Online Payments – The Digital Purse for Shopping

February 26th, 2015

There are several options of transferring cash in Online Shopping. It could be through payment gateways, net banking, debit and credit cards. Each has its own advantages and levels of approval by merchants. The most common of them are:

  • Debit/Credit cards
  • Digital cash through Payment gateways
  • Direct Cash Transfer
Online Shopping

Online Shopping In Nigeria

Through Cards: 

A large portion of internet transactions are conducted through debit and credit cards.  When you choose this option, you will be transferred to a gateway, over where you will be asked to select your bank or financial institution. Then you can enter your card’s number followed by your unique password. Note the amount you wish to spend, and your transaction is over; that’s right, within seconds!

 

Advantages

The transactions are quick and requires no mediators. For the seller, the investment is minimal, yet it reaches the maximum population. Any buyer, anywhere in the world and at any time, can make purchases, with currencies of his or her choice. Hence businesses have larger sales and huge popularity.

All that a business firm needs to do is to become an authorized credit card merchant. This is done by sending an application to a merchant account provider. The necessary hardware and hardware required for this process, will be provided by them.

Advantages for the buyer include no standing in long questions, no unnecessary hassle by salesmen, as well as many options to choose from. The goods are delivered to the address he or she is comfortable with; there is no need to even go to the store!

 

Disadvantages

Most online merchants have been verified to have secure gateways. However, there still may be fraudulent merchants, who take the payment from you, but do not deliver the goods. There is no fool-proof guarantee for such transactions.

 

Direct Bank Transfer: 

Another simple option, in which you can transfer money directly from your bank account to the seller’s account.  In the same manner as the previous option, you will be redirected to a gateway, where you will have to share your account number and other details. You can add the specific details of the merchant, you wish to purchase from. An online receipt will be created, as a note of verification.

Physical goods will be transferred to the address mentioned, while products in digital format can be downloaded. On the part of the seller, the sharing of the customer’s bank details, furnish several details to keep in touch with him or her.

For example, the customer’s phone number, residential address, date of birth and even more. The seller procures an advantage of keeping in constant touch with the customer, in order to achieve further sales from the same source.

All online transactions share the same issues of security and privacy. However, several precautionary measures are available, and most of the online merchants’ authenticity verified. Though, customers are still advised to choose wisely.

 

Digital cash through Payment gateways

Having been introduced in the last couple of years, this trend is rapidly conquering the field of online shopping in Nigeria. A payment gateway is nothing but a digital intermediary. It serves as a nexus between the bank accounts of the buyer and seller.

The main advantage of a payment gateway over direct bank transfer is that the former does not reveal your personal as well as banking details. Neither your name nor your contact details nor your account details are passed to a third person.

 

To summarize:

Online shopping is not a ‘try-and-throw- process and has many takers with business houses and customers alike, all across the world. Several merchants have devised innovative methods, to make shopping a pleasurable, as well as an entertaining experience for customers.

 

Author Bio:

Mathew Edwards is a free style article writer who prefers to write articles or blogs and websites.

Tags: , ,
Posted in Entrepreneur, Guest Post, small business | No Comments »

The Shark Tank Formula For Startup Success

November 24th, 2014

Have you ever wondered what it takes to launch a successful startup? ABC’s reality TV show, Shark Tank, demonstrates what it’s like for entrepreneurs to go through the process of pitching their business ideas to investors (otherwise known as sharks).

Over the course of five seasons, there have been 337 pitches and only 186 deals. Out of these deals, only one-third them actually closed! You’re probably wondering, why is this such a low rate?

The reality is, it’s tough to keep your startup afloat after launching. Since 2012, only one in 17 business ventures have actually experienced a profit. Unfortunately, not every entrepreneur has the opportunity to become the next Mark Zuckerberg.

Despite the challenges of launching a startup, there are a few things entrepreneurs can do to increase their chances of success. First, it’s absolutely necessary to know your product inside and out. Regardless of how cool you think your idea is, it won’t be valuable to investors unless it serves a real purpose for your target audience.

When preparing to launch, it’s also important to perfect your pitch. Entrepreneurs need to approach investors with a goal, a business plan, and also know their numbers very well. Investors only care about how profitable your business will be in the future. Make sure you understand your numbers and can identify the information about your business that will important to investors.

Finally, it’s important to build a strong network of investors. Remember, you want these people to take interest in your business and provide you with the funding you need. Spend time building relationships with investors and learn about what they’re looking for in potential startups.

These are just a few of the takeaways you should know from ABC’s Shark Tank. To learn more about launching a startup and what it takes to be a startup success, check out the infographic below:

Shark Tank Formula

Shark Tank Formula

Your feedback will be appreciated. Cheers.

Author Bio – Ivan Serrano is a business and social media journalist living in the Bay Area of California.

Tags: , , , , , , ,
Posted in Entrepreneur, Financial Intelligence, Guest Post, Investing, small business | 1 Comment »

6 Essential Success Tips for Startup Businesses

April 25th, 2014

Venturing into business is a big move in one’s life, especially in terms of financial, emotional and physical aspects of well-being. You have to dedicate a big chunk of your time in making sure that everything will run smoothly as you go along. Risks and dangers, however, are inevitable but you can learn the lessons not-in-the-hard way.

Here are tips on how to become a successful entrepreneur:

Business Tips

Business Tips

1. Research

Take your time in doing your research on all stages of the business life cycle. It is important to know any possible pitfalls and focus on how you can strengthen your product and improve your business model. As an entrepreneur, it is a wise move to be informed on everything that has to do with the success and failure of your business. You are on a dangerous ground if you don’t know your disposition – your target market, the pain point you are trying to address and how your product can actually solve it.

Research everything about your market – location, local culture, lifestyle, habits, etc. This first step will give you a hint if you’re going to make a good fit or not.

2. Never stop learning

When you run a business, it’s unavoidable that you learn everyday in a really fast and huge pace. Never get tired and never stop learning. It doesn’t mean that you don’t know anything when you want to learn; it’s just that there are things that you didn’t realize fully before. Always allow a space in your head for learning and innovating yourself. That’s for your own good anyway.

3. Stay focused

It is vital to focus on your goals more than anything else. Part of it is because ideas tend to give birth to more ideas that could possibly contradict each other later on, so identify your main focus and stick to it.

When you run a business, you should be able to at least understand every aspect of it – accounting, sales, marketing, customer service, etc. However, learning so many things at once could ruin your focus. So know what you have to do; get ready to hit your goal; execute it and move on to the next. Every now and then, remember to look at the big picture and make sure that all of your tasks and activities are consistent to your main goal.

4. Acknowledge your competitors’ strengths

It also pays to know your competition, if there’s any. Examine numbers; Test competitors’ products and service. Compare what they can offer compared to what you plan. Acknowledge their strengths and learn from their mistakes. But not that you don’t have to follow their business plan to get ahead but exceed what works. Maximize and heighten what your competitor has to offer. Brand your business with its own originality and creativity. A different strategy will surely work wonders for you.

5. Finalize a budget

A budget is surely among one any startup’s biggest concern (if not the biggest) – the blood of any business. If it’s a small business, a personal loan or business loan is considerable to withstand all the expenses.  But, if your startup is aimed to be highly scalable, you will also need a bigger amount to sustain and grow your startup. Learn to effectively communicate your needs with your partners or funders and make sure to only agree to a partnership only if it makes a sound business deal. Put your budget on paper so that any correspondence will be easy soon and if any conflicts arise.

6. Ask for help

A startup business may look like a self-sustaining business, but building good connections could be beneficial. There are Facebook groups, online communities and local startup groups that help one another in building startup businesses. Join conferences, meet new people and ask for their help. You’ll be surprised to find out that there are people who are willing to help and provide you with enough guidance.

Author’s Bio

Cristina Beltran is a writer, blogger and online marketing specialist at MoneyMax, Philippines’ leading financial comparison website.

Posted in Entrepreneur | 19 Comments »

Freelancing Your Way To A Real Business

April 16th, 2014

When it comes to risk versus reward, freelancing is one of those vocation choices that has the potential of offering plenty of returns without a lot of up-front resources or capital at stake. Given the right opportunities, knowing the right people, and having the right skills can turn a casual hobby into something you can actually get paid for doing.

Here’s how you can take that freelancing gig of yours and turn it into an actual, consistent business. Of course, this isn’t the last word on the subject. Aspiring self-employed types should get as much knowledge and information as possible; especially in topics like how to promote yourself, Financial Management for Freelancers, and how to file taxes as a self-employed entity (spoiler alert: it’s a bloody nightmare).

Freelancing Your Way To A Real BusinessYou can turn your hobby into a business if you have the time, talent, and opportunity

Be Prolific
The best way to get your name out there is to be productive. Whether you’re selling a product (like a craft-related item), or offering a service (such as a writer or website designer), people need to see that you can churn things out that customers want. For instance, if you’re a writer, make sure to get your name out there by writing for magazines, blogs, or anthologies. Start getting that reputation as someone who delivers results. You need to leave your footprints and handprints all over the Internet.

Be Patient
Although it’s exciting when you start getting multiple clients, you really have to pace yourself. Having six clients giving you work at the same time may look good in terms of income, but if you spread yourself too thin, you’ll deliver an inferior product, and make it likely that you won’t get repeat customers. Know your limitations, and build up your customer base slowly. Don’t try to tackle everything at once. Better to start off with three clients that get excellent work from you than ten clients who get barely passable work. This means learning to say “no”.

Be Prepared
One of the most hair-pulling and frustrating things about freelancing is the inconsistency. On any given month, a client may give you four projects or purchase a large amount of the goods you produce. The next, they may barely remember that you even exist. Be ready for the lean times by socking away some money for emergencies, to tide you over when you have a light month. Also, having that reserve will make sure you don’t get desperate, and end up taking a job far outside your area of expertise, something that could have serious repercussions on your overall reputation.

Be Organized
Many freelancers and one-person businesses end up working out of their home. While this is an awesome aspect of the job, make sure you have boundaries separating your personal and professional life. Set up times when you’re “at work”, and when you’re enjoying time off. That requires a level of planning and organization in order to adequately map out your responsibilities and how much time you devote to them. Also, make sure you have a work space that’s separate and dedicated to your job, if for no other reason than making it easier to claim it as a business expense of your income tax return.

Be Visible
Finally, make sure that people know you exist. Since you are self-employed, then shameless self-promotion is key. After all, working for yourself means that you are responsible for every stage of the job and yes, that includes marketing. Make sure you have business cards, a business page on various social media platforms, and an easy way for people to get a hold of you, whether by cell phone or email. If you have a blog, make sure to drop an occasional reference about your business (something which should already reside in the About section of your blogging site). Seriously, you need to let people know you exist and that you can write. Or draw. Or whatever it is you do.

It’s exciting and challenging when you take an avocation and turn it into a vocation. It becomes even more exciting when a part-time freelance gig turns into a full-time job. And there’s a lot of advice out there for budding entrepreneurs, so keep your eyes open.

Byline: John Terra has been a freelance writer since 1985. He’s done the full-time writing thing, but these days he supplements his freelancing with a “regular” job.

Photo Credit: justinmatthew21

Tags: , , , ,
Posted in Entrepreneur, Financial Intelligence, Investing, small business | 1 Comment »

Understanding the Full Potential Of E-Commerce In Nigeria

April 14th, 2014

Nigeria, now known as The Giant of Africa, was recently declared as the region’s biggest economy, surpassing South Africa. Almost overnight, Nigeria was increase by 89% its current GDP, which is now worth USD 510 billion. This follows a recalculation of the GDP to include the rising “Nollywood” industry, as well as the banking, telecoms, and e-commerce sectors.

E-commerce and online trade make up two of the biggest contributors in the increase of the nation’s GDP. Over USD 1.3 billion has been invested in the retail industry, with USD 15 million of that channelled to the online trade industry.

Retail in itself is a major driver of economic and employment growth. With over 80 million Nigerians residing in metropolitan areas, the country has great opportunities for existing and new investors to take advantage of the online retail business.  A report from the Oxford Business Group indicates that foreign and local investors are already expanding their domestic retail footprints in the country.

Nigeria’s population alone makes the country the largest consumer market in Africa. With the introduction of more Internet providers and the availability of mobile devices in the country, e-commerce businesses in Nigeria can easily reach their full potential, if business owners know how to take advantage of the ripe market.

One of the biggest hurdles to e-commerce in Nigeria, however, is online accessibility. Despite the increase of mobile telecoms, broadband capacity still isn’t widely accessible. In 2012, only 32.9% of the Nigerian population has Internet, despite the increase of Internet service providers in 2013. Most of the population can access the Internet via their mobile phones though, thanks to the introduction of GPRS and EDGE connectivity.

Nigerian E-commerce

E-Commerce in Nigeria on the Rise

Despite this, a handful e-commerce companies have won significant investments and are now considered rising stars in the online trade business. Jumia, an online retailer that began only with three employees in 2012, currently has USD 35 million in investments, over 150 partner brands, and more than 500 employees. The company was awarded as Best New Retail Launch in 2013 by the World Retail Awards, proving that e-commerce in Nigeria can be profitable and successful.

Similarly, Konga is another Nigerian e-commerce and online retail company, which has won investments of more than USD 24 million. Launched in 2012, Konga is currently the 16th most popular website in the country, according to Alexa.com.  HumanIPO also selected Konga as one of the African technology start-ups of 2013 due to its impressive and consistent service. Konga also recently launched a buy-and-sell platform where users can set up an online storefront with Konga.

Thanks partly to the success of these two e-commerce sites, online trade and retail in Nigeria maintains a positive outlook. Online retailers have been luring shoppers from physical stores, offering convenience and a greater variety of products offered. Online retail customers have the option to pay for their items on delivery, or through online payments via credit cards.

Analysts are actually optimistic that the upward trajectory in online retail will continue to rise, as more Nigerians start to see that local online shopping will be faster, more convenient, and cheaper. Add to the fact that more and more people are connecting to the Internet via their mobile phones and tablets, the dot com business is a viable way to profit in Nigeria.

Plans are also already underway to improve and increase Internet and broadband connectivity in the country. More accessible Internet access can pave the way for other online businesses aside from e-commerce—banking, services that offer online credit card comparison, affiliate blogs, consultancy blogs, and so on—to enjoy better opportunities for not only for business owners and investors, but also for local consumers.

Nigeria is still a developing country, despite the increase in its national GDP. With the proper investments both offline and online, and a consistency in government efforts to improve infrastructure, Nigeria is well on its way to joining the exclusive club of emerging economies in the world.

Author’s Bio

Ryan Del Villlar is a content strategist for MoneyHero. He is also a freelance writer for an Online Reputation Management company. He writes ORM articles for various clients.

Tags: , , , , ,
Posted in Investing, small business | 2 Comments »

« Older Entries
Newer Entries »