For many small businesses, increasing profit margin is a difficult task in today’s economy. “If retailers in general operate under a thin profit margin, then small retailers operate under an ultra-thin profit margin,” says Mallory Duncan, senior vice president and general counsel of the National Retail Federation.
One way to combat dwindling profit, however, is analyzing your credit card processing. “Swipe fees”–the percentage a credit card company charges per sale–can cripple a small business’ revenue (see diagram).
Credit Card Interchange - Source:GAO
And the problem? These fees are steadily rising. According to David Robertson, publisher of payment-industry web newsletter The Nilson Report, merchants paid over $62 billion in “swipe fees” in 2008, up from $16 billion in 2001.
At ShopJimmy, we spent a good chunk of this past summer researching our credit card processing system and requesting quotes from a variety of companies. Our findings? It’s important to regularly check your fees, request quotes, and negotiate with your processor to find savings. “There is a lot of competition in the business, and competition offers the opportunity for merchants to really shop around and see what is the best deal or the best service they can get,” says Jamie Savant, a partner at the Strawhecker Group, a payments-industry consultant.
During our research, we found BCS Worldwide. It’s a local (St. Paul, MN), family-owned company with a great reputation for low fees, quality customer service, and a good “corporate social responsibility” track record. Click here to learn more about BCS Worldwide and apply for a quote!
I’m slightly obsessive about the bookmarks in my browser (in a non-therapy way, I promise!). So, you have my guarantee that I won’t give you any irrelevant links or websites (ok, maybe just a few, but not the following site). Recommended by fellow SJ’er Adam, Engadget is a great site for electronics news and resources.
Engadget recently posted a good article on recycling old gadgets. As the “green” movement continues to gain momentum, many consumer electronics companies have developed recycling programs. There are also several great non-profits that specialize in recycled electronics.
As we’ve mentioned, our ShopJimmy Stores program (launching soon!) provides you with the opportunity to promote your business as a recycler or drop-off point for used equipment; then, you can sell any working parts through your store on ShipJimmy. Did you know that ShopJimmy gets over 4,200 visits each day? Don’t miss out on this opportunity to jump on the “green” bandwagon and expand your business! Visit ShopJimmy Stores for more information.
Click here to read Engadget’s full article and check out their website! It’s ok to bookmark it, too. I swear.
One autumn day, we received a very impressive application from Ryan, proposing a new PR/Blogging position within ShopJimmy. We really hadn’t been thinking about bringing on another team member at the time, but we figured we would do a quick background check anyway….so I go to Google and search his name. The first thing that I could find was this:
We had to call him back. Which one would show up??? The office was abuzz, anticipating his arrival. He showed up….and it was the top one. We hired him anyway….
Welcome to the team, buddy.
~frank
Click on Intrepid TV Repair's logo to visit their website!
In our quest to keep this blog fresh and informative, we’re starting something new! Every few weeks, we’ll showcase a technician or electronics repair company who continuously provides great service to their surrounding community. We’ll highlight technicians from across the country. It’ll be like a “stamp of approval” or endorsement, but ShopJimmy style. For our inaugural post, we’d like to introduce Intrepid TV Repair from Steelton, PA.
Intrepid, founded in 1995 by Jeff Dougherty, specializes in the repair of all high-definition displays and TVs. To maintain their technical expertise and keep up to date with electronic innovations, all Intrepid technicians regularly attend training for a variety of manufacturers. “I’ve always had the dream of owning my own business,” said Dougherty. At ShopJimmy, we’ve partnered with Intrepid for almost two years and can validate the professionalism and knowledge of Intrepid TV Repair and their technicians.
Supposedly, Jeff also moonlights as a comedian, but we can’t confirm that…
Posted on : 14-Oct-2009 | By : Ryan | In : News, ShopJimmy Stores Program
We’re receiving a lot of calls and emails about our new ShopJimmy Stores program. If you’re a certified technician, you do not want to miss this opportunity to join ShopJimmy and expand your business! As an SJstore, you can:
- Market those unwanted overstock items in your inventory.
- Promote yourself as a local recycler and drop-off point for used sets, test the parts, and then sell them on SJ.
- Sell any item–related to the consumer electronics and appliances industry–in your inventory without a posting fee.
You won’t find a better place to reach potential customers and increase sales! To learn more, please visit our ShopJimmy Stores information page.
Happy Friday! Here at ShopJimmy, we’re always trying to make your life a little easier. We just added a cool feature to our site: ShopJimmy Partners.
MCM Electronics and Ecompass Parts Distribution have officially jumped on-board (Ness Electronics is joining soon) to aid in our pursuit of providing you with a comprehensive supply of parts.
We know most of you are web-savvy, but if you have trouble finding ShopJimmy Partners on our site, here’s a little direction:
- Search for any part on our site.
- If you can’t find the part in ShopJimmy’s inventory (we like to believe that’s a rare occurrence), scroll down the page.
- Below our inventory, you’ll find the ShopJimmy Partners section, which shows you the relevant inventory of MCM, Encompass, and (soon!) Ness.
Pretty sweet, huh? Don’t hesistate to contact us with any questions. Enjoy your weekend!
Jimmy Vosika, the Director of Partology, surveying his empire atop a mass of flat-screens.
The word is spreading!
Todd Nelson wrote a great article in the Star Tribune’s business section this past weekend highlighting the growing success of ShopJimmy. Here’s a little excerpt from the article:
“The industry apparently is taking notice. ShopJimmy was one of three parts distributors recognized for exemplary service recently by the National Electronics Service Dealers Association.”
While we’re thrilled that our hard work and dedication to our customers is receiving attention, that’s not why we’re in business. But, good press never hurts, right?
Click here to read the article and preview our ambitious future plans.