doesnât always have to be the case. Aim for success by creating specific, realistic goals and employing the proper mindset and motivators. Â
Depending on your industry â and area of focus â the holiday season can be slow for business. In fact, November to January might bring with it a looming sense of doom, not just related to shorter days and cooler weather, but instead, about your businessâ bottom line.
In this article, we take a look at the holiday slowdown that impacts some businesses around this time of year, and some strategies for combatting any potential fiscal consequences it may have.
As many professionals know, this phenomenon happens when businesses or industries experience a decrease in activity or a slowdown in operations during the holiday season which can make an already tight time of year even more nerve-wracking.
Of course, not all industries are impacted, some sectors thrive during the holiday season. These include:
Some of the industries most affected by the holiday slowdown season are:
There are a lot of reasons your business might slowdown during the holiday season. Some that might be impacting your business include:
For these reasons, you might find your suppliers take longer to deliver, your clients and contacts donât return calls or emails, and, altogether, things are just harder to get done. If youâre trying to accomplish work as normal during the holiday season, it might feel like the rest of the world is plotting against you.
Businesses often need to adapt their strategies to navigate the holiday slowdown. Having a plan for this season can often make the difference between starting the new year off strong, or in a deficit. Depending on your industry, there are many tactics worth considering:
Of course, depending on what your business specializes in , these might not be viable options.
There is a lot of advice out there that will tell you to put money and time into marketing campaigns, revamped customer service training, new product or service offerings, and other investments to survive the holiday slowdown season.
In general, spending money to make money makes sense. However sometimes itâs just another added worry during an already stressful season, and itâs not guaranteed to make the slowdown period any more lucrative. Having a plan to ensure your budget isnât overextended during the holiday slowdown is the best  tool available to guarantee a successful holiday season, and an even better new year.
What does can this âplanâ look like?
Weâve found that itâs not uncommon for businesses to be overspending on expenses like telecom, payment processing fees, and waste disposal by around 25-30%. Maybe thatâs not a huge problem during your peak season, but during a holiday slowdown, that could pose some real consequences. The best thing your business can do to survive slow periods , is make sure all your costs are optimized, all the time.
Depending on your industry, holiday slowdowns may become unavoidable. While thereâs lots of advice out there encouraging you to spend money on shiny new initiatives or campaigns, one of the best things you can do is look for ways to ensure youâre not overspending throughout the entire year.
Small talk is important in lots of real world and business situations. So, what if you struggle with it? In this issue of the Pulse, we share a video from Harvard Business Review, all about mastering strategies for small talk. Â
As any business owner or manager whose practice deals with medical waste knows, biohazardous waste can cost a pretty penny to dispose of. For veterinarians specifically, oftentimes, the ever-increasing cost of this service gets passed down onto the client, in the form of an added fee on their bill. Â
In this article, we look at the cost of biohazardous waste disposal on veterinary clinics, and how failing to keep on top of those fees can hurt you and your clients. Â
Veterinary practices and animal hospitals produce the following kinds of biohazardous waste:Â
Obviously, the scope of what a practice offers is going to determine how much biohazardous waste is being produced and disposed of, but by the very nature of the work, there is guaranteed to be some.  Â
While this article is primarily focused on the costs associated with biohazardous waste disposal, there are several other costs associated, as well:Â
Specifically, when it comes to biohazardous waste disposal, the costs are represented by:Â
As more and more regulations of biohazardous waste are being implemented across North America, resulting in rising costs to vets, an increasing number of veterinary practices have begun charging a âmedical waste feeâ or âbiohazard feeâ on their clientsâ bills. Some vets might bundle the disposal cost in with the cost of the service, while others choose to lay it out for transparency. Â
Now, as any animal owner knows, a visit to the vet clinic or animal hospital is already expensive, and potentially stressful enough. Seeing a charge for medical waste on your invoice, while understandable, might cause an additional sense of frustration, depending on how expensive that charge is. Â
Therefore, as a practice owner or manager, part of best-serving your clients is making sure your biohazardous/medical waste disposal fees are under control. The less youâre overpaying to your vendors, the less gets pushed onto the customers. Everybody wins. Â
Several factors can contribute to veterinary practices overpaying for medical waste disposal. These include:Â
While your business can take certain steps to reduce waste, it can be difficult to cut back too much without impacting your services. In order to be sure youâre not overpaying, itâs important to be sure your container sizes, collection schedules, and rates are optimized. Â
In conclusionâŚÂ
Biohazardous medical waste disposal represents a significant cost to veterinary practices and their clients. For practices facing big or increasing medical waste disposal, you might be overpaying. Ensuring that youâre never paying a penny more than what is fair is good for business and for your clients. Â
