Cash will always be king, but credit cards are the ace for millions of Americans across the country. In fact, more than 70% of American households have at least one general credit card. Despite the credit card’s place in today’s society, the widespread popularity of “charging it” is actually a relatively new phenomenon. Retailers in the 1970s were hesitant to accept credit cards. Consumers balked at embracing them out of fear of being on the hook for unauthorized charges. But that all changed with the Fair Credit Billing Act (FCBA) of 1974.This amendment to the Truth in Lending Act instilled consumer confidence. It provided protection from unfair billing practices and identity theft. FCBA was also responsible for the creation of what we now call a “chargeback.” As a small business owner, you might have heard the term before, but you might not be sure how to handle them. Read on to learn more about what a chargeback means for your business and how to avoid them.
It seems unfathomable, but computers in the 1950s were a far cry from the slick and portable machines we depend on today. With the concept of the personal computer years away from coming to fruition, clunky mainframes (that’s what they used to call computers) occupied entire rooms in schools and large corporations [paywall]. Given the size and cost of these monstrosities, mainframe users often shared access to data through smaller stations around the office. Though no one called it by name at the time, this type of networking was laying the groundwork for what we refer to today as “cloud computing.”
Being a small business owner can be gratifying. Owners get to be their own bosses, choose their own hours, and turn their passions into a career. A perk of owning a small business is getting to make every decision about your company- what to spend money on, how to market, where to establish your office, and how to budget. This massive list of decisions may be exciting for freshly minted entrepreneurs, but it can also come with consequences. Screw up your cash flow or misunderstand your target customers, and you could put yourself in a bind. Owners should educate themselves on some of the most common pitfalls that others make when running their own company. Entrepreneurs need to have a plan of action for every aspect of their business. A single blind spot could make you one of the 50 percent of businesses that don't succeed.