Mail Chimp has grow into a nicely profitable huge business…… without taking a single dollar of venture capital over a 15 year slog. This is a unique characteristic of the SMB space, you can take your time to figure out the business and not be too overly concerned of being crowded out by a better funded…
We finally launched the referral rewards program on Clover, now available to all First Data merchants on the Station device and the Mini/Mobile terminals. The response in the first couple of weeks has been phenomenal. It is still early days for our app, but we hope to educate and get the local merchants successful with a type of rewards program that has allowed large Internet companies such as Uber and Dropbox acquire millions of customers virally.
A study by The Wharton School of Business shows that a referred customer is 18 percent more likely to stay with the business over time than the average customer. Description below.
“Nothing in the world is as powerful as an idea whose time has come,”
— Victor Hugo
Mercury Payment Systems was sold to Vantiv Inc. for $1.65 billion. Congratulations to Matt Taylor, CEO of Mercury, and his management team. This is a spectacular deal. Let us look at some simple comparative numbers. Vantiv’s market capitalization is $6 billion and it processes $400 billion in credit and debit card volume, which works out to $15M for each $1 billion processed. Looking at another example, Heartland Payments Read More
by Murgesh Navar
I am frequently asked how a small business, whom we champion, is different from a startup, which we are. Both have considerable similarities and driven by the same entrepreneurial instincts and energies. Both are generally also founded by people who are not only highly passionate about their venture, but also more comfortable with ambiguity and risk than the general population. However the main difference between the two is one of scale and risk. A technology startup like ours has enormous distribution potential by leveraging the reach of the Internet while a small business generally designs its products and services to serve the needs of a much more limited local market. For example, merchants in New York and Dallas can just as easily leverage our payment analytics and social media management solutions to efficiently market to their customers, who usually tend to live and shop locally around their business. Read More
by Murgesh Navar
“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be withthose cold and timid souls who neither know victory nor defeat.” Theodore Roosevelt
These words by former President Theodore Roosevelt describe, almost perfectly, the importance of entrepreneurs to American society. While we may not see it clearly, the backbone of American society is held up by innovation and perseverance, and small businesses embody the spirit of both.
We might imagine that it is only the “big names” that push innovation; such as the way Apple has pushed innovative devices like the iPhone and iPad. However, where did the “big names” get their start? All of them began with entrepreneurs, developing products that nobody had seen before and then managing to get those products into the homes of consumers. Read More