Many new businesses will need to be able to accept credit card payments. Easy, right? Wrong! We've found that it's not as simple as filling out a form and "Poof" suddenly you're up and running with V, MC, D and AE. Here is a quick reference guide to accepting credit card payments. It comes to us courtesy of Global Payments, Inc., one of the world's largest electronic transaction processing and payment service companies (www.globalpaymentsinc.com)

1. A Sound Business Plan helps...
   Applying for a credit card processing merchant account is similar to applying for an unsecured business loan. The similarity lies in the fact that most credit card companies have to fund client businesses before being reimbursed by the cardholders' banks. For startup businesses lacking any financial history, underwriting decisions may be based primarily on a strong business plan and owner/officer financial information.
2. The Personal Connection...
   Credit card companies are likely to review the personal financial strength of an organization's principals for indication of risk of loss. It is commonly held that. "...as the owner of the business pays his personal bills, so does the business."
3. Validation...
   In today's business environment, most credit card companies find it essential to ensure business legitimacy, and correspondingly, to verify the identity of the business owners. Common methods of validation include:
   • Site Surveys -A site inspector will be dispatched upon approval of a merchant account to verify business legitimacy at specified locations.
   • Electronic Identity checks require a business owner / signer to validate his or her identity by answering a few questions.
4. Payment Solutions abound...
   Payment providers can advise on optimal payment processing solutions. Some of the most common solutions are:
   • Desktop Terminals are compact, standalone point-of-sale systems, typically used for face-to-face / card present environments.
   • Wireless terminals provide customers the flexibility to accept payments from any location.
   • Virtual Terminals are secure Internet portals that connect directly to the payment provider. Merchants can accept payments from any PC acting as a virtual terminal, so long as it has Internet connectivity.
   • PC Software is downloadable software programs that can be loaded onto a PC or onto a network for accepting payments.
   • E-Commerce provides a variety of gateways that facilitate real-time online payments processed directly from websites.
5. Your account representative is a great resource...
   Part of the representative's role is to assist you in choosing the most appropriate and cost-effective method of processing.

MOBI Website Updates and Highlights

For those just starting a new business or whose business is beginning to expand, the country's growing unemployment could present a beneficial side-effect. There are thousands of highly qualified, skilled workers actively seeking a job - at any pay level. If you're looking to hire people, now could be the perfect time to hire people who might not have been available to you before.

Even so, don't give in to the temptation to take short-cuts. Employees are a prime asset to which attention and care must be given. Here are the Do's and Don'ts from our soon-to-be-released, new session on Managing Employees:

1. Be slow and diligent in hiring.
2. Verify all references and prior employments.
3. Verify new employee's names and social security numbers.
4. Maintain an employee job description and handbook.
5. Maintain a competitive employee benefits package.
6. Use a payroll service provider.
7. Retain a labor lawyer to avoid expensive claims and penalties.
8. Evaluate potential employees by brains, passion and integrity.
9. Maintain ongoing training programs.
10. Keep all employment records at least four years.

1. Delay in discharging unsatisfactory employees.
2. Rely on a candidate's claims regarding skills. (Evaluate by testing.)
3. Assume your employees are independent contractors.
4. Think that benefits packages are for big companies.
5. Proceed with hires without evaluating numerous candidates.
6. Hesitate to ask candidates hard questions.
7. Deny employees their legal rights: serving on juries, voting, approved leaves.
8. Overlook classifying employees correctly. (Exempt or non-exempt?)
9. Overlook praise, recognition and reward of good employees.
10. Overlook the power of incentive compensation.

We welcome your questions to be answered in this Newsletter feature! Here is our Q and A for this edition:

Question:  "My wife and are both worried about layoffs and have decided to start a business together. We have some savings we can use to start. Do you think it is a good idea for one of us to go ahead and quit our job so we can concentrate on getting started?"

Answer:  We applaud your goal of starting a business with your wife. And having savings available to put into a business puts you a step ahead of many would-be entrepreneurs, provided you place a limit on how much of your savings to put at risk. But it would be a bad mistake for either of you to quit your job until the following is in place.

• You have made a careful study of what is the best business for you. This will be your most important single decision. (See Session 1, Evaluating Business Potential in the free course www.myownbusiness.org.)
• You have learned the business by first working part time for someone else in the business.
• You have developed an understanding of all the business skills you need to know. (Take the full free course at www.myownbusiness.org. Don't skip any of the sessions.)
• You have completed your business plan and a conservative 12 month cash flow projection. This will show how much total money will be required.
• Study the advantages of getting started as a home-run business. See http://www.myownbusiness.org/home_based_business.html.