Posts in category: Business Advice

EMV Protects Your Company and Your Customers

Over the past decade, a small microchip has been added to the right side of bank and credit cards. Instead of swiping this card, users insert the microchip into a reader to pay, or they may also be able to simply tap their card on the reader.

This technology is called EMV or “smart cards.” It was designed to make credit card payments easier and more secure for both buyers and sellers. EMV cards are more difficult to replicate (counterfeit) than traditional cards, and they allow merchants to more easily verify the card’s authenticity.

If your business still has not upgraded to EMV, then making this transition should be on your radar for the immediate future. Here’s why:

Customer Satisfaction

Customers are used to inserting or tapping their cards to pay, and during the pandemic, contactless payment became even more important to customers. Offering EMV will therefore increase your guest satisfaction by giving them the experience that they are used to at other businesses.

Upgrading to EMV will also give you the capability to accept payments from apps like Apple Pay and Google Pay. These apps became more popular in 2020 as contactless payment became more in-demand, so many customers will appreciate being able to use these features.

Increased Security

Adopting EMV also increases the overall security of your transactions. EMV cards are substantially more difficult to replicate, so your POS terminal will be more likely to detect a fraudulent card before you accept it.

EMV-enabled systems also produce more secure transaction data. With EMV, all of your business transactions will be encrypted, making them useless to potential cyber attackers. This helps ensure that your business won’t suffer from a massive data breach.

Also, the real and perceived sense of security that using EMV brings customers cannot be underestimated.

Decreased Fraud Liability

In the past, liability for fraud where a card was present fell back onto the issuing bank or payment processor, depending on the terms of the card agreement. However, since 2015, major credit card companies have changed the rules so that the liability for fraud falls on the party that is the least EMV-compliant.

So, if your business doesn’t have EMV, then you would be liable for the fraud since you were the least EMV-compliant party. Switch to EMV to ensure that your company doesn’t take a financial hit due to fraud.

How Do I Upgrade?

If your company has not yet adopted EMV, it’s time to upgrade your infrastructure. To do so, you will need to ensure that you have the right software and hardware to process EMV transactions. The software part is easy – most payment processors, such as square, already have those capabilities available. However, you will also need to upgrade your POS systems and card readers.

While this is a business investment, you can ease the financial aspect of it with a trusted financing partner like GLFS. We’ll help you come up with a financing plan that works for your business, and you can reap all of the benefits of upgrading to EMV.

Trends and What You Can Do

Cyberattacks are a small or medium-sized business owner’s worst nightmare. They can slow or bring to a halt productivity, and they can incur other unexpected losses, such as equipment replacement, reputation damage control and even paying a ransom to get your data restored.

Recently, HP announced its forecast for cybersecurity in 2021, and its report noted how cybersecurity attacks are becoming more complex and targeting individual users instead of systems. Ransomware, email corruption and message hijacking have all become more common in 2021.

How do you protect your business against these threats? You first need to understand new trends and threats in cybersecurity for 2021 and implement effective strategies to protect your company, employees and customers from them.

Cybersecurity Trends to Know

To defend against cyberattacks, the first step is understanding modern trends in cybersecurity. Understanding how IT systems and cybersecurity threats have changed over the course of the pandemic will allow you to more effectively implement a company-wide cybersecurity policy.

Working from Home

When the pandemic struck, workers moved out of their offices and into their homes, and many companies are continuing to allow them to work remotely.

Working from home has weakened cybersecurity protocols for many workplaces. In the office, all computers are wired to the same network that can be easily protected by IT staff, but when people work remotely, they must connect to company servers using their home networks. This leaves larger vulnerabilities in data transfer, especially when employees are not aware of or not following security protocols. Even opening a compromised email on their personal accounts could now jeopardize a company’s entire IT infrastructure.

Sophisticated Phishing

Phishing scams have resurged with a vengeance in 2021. Hackers are using bots like Emotet to send nefarious links through email and social media. These scammers can even hijack corporate email servers, sending out legitimate-looking emails from senior management to entrap unknowing employees.

While phishing has always been a major cybersecurity threat, it has taken on new importance with more employees working remotely. Even if the threat arises with an employee’s personal accounts, it can still threaten remote networks if those accounts are linked to the employee’s work computer.

Ransomware

Another threat is ransomware. As the Colonial Pipeline incident illustrated, ransomware can shut down network and business operations until an individual or company pays the attacker a specified sum of money. However, even if you pay up, there’s no guarantee that the attacker will release your system, and that they have not already used your data for criminal activity.

These attacks are usually transmitted through email using malware such as Emotet, TrickBot and Dridex. Many times, unwitting victims open an email, click a link, or download software that allows attackers to install the ransomware on their computer and/or server.

READ MORE: Major Computer Breach – Your Organization May Be a Victim

How You Can Help Protect Your Business Against Cyberattacks

Now that you know what kinds of threats are out there, you’re in a better position to:

1. Educate Your EmployeesCyber criminals know that the easiest way to break into a company’s network isn’t through sophisticated attacks. Instead, they take advantage of individual users who don’t understand modern cybersecurity threats.Educating your employees about modern threats is therefore a critical part of maintaining your company’s cybersecurity. Your employees should know what phishing emails and websites look like, and they must be taught to evaluate threats and report them to your IT person or department.
2. Implement a Zero-Trust PolicyIn addition to educating your employees, you should also implement a zero-trust policy. In the cybersecurity sphere, a zero-trust policy entails implementing a variety of authentication, authorization and validation protocols throughout company networks to ensure that only credentialed users can access their information.Think of it this way: when you log into a financial service, you will often be asked to verify your identity through a code sent to your phone number on file. When implemented throughout your network, these tactics can be an effective way to deter and prevent cyberattacks.
3. Upgrade Your IT EquipmentFinally, you can also defend your business against cyberattacks by upgrading your IT equipment to meet the needs of your remote workforce. Whether you need to modernize your internal infrastructure or revamp employees’ work-from-home setups, upgrading your equipment can help your IT department better combat cybersecurity threats.Upgrading network-connected equipment can be affordable if you finance with the right partner. If you’re interested in equipment financing, contact us or start with your application.

Droves Quitting Their Jobs, Employers Scrambling to Hire

Despite millions of jobs going unfilled as the economy rebounds, unemployment has remained stagnant, sitting at roughly 5.9% since the start of 2021. Over 4 million workers have quit their jobs for a variety of reasons, and employers are struggling to replace them.

Many states have been quick to blame extended unemployment benefits, which are set to end in September, for the worker shortage. Some have chosen to end these CARES Act payments in hopes that lower benefits will drive recipients back into the workforce. However, states like Iowa and Missouri, which stopped paying federal benefits on June 12th, still have low job search rates. In fact, job searches in those states are still nearly 4% below the national average.

Why Aren’t Workers Going Back to Work?

The answer is complicated. Some workers have increased childcare responsibilities while others have gone back to school. People moved away from urban centers’ higher living costs, and some who became unemployed are biding their time to search for a job that fits their current needs and their schedules.

At GLFS, we want to help your small or medium-sized business succeed, and we understand how a labor shortage can impact your bottom line. Here are a few ways your business can help attract and retain workers.

Flexibility is Key

When COVID-19 pushed workers out of the office and into their homes, many workers embraced the remote work lifestyle. Long commutes and uncomfortable offices became unnecessary, and workers could now better balance their personal and work lives. It’s no wonder, then, that workers who have been asked to return to the office have decided to quit for jobs that allow them to work remotely.

Working remotely, however, is not the end-all-be-all for job flexibility, and sometimes, it is not ideal for certain positions. Flexible hours, increased paid time off, and a more understanding and inclusive work environment can also provide the work environment that employees desire.

Analyze Your Turnover

Another way to attract and keep workers is to analyze your turnover rate and uncover reasons why employees may be leaving your company. Are your employees finding higher salaries elsewhere? Do they dislike working for a certain manager? Do they feel overwhelmed or burnt out?

The answers to these questions will provide you with suggestions for how to improve your working environment. Talk to your employees to find out what they want and need, and act on those suggestions to improve areas where your company may fall short.

Raise Wages or Offer Sign-On Bonuses

One of the easiest ways to garner the interest of top applicants is to offer a higher starting salary or a sign-on bonus. The news is full of images of “Now Hiring,” the starting pay and big sign-on incentives in industries ranging from service to healthcare. Be diligent in your research before offering financial rewards that impact your bottom line. Your company may already be competitive in this area.

Remember: There’s Still a Pandemic

For what seemed like a split second, it appeared the states were opening up and we were turning a corner with the pandemic. Currently, statistics show vaccination rates are stagnant, and some experts are raising a red flag about increasing cases due to the Delta variant. Some areas are re-instating masks. The point is: the pandemic isn’t over.  Many people are still concerned that returning to an office or workplace full-time could put their families at risk.

Encourage your employees to take reasonable precautions to make sure that everyone in your office feels comfortable.

What are workers waiting for? They’re not waiting for one certain thing, but it’s a safe bet that when an employer meets their needs, they will return. If there is anything our team can answer or do for you, get in touch.

Meeting Employees’ Professional and Personal Needs

Going by what we hear from our clients, hear in the news and see on social media, workers are quitting their jobs, especially in the service industry. Hiring skilled and reliable new employees is more difficult than ever, which makes retaining your current staff more important.

At Global Financial & Leasing Services (GFLS), we understand how this hiring crisis is impacting small and medium-sized businesses. Our team wants to help you make it through any labor shortage you’re experiencing—like most things, this too shall pass. But, in the meantime, here are a few great ideas to help you retain qualified employees.

Stay Competitive

One of the most common reasons why employees leave their current workplaces is because they have found higher salaries and better benefits elsewhere. Therefore, you should periodically check job listings to see whether your company’s compensation is competitive.

While your business may not always be able to compete with bigger companies in terms of pay and benefits, there still is much to be said about a work culture and environment. Few employees will leave a job and team they enjoy over a few dollars. If you find you’re at risk of losing a valuable team member, talk to the person and see if you can negotiate terms that will persuade him or her stay. Remember that replacing a seasoned employee will always cost more than giving him or her a raise.

Encourage Professional Development and Growth

Good employees want to grow alongside your company. New hires will want to learn as much about their positions as possible, and seasoned employees will want to update their skill sets and move up the ladder. If possible, offer training and opportunities that lead to advancement.

No one understands your business better or is invested in its success more than your long-term employees, which is why so many companies tend to promote from within. Encouraging professional development and growth is a smart strategy to create a dynamic and motivated team.

Upgrade your Equipment

Another chief complaint of workers is that they have to fuss with outdated equipment at the office or on the shop floor. Brick-like laptops or machinery that needs constant repairs can be a major source of frustration for dedicated and productive employees.

If upgrading your equipment seems like overkill to retain employees, think of it this way… the less down time due to outdated, slow equipment the more uptime and productivity gained. Plus, if you work with an equipment financing partner like GLFS, obtaining new equipment can be surprisingly easier than you think.

Show Appreciation

Whether it’s a simple “thank you” for a job well done or giving public shout-outs to those who go above and beyond, employees notice and appreciate when management commends their hard work.

You can also create a culture of appreciation by offering rewards for outstanding work. For instance, giving a team a bonus for finishing a project early will not only motivate them, but will also incentivize them to stay with your company. If financial appreciation isn’t possible, host a company-wide lunch, sponsor giveaways or even branded items. Efforts that show employees they are valued in a real, tangible way goes a long way.

Listen to your Employees

The most important part of any retention plan is to simply listen to your employees. Exit interviews, post-training discussions, company or department meetings, and periodic one-on-ones allow you to gather feedback from current and departing employees about their role, their supervisors and your company as a whole. You can use that feedback to make improvements to your work environment.

The labor market is tough right now for employers. We hope these ideas help you retain your best employees, and if there is anything our team can answer or do for you, get in touch.

As the world opens back up again, many small and medium-sized businesses have encountered unexpected difficulty finding employees to fill their open positions. This labor shortage is hitting nearly all businesses, especially those in the hospitality, service/retail, and transportation industries.

As businesses scramble to find workers, many of them are using creative ways to bring in prospective candidates, such as new-hire bonuses and even incentives for interviewing. However, at GLFS, we know that attracting and hiring employees requires more than just offering temporary perks, it’s about connecting with employees and creating an attractive work environment. The following suggestions will help you stay competitive in today’s labor market while expanding your pool of good potential candidates.

1. Connect with Your CommunityIf you find that you aren’t having much luck on digital hiring platforms like social media, LinkedIn and Indeed, then you should look in to ways to directly connect with your community to find potential employees. Local job fairs, state job boards and educational institutions can provide businesses with slews of eager qualified applicants.

   One of the best ways to find new potential hires is by partnering with vocational training programs. Suppose that you own a car service center and need to hire entry-level oil technicians. If you partner with a community college’s mechanic certification program, then you can hire its students as entry-level technicians to give them on-the-job training. In some specific technical fields, employers are offering to pay for or reimburse vocational training.

2. Make a Competitive OfferAlthough your business may not have the deep pockets of larger corporations, you still need to compete with them for the best and most qualified candidates. Therefore, you need to ensure that your compensation meets or exceeds the average for the position that you need to fill.

   Sift through job listings for similar positions and determine the range of pay. Then, adjust your pay to meet or exceed the average for these positions. In this competitive labor market, you need to be willing to pay for quality candidates to join your team. If you cannot offer competitive salaries, then add attractive benefits to fill that pay gap.

   READ MORE: How to Attract Qualified Operators to Make the Most of Your Financed Equipment

3. Expand BenefitsEven if your pay is competitive, some employees may choose another company over yours because it offers better benefits. Expanding the benefits that your company offers is thus another effective strategy to recruit highly qualified employees.

   Most employees, however, view core benefits like 401(k)s and health insurance as givens, so you may need to get creative with the types of benefits that you offer. These new benefits should be meaningful and go beyond coffee bars and ping pong tables in the break room. Gym membership reimbursements, pet insurance, student loan assistance and flexible work hours are just a few examples of non-traditional benefits that you can use to attract potential candidates.

   LEARN MORE: SBA Sets Opening Date for Restaurant Revitalization Fund

4. Improve on the Job TrainingAnother way to expand your hiring pool is to open opportunities to less-experienced candidates by offering on-the-job training. By focusing less on initial qualifications and more on general skills and willingness to learn, you can find talented employees who you can train for specific roles within your company.

   These types of opportunities are most appealing to recent graduates and people looking to make a career change. A worker looking to leave the service industry and join your sales team, for example, may not have a lot of formal experience, but with their customer service background and the right training, they can excel as a salesperson.

5. Offer Paid InternshipsCreating a paid internship program can offer students and recent graduates experience while providing your company with much-needed help. Hiring an intern for accounting, for instance, will allow that department to delegate simple tasks like data entry, allowing full-time employees to focus on more advanced work.

   To establish an internship program, you can partner with local colleges and universities that allow students to intern for college credit. Many of these organizations will help you make your internships meaningful learning opportunities while providing you with a steady stream of interns.

6. Modernize Management StrategiesAltering your management strategies to meet the needs of modern employees is one of the best ways to attract and retain new hires. Most modern employees desire a culture of openness and respect, and many of them enjoy having a degree of influence over their schedule. Online reviews of employers make it easy for an applicant to determine whether your business is one at which they’d like to work.

   Modern managers should therefore be adaptable, understanding and transparent to foster a positive working environment. Coaching instead of telling, explaining rationales for decisions and being understanding of your employees’ personal and professional needs will make your company an attractive place to work.

7. Outsource TasksCompanies can also combat a labor shortage by outsourcing tasks and projects to freelancers and other organizations. For instance, many businesses hire outside companies to handle tasks like deliveries. These types of activities can be labor-intensive and expensive to manage, so outsourcing them allows you to focus on the core elements of your business while reducing your hiring burden. Finding partners who understand your business and can assist you with various services is a great way to reduce your workload.

   Likewise, you may want to employ freelancers for temporary projects like logo redesigns or website updates. Unless you need someone to manage the project in-house at all times, it is easier and more cost-efficient to temporarily hire a freelancer to complete a short-term project.

8. Focus on RetentionAlthough your business may be focused on hiring new employees, you should never lose sight of the ones that you already have. Losing current employees can exacerbate issues with short staffing and hurt company morale, which can lead to more attrition.

   Your staffing efforts should also include outreach to current employees to determine what they like and dislike about their working environment. This will illuminate ways that you can improve working conditions to retain as many employees as possible. You should also be sure that any benefits extended to new hires are also available for current employees.