Blog articles matching the “The Money” category.

How Credit Card Processing Can Save You Money

But when it comes to credit card processing, I’m often surprised at our clients’ approach. Many times, I see our clients implicitly or explicitly encouraging their customers to pay with a method other than credit card (cash, check, etc.). Ostensibly they’re doing this to avoid the credit card processing fees— with the intention of making more money. Unfortunately, however, I think that discouraging their customers from using credit cards actually costs them money in the long run. Read more

When to Buy A(nother) Truck in Your Event Rental Business

The number one area we see event rental business lose money is in deliveries. Setting the right delivery fees plays a big role in your overall profitability. A huge factor in those calculations has to be your delivery trucks. When should you rent? When does it make sense to buy your own truck? Getting it right could make or break your event rental business. Read more

How to Save Thousands (A Cautionary Tale): Preventing Credit Card Fraud in Your Event Rental Business

While we know that accepting credit cards is convenient for your clients, and increases your closing speed of rental orders, there are some negative ramifications you’ll want to hedge against with your systems and processes. A security breach and compromise of your clients’ credit card data can include regulatory notification requirements, loss of reputation, loss of customers, potential financial liabilities (for example, regulatory and other fees and fines), and litigation. Read more

How much did you make? Revenue v. Profit in Your Event Rental Business

I want to encourage you that you can do this. Event rental businesses are great models for scalable growth. There is a lot of potential for people who have curated collections, lean infrastructure, and are savvy with their marketing. Strive to increase your revenue without increasing your expenses (focus on utilization— rent more of what you have before you buy more, maximize the space you have with vertical storage before moving, etc.). Read more

Friday Q&A: Harnessing the Power of Incentives

If you do decide to offer a discount policy or a referral program, make it great! Create an exclusive club for them to join or make a "platinum status" available only to planners. I would encourage you to have a clearly defined policy. It should also be something that you are transparent about (maybe even have on your website). In order for it to not feel icky or under-handed (especially to your end client), you don’t want it to be a secret. You also want to leverage it to get more business from planners and venues. Don't hide it, make it attractive and something people want to get in on. Read more