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Archived news of: June 2010
2010-06-01
Internet merchant account holders advised on pricing rules
The Office of Fair Trading (OFT) is investigating how new fair trading laws would apply to those with internet merchant account holders and other retailers.
The Office of Fair Trading (OFT) is investigating how new fair trading laws would apply to those with internet merchant account holders and other retailers.
It has published its first discussion paper on how the rules could affect pricing practices such as three for two offers or reduction deals.
The OFT is conducting a market study into price advertising and the 2008 Consumer Protection from Unfair Trading Regulations.
"Clarity about how the law applies, and the OFT's view on the benefits and potential harm from the different ways retailers advertise prices, will help businesses and consumers in what sometimes can be a contentious and rapidly changing area," explained Heather Clayton, OFT senior director of infrastructure.
She urged retailers and consumer groups to comment on pricing issues before the study comes to an end later this year.
The importance of getting pricing right has been highlighted by Wharton business school experts recently, who told Econsultancy that innovative strategies can help retailers create and capture value and customers.
read more 2010-06-01
Regulation hits growth, especially at smaller firms, expert warns
New regulations are hindering the ability of small firms, such as those with direct merchant accounts, to grow, according to one business expert.
New regulations are hindering the ability of small firms, such as those with direct merchant accounts, to grow, according to one business expert.
They cost more in terms of turnover proportion for smaller companies to cope with and do not offer proportional benefits, said Professor Joshua Bamfield, director of the Centre for Retail Research.
"Small companies don't have so many people who can take an interest and make sure of efficiency in their environmental regulations, equal opportunities, and planning controls policy, etcetera," he explained.
It is easy for smaller businesses to fall into the dangers of all the regulation and have less time to direct efforts towards growth, Mr Bamfield continued.
He welcomed the government's plan to introduce a "one in, one out" policy for new legislation, but said that to work it must involve cooperation between all the bodies and departments involved.
Some 40 additional business regulations have come into place since 2009, according to the British Chambers of Commerce 2010 Barometer, which measures the cost to business of laws.
read more 2010-06-01
'Thorough staff monitoring' needed to fight fraud
Thorough staff monitoring, both during the recruitment process and throughout an employee’s time with the company, is vital for security, internet merchant account holders have been told.
Thorough staff monitoring, both during the recruitment process and throughout an employee’s time with the company, is vital for security, internet merchant account holders have been told.
There is always the chance that staff will be disloyal to their bosses and put information security at risk, said Neil Munroe, external affairs director at Equifax, and this increases during times of financial difficulty.
"You have to do what you can to employ the right people – do the right checks, then do regular monitoring of staff," he advised.
"Random checks of people in sensitive conditions would be wise."
Employers must be proactive in discovering and tackling potential problems, Mr Munroe added, which will not be cheap but could save their reputation.
Figures from the RSA Group have suggested that nine in ten businesses do not protect against employee theft.
read more 2010-06-02
Direct merchant account holders urged to up export strategies
Firms with direct merchant accounts should be making the most of their export potential, it has been advised.
Firms with direct merchant accounts should be making the most of their export potential, it has been advised.
Only a third of small and medium-sized enterprises (SMEs) currently export, according to figures from Lloyds TSB Commercial, despite nearly two-thirds of those who do trade internationally experiencing growth in the past year.
Reasons given for not exporting include the fear of a lack of demand, worries over late payments, concerns regarding currency fluctuations and language barriers.
Firms should embrace the export market, said Lloyds TSB Commercial managing director John Matlby.
"There really is a world of opportunity out there for British small businesses," he commented.
"Many firms are turning overseas demand and a weaker sterling to their advantage as they seek to grow."
Last month, the Forum of Private Businesses highlighted the benefits of exporting goods and services, pointing out that overseas expansion has helped many firms survive the recession.
read more 2010-06-02
Online scams 'must be highlighted'
Internet users must be open about the dangers they see and fall victim to online, an expert has said.
Internet users must be open about the dangers they see and fall victim to online, an expert has said.
People making the most of online credit card processing and other web-based services should not be reluctant to come forward with information about threats, according to Tony Neate, managing director of Get Safe Online.
"Once we know the full scale of the problem, then government and law enforcement can put more resources in," he explained.
"It is a benefit if people do report the incidents when they happen to them."
The more people who are aware of the potential problems, the fewer who will fall victim, Mr Neate added.
He also pointed out that cyber criminals exploit any opportunity, meaning taking action to stay safe online should be ongoing.
Britons are defrauded of some £3.5 billion a year by organised criminal gangs using the latest mass marketing techniques, according to figures from the Serious Organised Crime Agency.
read more 2010-06-02
Small business success blueprint revealed
Businesses could see many benefits from implementing the blueprint for growth devised by the Warwick Business School, it has been claimed.
Businesses could see many benefits from implementing the blueprint for growth devised by the Warwick Business School, it has been claimed.
The establishment has come up with six key factors that firms, such as those with direct merchant accounts, should address in order to compete effectively in the marketplace.
Such issues include flexibility, marketing, human resources planning and growth ambition.
"Firms implementing three of these factors would be growing up to a third faster than firms implementing two or less of these factors," commented Professor Stephen Roper, professor for enterprise at Warwick Business School.
He urged businesses to think about planning for the future and marketing strategies, highlighting the need for a strategic approach to growth.
A report by the Warwick Business School, commissioned by Royal Mail, revealed that the business blueprint could help generate an extra £15 billion for the UK economy if implemented thoroughly.
read more 2010-06-03
Consumers continue to rein in spending, retailers told
Internet merchant account holders and other retailers are seeing a reduction in sales as shoppers rein in their spending.
Internet merchant account holders and other retailers are seeing a reduction in sales as shoppers rein in their spending.
The figures from the Confederation of British Industry (CBI) are not surprising, according to David Rodgers, managing director of GfK NOP consumer services.
He pointed out that his firm's Consumer Confidence Barometer is still showing consumer confidence at a low, with a further slight fall recently.
"I think, with that backdrop and the fact that the recovery is insipid at best, it is probably not surprising that consumers are still continuing to tighten their belts on these kinds of discretionary spends," Mr Rodgers said.
This mirrors a lack of confidence in the economy in general, he suggested, and will only improve depending on how the recovery pans out.
The CBI figures revealed that firms saw volume sales fall in the last three months, with many saying the level of business was well below normal in the past quarter.
read more 2010-06-03
Entering export market 'good way to grow'
Direct merchant account holders and other retailers should look to enter the export market to aid their growth, it has been suggested.
Direct merchant account holders and other retailers should look to enter the export market to aid their growth, it has been suggested.
Knowing that they have the chance to export goods or services would be a good start for many firms, said Stephen Alambritis, spokesperson for the Federation of Small Businesses.
"Exporting would be a good way for a business to grow as other markets may recover quicker than the UK," he commented.
Firms looking to start exporting should be making the most of the latest technology, as this will help get their products known in other countries, and meet contacts face-to-face where possible, Mr Alambritis continued.
Figures from Lloyds Banking Group have revealed that only one in three of Britain's small and medium-sized enterprises have caught on to the potential benefits of global export markets.
Many of those who do not export say concerns regarding demand and late payments are holding them back.
read more 2010-06-03
PCI SSC reveals annual forum details for "important year"
The Payment Card Industry Security Standards Council (PCI SSC) is urging those running direct merchant accounts and offering online payment processing to attend its annual conferences later this year.
The Payment Card Industry Security Standards Council (PCI SSC) is urging those running direct merchant accounts and offering online payment processing to attend its annual conferences later this year.
With new versions and revisions of payment security standards set to be introduced this autumn, 2010 is an important year for PCI SSC, commented general manager of the body Bob Russo.
"We're really looking forward to sitting down with our participating organisations face-to-face for a productive discussion about the standards and how we can continue to work together to address the various needs of stakeholders across the payment chain in an effort to secure cardholder data globally," he said.
The annual forums will take place in Florida in September and Spain in October, giving delegates the chance to participate in debates regarding payment processing and security, as well as meet with industry experts.
Training courses will also be on offer, as will networking sessions and the chance to see the latest products.
read more 2010-06-04
FSB welcomes gov't promise to cut red tape
Government proposals to slash the red tape stifling business growth are welcome news, the Federation of Small Businesses (FSB) has said.
Government proposals to slash the red tape stifling business growth are welcome news, the Federation of Small Businesses (FSB) has said.
Figures from the body revealed that nearly a third (27 per cent) of small firms, such as internet merchant account holders, that wanted to expand said increases in regulation would make that difficult.
Business secretary Dr Vince Cable has revealed plans to simplify red tape by introducing a "one in, one out" rule for regulations and reviewing all upcoming rules.
The FSB welcomed these proposals, suggesting that in tough economic times, costly legislation should be a last resort.
Regulation has long been stifling business growth, said Mike Cherry, policy chairman for the FSB.
"Small firms have repeatedly said that the burden of regulation and the time it takes to comply with is just too much and could prevent them from taking on staff - and stunts economic growth," he commented.
The Warwick Business School has urged firms to carefully consider their strategies for success and involve elements such as flexibility, marketing and human resources planning.
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