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Brittany Powers / February 26, 2024

SaaS, PaaS, or IaaS? What’s the difference, and how can you tell which one’s right for you?

When it comes to cloud computing, if you’re not on board, you’re already behind. Given the rise in popularity and accessibility of cloud-based business solutions, to say the market wasn’t already saturated would be an understatement. In this article, we examine the different kinds of cloud computing structures and how they have the potential to reduce company expenditures and improve productivity.  

SaaS vs PaaS vs IaaS 

The cloud computing ecosystem can seem daunting to companies that have previously relied upon physical, on-premises IT solutions. However, chances are you’re already using one, and its use can be optimized. Before we dive into the benefits, it’s key to understand the differences between cloud computing systems to determine which one is appropriate for you.  

To understand the following differences better, it’s helpful to imagine the three kinds of solutions in logical order, starting with IaaS closest to the hardware, and ending with SaaS, furthest from the hardware.  

IaaS (Infrastructure as a Service) 

Infrastructure as a Service (IaaS) is often thought of as the base of cloud services. Predominately the back end of IT infrastructure, IaaS products allow control of an organization’s resources such as their network, servers, and data storage, all on the cloud.  

Examples of Common IaaS  

  • Microsoft Azure  
  • DigitalOcean 
  • Linode 
  • Amazon Web Services (AWS)  
  • Cisco Metapod  
  • Google Compute Engine  

IaaS Benefits  

Compared to traditional systems, IaaS comes with many advantages, especially when in regards to reducing operational expenses. The benefit of opting for the implementation of an IaaS for your business lies in its easy onboarding characteristics. For instance, the upfront cost will be much lower than physical systems, and the amount of storage can be easily manipulated to accommodate spikes in usage. IaaS also provides greater cyber security than hosting cloud infrastructure in-house because security is maintained at data centers and via encryption.  

IaaS Use Cases 

  • E-commerce: IaaS is an excellent tool for those in the e-commerce sphere because of its ability to easily scale based on drastic changes in demand and site traffic.  
  • Startups: For businesses that lack initial funds, IaaS is a great option for those who want access to enterprise-class data capabilities but don’t want to pay for on-premises IT systems.  
  • Disaster Recovery: When issues arise, IaaS can deploy disaster recovery processes among multiple locations all at once, facilitating repair effectively.  

PaaS (Platform as a Service) 

In contrast to IaaS, Platform as a Service (PaaS) offers the next step allowing businesses and developers to build and deploy applications without necessarily having to host them. This fosters the perfect environment perfect for developers, they’re able to write the code needed to build and manage various applications, all without dealing with software updates or hardware maintenance. 

Examples of PaaS  

  • AWS Elastic Beanstalk  
  • Windows Azure 
  • Google App Engine 
  • Apache Stratos 
  • OpenShift 
  • Heroku  
  • Red Hat Open Shift 

Benefits of PaaS 

Compared to IaaS, PaaS allows users to build, test, deploy, run, and scale applications much faster than alternatives. The faster time to market makes PaaS ideal for reducing the duration of design stages, something extremely valuable when it comes to testing out new technologies or accommodating real-time data processing from Internet of Things (IoT) devices. 

PaaS Use Cases  

  • Cross Platform: PaaS levels the playing field when it comes to developing solutions that support various platforms. To remain in the spotlight, businesses need to be able to meet the users where they already are (web, mobile, tablet).   
  • Mobile Development: PaaS is often the go-to for mobile development because it allows the easy tie-in of other aspects that may affect the app but does not necessarily need to be built in, phone camera or GPS for example.   
  • Agile Design Processes: PaaS aids in the ability to implement agile design processes, extremely compatible with the entire DevOps cycle needed to constantly adapt after release.  
  • IoT: PaaS supports a diverse range of programming languages that are commonly used for IoT applications and can manage and process real-time data.  

SaaS (Software as a Service) 

What is probably the most familiar word thrown around these days, but does not refer to all cloud computing systems, would be Software as a Service (SaaS). SaaS builds upon IaaS and PaaS, offering complete ready-to-use software that already comes with all the infrastructure required to deliver it.  Today almost everyone uses SaaS throughout their day-to-day operations, and it’s almost become hard to avoid. However, given the saturation within the industry, it’s easy to overspend in this area. Most SaaS companies rely on subscription-based models or a “freemium” approach to their services, meaning some aspects are free but you can pay for more.   

Examples of SaaS 

  • Google Suite 
  • HubSpot 
  • Dropbox  
  • Salesforce 
  • Trello  
  • Asana  
  • Netflix 
  • Zendesk 

Benefits of SaaS 

For smaller organizations, the adoption of SaaS is very helpful when it comes to increasing overall efficiency and streamlining digital communication. It’s also great for businesses that don’t have the staff or capacity to handle the software installation and updates that IaaS and PaaS require overtime. Thus, it’s a very beneficial option if you’re looking for a cloud solution that will be used periodically rather than needing something running constantly. However, this could also be described as a double-edged sword because the convenience SaaS provides is also taken away when it comes to managing security. Due to fewer control options, most SaaS doesn’t provide the option of significant modification when it comes to performance and security, so it’s crucial to weigh the pros and cons.  

As for SaaS use cases, well it’s made its way to just about everything, and quite frankly, it’s hard to avoid. Just about any digital personal and workplace productivity tool is a SaaS.  

In conclusion… 

When it comes to understanding the scope of cloud computing it can become quite overwhelming and complex. It’s not uncommon to overspend in this area given the ambiguity that arises from such topics. However, being able to distinguish cloud computing systems from each other is the first step to understanding your specific software needs. With varying levels of control, security, and general capabilities offered on the market, the world of cloud computing can seem daunting, but understanding the difference between what’s currently on the market will help make the decision simpler.   

Cal Wilson / February 20, 2024

Adopt an ‘always learning’ mindset

Microsoft CEO, Satya Nadella once said, “don’t be a know-it-all, be a learn-it-all.” 

Adopting this attitude, one devoted to continual learning, proactivity, and humility with regards to what you do not yet know, will get you far. In this issue of the Pulse, we look at how to adopt this mindset and the advancements it can bring to both your personal and work life.   

Make learning a priority.  

Nowadays, most careers expect you to have a motivated attitude towards professional development. In fact, according to Harvard Business Review, “adaptive and proactive learners are highly prized assets for organizations, and when we invest in our learning, we create long-term dividends for our career development.” 

When you don’t prioritize your lifelong learning, it can have a negative impact on your career and life in the long term. For example, it can: 

  • Prevent opportunities for career development and new, exciting trajectories. 
  • Reduces our resilience and adaptability.  
  • Leave us behind as the world advances with new technology, methods, and trends. 
  • Leave us feeling unmotivated and unfulfilled. 

On the other hand, investing intentionally in lifelong learning leads to: 

  • Continuous growth. 
  • Flexibility in a variety of situations and challenges. 
  • Improve problem-solving skills. 
  • Enhanced confidence. 
  • Better relationships and ‘people’ skills. 
  • Cognitive health and longevity. 

Work is the perfect place to practice continual learning.  

You might associate learning with school or personal endeavors but given the amount of time we spend at our jobs, the workplace is actually the ideal environment to adopt an ‘always learning’ mindset. Luckily, it doesn’t have to be as complicated as enrolling in another degree or taking additional classes. You can learn every day, often without spending a dime or adding too much more to your plate. 

So, how do you do it? 

Being mindful about the work you already do is a great way to start. For example, you can optimize the following daily activities to contribute to continuous learning: 

  • Collaboration – every colleague or contact offers a unique perspective, and taking the time to listen and learn from them will vastly diversify your mindset.  
  • Embracing curiosity – follow your motivation and your instincts by actively seeking out new information and experiences within your industry. 
  • Seek feedback – proactively make time for mutual feedback from peers and mentors to identify areas for development.  
  • Don’t avoid failure or mistakes – experiment outside your comfort zone and embrace opportunities as they arise.  
  • Seek out challenges – whether it’s situations that are new to you, or people to collaborate with who have different backgrounds and experience. 
  • Ask the right questions – questions that challenge existing methods and assumptions and might spark innovation. 

What else can you do? 

Outside of your regular activities, there are other strategies to implement. Some of these include: 

  • Creating manageable goals and holding yourself accountable to them. 
  • Diversify your learning sources – branch out and explore new learning sources and formats, including books, articles, podcasts, online courses, workshops, webinars, and seminars. 
  • Practice cognitive unloading – when you transfer something from your head into the physical world, like jotting down a note on a piece of paper, you are making space in your brain by physically unloading thoughts. 
  • Create a habit tracker – write down all the actions and activities you do by default over the course of a week to see what is contributing to your learning and development and what is not.  

Unlearning is important to continually learning.  

As Harvard Business Review explains, “unlearning means letting go of the safe and familiar and replacing it with something new and unknown. Skills and behaviors that helped you get to where you are can actually hold you back from getting to where you want to be.” 

To practice continual learning and development, unlearning is crucial. Maybe you need to unlearn sticking to your comfort zone, people pleasing, or avoiding collaboration. Whatever it is, it’s crucial to make sure you’re actively breaking patterns. 

At first, this process can be uncomfortable, but in the long run, will be great for your career development and overall wellbeing.  

In conclusion
 

There are immense benefits to adopting an attitude of lifelong learning. And the best part? It doesn’t take a drastic life change; just small adjustments to the way you already do things and unlearning unhelpful patterns.  

 

Cal Wilson / February 12, 2024

Payment integration, No. 2: What are payment integration connectors?

In our last article about payment integration, we looked at what payment integration is and how to it can optimize your merchant services. In this article we’re looking at API connectors; a software secret that opens your options as a merchant, and potentially allows for significant savings on your payment processing expenses.  

Payment integration requires payment APIs.  

Integrated payments are facilitated through Application Programming Interfaces (APIs) – protocols that allow different software applications to communicate with each other. Essentially, payment APIs enable applications to accept and send payments by ensuring that all involved parties can “talk” to each other. Think of them as the middlemen between your payment processor and whatever software your business is using for its CRM or other processes.  

As we mentioned in the last issue, there are many benefits to payment integration, such as: 

  • Making the customer experience seamless.   
  • Streamlining merchant’s operations.  
  • Increasing efficiency and security. 
  • Offering multi-channel support across all platforms.  
  • Offering reporting and analytics.  
  • Minimizing human error. 
  • Minimizing online cart abandonment. 

However, on top of all the benefits to your bottom line, there are also some constraints. 

Payment APIs can tie you to one processor.  

For example, let’s say an automotive repair business uses a specific CRM software to keep track of client data, as well as send real-time updates on its customer’s repair status. Well, there’s a decent chance that the payment API needed to integrate that specific CRM with a merchant services provider exclusively works with one processor. Thus, your ability to switch to a processor with better rates may be dependent on its compatibility with your current CRM system. Many will trade convenience for price because it’s a lot easier to continue overspending than to completely change your operations. For that reason, it’s not uncommon for businesses to choose a more conservative approach, limiting operational upgrades. 

In this regard, despite improving your operations and having a potentially positive impact on your bottom line, payment integration does remove some of your choices as a business owner.  

What’s the solution, as a merchant, who wants the benefits of payment integration without the loss of agency when it comes to choosing a provider? 

Connectors give you the best of both worlds. 

To work around processor exclusivity requirements and integration protocols, customized software called ‘connectors’ are commonly employed. Connectors use APIs to establish communication between two applications that are otherwise not designed to work together.  

So, in the automotive repair shop example, if you wanted to keep your current CRM and try a different processor, you would have to use a connector to make this possible. Depending on the potential savings, it may be worth paying for a connector.  

How do you get a connector? 

Connectors aren’t something your processor is going to advertise being an option, so how do you find them? 

Connectors are offered through third-party developers. These are available to businesses in two main ways: 

  • Building custom connectors upon request to meet specific needs. 
  • Licensing out a pre-built connector based on a common need among many businesses for a feed per pay period. 

The former option is much more expensive than the latter, so the cost-benefit analysis of that choice must be carefully considered. If a pre-built option for your specific needs exists, there’s a good chance it could result in significant payment processing savings.  

In conclusion
 

While payment integration takes your payment processing capabilities to the next level and can significantly improve operations, it also has the potential to limit business’ choices when it comes to processor selection. Of course, connectors resolve this issue, by facilitating communication between programs that aren’t otherwise designed to talk. Depending on the availability of existing connectors, this option could save your business a lot of money.  

Cal Wilson / February 6, 2024

Use Strategic Thinking to Create the Life You Want

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. 

Cal Wilson / January 29, 2024

Payment integration, No. 1: What is payment integration?

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.  

In this article – part one of a two-part series on payment integration – we look at what payment integration is, and its benefits for both the merchant and consumer.  

How does payment integration work?  

Integrated payments happen when a merchant’s 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.  

Likewise, because it connects to other management software, integrated payments allow for the real-time monitoring of inventory and sales data.  

Essentially, all payment integration processes should: 

  • Make the user experience seamless.  
  • Streamline the merchant’s operations. 
  • Increase efficiency. 
  • Offer multi-channel support, across all of the platforms you require.  
  • Be incredibly secure.  
  • Offer reporting and analytics. 

Integrated payments are commonly facilitated through Application Programming Interfaces (APIs) – protocols that allows different software applications to communicate with each other. 

Why does your business need to think about payment integration? 

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 – such as Apple Pay, Google Pay, etc. – when making purchases. Your customers want online options, want to be able to pay from their phone, and don’t want to have to enter their information every single time they shop with you. All these factors come down to payment integration.  

Integrated payments can improve your bottom line. 

Simply put, payment integrations save you time and money, which in turn, makes your business more profitable. It does this in the following ways: 

  • Reduces the gap of time between your customers’ transactions and you receiving funds. 
  • Reduces cart abandonment in online interactions by making the process as simple as possible for the customer. 
  • Potentially reduces costs by amalgamating several payment and accounting processes into one application.  
  • Minimizes mistakes made by human error.  

What if you don’t utilize payment integration? 

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: 

  • Manual processing – where employees input details by hand into a payment terminal or processing software. 
  • Hosted gateways – where a third-party service that processes online payments requires customers to leave the business’s platform and go to a separate payment page to complete their transaction. 
  • Standalone payment processing software – where a business employs a software specifically designed to handle payment transactions independently without being integrated into a larger business application or system. 

As your business grows, considering payment integration might be prudent for anticipating customer needs and making operations more seamless. 

In conclusion
 

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 customers’ needs.  

Next issue
 

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.  

Rebecca Enter / January 23, 2024

Maintaining Work and Life Balance in 2024

A great personal goal for the year ahead is to prioritize maintaining your work-life balance. Most of us will likely admit that the “life” 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. 

When the weekend rolls around, Business Insider reports, “most people aren’t feeling refreshed or rested after their days off.” 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.” 

Does any of this sound familiar? 

Haselberger reports, “a lot of her clients struggle with relaxation and putting work down.” 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. 

What is work-life balance exactly? 

As an Australian government blog healthdirect explains, “work-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. 

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.” 

So how does one realistically achieve work-life balance? 

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 you’re struggling to achieve that balance, some helpful strategies are practicing time management, setting boundaries, prioritizing relationships, focusing on personal health, and trying new things.  

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 don’t get ‘enough’ done. 

Learning to accept minor things like mess and unorganized workspaces at work and focus on giving yourself a break when you don’t 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. 

In conclusion
 

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. 

Cal Wilson / January 15, 2024

How much choice does your industry have when it comes to choosing an eSignature provider?

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 isn’t always the case. In this article, we look at those exceptions.  

All businesses must comply with federal eSignature regulations.  

No matter what industry you’re working in, you must select an eSignature provider that complies with federal regulations. In the United States, that includes: 

  • The Electronic Signatures in Global and National Commerce Act (ESIGN) – a federal law that was enacted in 2000 with the purpose of facilitating the use of electronic signatures and records in interstate and foreign commerce, establishing the legal validity and enforceability of electronic signatures, contracts, and records, and ensuring that they have the same legal status as their paper counterparts. 
  • The Uniform Electronic Transactions Act (UETA) – a federal law approved in 1999 with the goal of creating consistency in electronic commerce laws across states. 

Businesses operating within the United States must also adhere to any state regulations that apply.  

For organizations operating in Canada, on top of any provincial electronic commerce acts, these regulations include: 

  • The Personal Information Protection and Electronic Documents Act (PIPEDA) – passed in 2000, this act governs the collection, use, and disclosure of personal information, including eSignature.  

Why are some industries limited to certain providers? 

Due to the sensitive nature of some materials that might be dispersed via eSignature, some industries have specific provider requirements that limit an organization’s ability to be selective about their vendor if they wish to remain compliant.  

Some industries that often have specific regulations or standards governing the use of eSignature providers include: 

  • Healthcare providers. 
  • Banking and financial services. 
  • Government. 
  • Legal services. 
  • Certain types of insurance providers.  
  • Real estate businesses. 
  • International trade and commerce.  
  • Aerospace and defense manufacturers, contractors, etc.  

Often, due to the nature of the work being done in these industries, businesses and organizations have stricter eSignature requirements. We’re going to look at some of those requirements across a handful of these industries.  

Healthcare.  

While there isn’t 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. 

In the United States, the main regulation governing healthcare and eSignature is the Health Insurance Portability and Accountability Act (HIPAA) – 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.  

Some of those specifications include: 

  • User authorization/authentication. 
  • Prevention of digital tampering.  
  • Non-repudiation. 
  • Control over document ownership. 

Likewise, across the continent, healthcare businesses must also ensure their provider adhere to high-security standards to protect against unauthorized access and data breaches. 

Banking and finance.  

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: 

  • The Gramm-Leach-Bliley Act (GLBA) – a 1999 act that requires financial institutions to implement measures to ensure the security and confidentiality of customer non-public personal information. 
  • The Fair Credit Reporting Act (FCRA) – a 1970 legislation applicable to any organization involved in credit reporting, which includes requirements for consumer consent and disclosure. 
  • Securities and Exchange Commission (SEC) regulations – the SEC governs companies like brokerages, which may have specific regulations for the use of eSignatures in financial transactions and client interactions. 

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.  

Insurance. 

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.  

When choosing an eSignature solution for an insurance business, it’s crucial to not only understand the regulations within your industry, but also governing any adjacent industries as well.  

Legal. 

Like healthcare, legal practices deal with strictly confidential information every day. Therefore, security standards are especially important.  

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. 

What does all of this mean?  

It’s not necessarily that there’s a law out there impeding competition or saying businesses must use ‘x’ eSignature provider or else. Rather, you might find you’re 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.  

So how do you be certain you’re not getting a bad deal? 

With fewer options, it may seem like you have less control over your eSignature plan. However, there are still ways to ensure you’re 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.  

In conclusion
 

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 doesn’t mean they have to accept overspending.  

Cal Wilson / January 9, 2024

Is social media headed for a slump?

In making its annual predictions for the upcoming year, Gartner projected that a “perceived 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.” With users experiencing significant frustrations with platforms like X – formerly Twitter – over the past year, this prediction doesn’t seem to be totally out of left field. 

In this issue of the Pulse, we take a look at the likelihood that social media is headed for a slump.  

Gartner’s predictions. 

Gartner conducted a survey of 263 consumers “between 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.” 

The top reasons cited for this perceived drop in quality include: 

  • Misinformation. 
  • Toxic user bases. 
  • Bot prevalence. 
  • Concern over the use of AI. 

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.  

Social media has become too corporate. 

According to The New York Times, one of the big problems with social media right now, is that it‘s becoming less social.  

“The 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 ‘corporatized,’” explains lead consumer technology writer Brian X. Chen. “Instead 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.” 

For many users, who are simply looking to connect with like-minded individuals, this is a significant turn-off.  

Is social media dying? 

You’ll find no shortage of headlines proclaiming the end of social media’s reign – and it’s true that users’ time online is decreasing overall. However, this doesn’t 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.  

Industry experts have noticed the following trends: 

  • Users are increasingly limiting their interactions to ‘close friends.’ 
  • Users are experiencing increased sales fatigue.  
  • More and more users are paying to go ad-free.  

Essentially, increasingly, the average social media is looking to fine-tune their interactions, and be sold to less.  

What does this mean for businesses and organizations? 

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.  

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.  

In conclusion
 

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 today’s social media landscape in mind will be critical for success.  

Cal Wilson / January 2, 2024

Is your business using the right Merchant Category Code?

Did you know there are more than 700 categories for merchant services transactions? Quite frankly, that’s just too many for you to have memorized to know if you’ve been assigned the best code by your payment processing services provider.  

In this article, we take a look at Merchant Category Codes, and the importance of ensuring your business is using the correct designation.  

What is a Merchant Category Code?  

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. 

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, there’s an MCC for that.  

So why would you be on the wrong code? 

Errors happen all the time with business services, and MCC designations are no exception to that.  

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.  

Does it matter? 

Short answer, yes. It’s crucially important to your payment processing budget, and overall bottom line, that your business is using the correct MCC.  

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.  

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. 

Your MCC also determines whether or not you can charge cardholder fees, what level of chargeback protection you receive – especially on card-not-present (CNP) – transactions, and even how your business is taxed or required to report transactions.  

In conclusion
 

Chances are, unless you have the time to go through every possible MCC from your provider, you’re at risk of missing if you’re on the wrong MCC or interchange rates. 

As a business owner or manager, it’s not your responsibility to be an expert in the intricacies of merchant services rates and designations. You’re already an expert in the work you do every day.  

Working with an expert to ensure your MCC is correct and that your rate structure is fair and competitive is important to prevent overpaying.  

Cal Wilson / December 19, 2023

Making New Year’s resolutions that stick

It’s that time of year again. The time to start feeling the pressure and, let’s be honest, the pain of setting resolutions for the next 365 days. While having goals and plans in mind is a great practice, New Year’s resolutions have a reputation for falling through. Why is that? 

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.  

Why do your New Year’s resolutions fail? 

If you’re one of the many who has suffered year after year with failed resolutions, it might start to feel like a statement about you, but you’re not alone. Whether your resolutions are professional or personal in nature, here are some of the reasons they might fail: 

  • Unrealistic goals. 
  • Lack of specificity. 
  • Too many resolutions.  
  • Poor planning. 
  • Lack of accountability. 
  • Impatience. 
  • Poor adaptability. 
  • Lack of motivation. 
  • Failure to form new habits.  
  • Negative mindset.  

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, it’s truly out your control. But most of the time, it’s not. 

How can you resolve these issues? 

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.  

Set realistic resolutions – and in realistic quantities.  

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. 

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.” 

By creating clear goals that are within your reach, you avoid frustration and discouragement, and ensure there are ways to hold yourself accountable.  

Have a plan. 

Saying you’re resolved to do something isn’t enough. Without a detailed strategy, people may struggle to translate their intentions into actionable steps. Consider: 

  • Divide larger goals into smaller, more manageable tasks. This makes it easier to track progress and prevents feeling overwhelmed. 
  • Set deadlines for achieving your goals. Having a timeline creates a sense of urgency and helps you stay accountable. 
  • Find a way to hold yourself accountable to these goals, or have others support you by keeping you accountable.  

Mindset matters – a lot.  

In trying to achieve any goal – New Year’s resolutions or otherwise – your mindset is critical.  

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 – when – you encounter obstacles or setbacks, view them as learning opportunities and a chance to re-strategize. 

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. 

Employ the proper motivators.  

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.  

For proper motivation, consider: 

  • Track your progress and keep record of your achievements.  
  • Celebrate your successes, no matter how small. Treat yourself when you reach milestones, but choose rewards that align with your resolutions. 

Being fair and kind to yourself when assessing your progress and remaining distance to cover is tantamount to keeping yourself track.  

In conclusion
 

New Year’s resolutions have a reputation for failing, but it doesn’t always have to be the case. Aim for success by creating specific, realistic goals and employing the proper mindset and motivators. Â