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SAN FRANCISCO VeriFone Systems Inc is set to pull back from the hot business of signing up small merchants to accept credit cards payments, reducing competition for start-up Square Inc and other companies that jumped into the space recently, according to two people familiar with the situation. VeriFone, a leading provider of card readers and payment processing services, unveiled SAIL in May, a service that lets small and individual merchants accept card payments through devices that plug into smart phones and other mobile devices. The move was a response to the success of Square, a start-up led by Jack Dorsey, [...]

SAN FRANCISCO VeriFone Systems Inc is set to pull back from the hot business of signing up small merchants to accept credit cards payments, reducing competition for start-up Square Inc and other companies that jumped into the space recently, according to two people familiar with the situation. VeriFone, a leading provider of card readers and payment processing services, unveiled SAIL in May, a service that lets small and individual merchants accept card payments through devices that plug into smart phones and other mobile devices. The move was a response to the success of Square, a start-up led by Jack Dorsey, [...]

If you’ve chosen to live in a small, Midwestern town or rural area, you probably already know the benefits of endless sky and fresh air. But did you know you could be gaining wealth faster than the 261 million residents of cities and suburbs? An analysis by USA Today shows that people living in cities and suburbs haven’t recovered earning power lost in the recession and economic slump. It cites a Bureau of Economic Analysis report that states average income per person in these areas fell 3.5% between 2007 and 2011, after adjusting for inflation. But residents of 51 small [...]

Never charge less than what it costs to produce goods or services. Period. And if it ever comes to that, consider whether selling those goods or services makes good sense, says Mike Gatti, senior vice president of member relations for the National Retail Federation. The trick to discounting properly is avoiding cutting into the bottom line too deeply, or too often: Do it in a way that increases overall transaction value or brings customers back for repeat visits—not in a way that encourages customers to wait for sales, or think your initial prices are not the “real” price.  “A good [...]

Wondering if it makes sense to hire in this economy? In Part 1, we looked at the 3 things you need to consider first. Here’s how small business owners five different industries — retail, agriculture, construction, manufacturing and professional services — made this critical decision. Hire Full-Timers Gradually ManufacturingFoster Transformer Company, Cincinnati Founded in 1937, NFIB member-company Foster Transformer has made it through several economic downturns. And one lesson that current owner Herman Harrison has learned is to make sure he doesn’t have too big a team, in case a major shift is lurking around the corner. The movement offshore of [...]

Small businesses are the lifeline of the economy, but the last few years of uncertainty have served as a difficult environment for them to grow and expand payrolls. Ernst & Young recently released the winners of its Entrepreneur Of The Year program that highlights some of this country’s high-growth entrepreneurs who are bucking the current economic trends and creating jobs. In collaboration with Ewing Marion Kauffman Foundation, Ernst & Young examined 600 companies named as finalists in this year’s program to get a sense of what sets these companies apart. In a report called “Defying Gravity: High-Growth Entrepreneurs Buck the [...]

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Many small businesses have been disabled by Superstorm Sandy, but they can take certain measures to speed recovery. Bankrate talked to a wide range of experts, both in the academic and business communities, to come up with a business disaster recovery plan. “The first step is to assess your damage,” says Jeffrey Robinson, an assistant professor at Rutgers Business School in Newark and New Brunswick, N.J. “It sounds simple,” but in a time of great stress, it can be easy to skip vital steps. Check for damage to your equipment or building. If you lease your space, building damage is [...]

If you play music at your business, follow these tips to avoid thousands of dollars in fines. As the owner of a small café, boutique or shop, you want your establishment to have the perfect customer-friendly vibe. So you plug your iPhone, Android or mp3 player into your sound system, and cue up your favorite playlist. No problem, right? Wrong — that is, if you haven’t purchased the proper music licensing. Joy Butler, a Washington, D.C., attorney who advises clients on music licensing, says small businesses can rack up thousands of dollars in fines for failing to adhere to copyright [...]

Bank of America Corp on Tuesday said it is offering small business customers a credit card reader that can be used through their smartphones, adding competition for providers such as Square Inc. Bank of America Merchant Services, a joint venture between the No. 2 U.S. bank by assets and First Data Corp, said “Mobile Pay on Demand” will be available starting December 3. It works with smartphones and Apple Inc iPads. The service comes with a free app and reader, the bank said. Merchants pay swipe fees with each transaction. The device is the latest entry in a changing payments [...]