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Are you planning to start a vending machine business or planning to expand your existing business? Well, it's an excellent way to supplement your income but if you do it in the right way. Accounting and recording for one or two machines, is rather simple with some files and notes, but more devices make it lot complex. At some stage of your business, you have to use software and a proper system to maintain the records.   It is good if you have already included a reliable record system in your vending machine business plan but if you haven’t its time you do.  Why Accounting Is Important  A large-scale business means you will be dealing with a lot more accounts and record stuff and increase the risk of mistakes. Every mistake that you make can eat up a lot of profit and decrease chances for future developments. The best solution is to start keeping a solid record of all that stuff more efficiently and in a non complex form.  Owning a vending machineis not all about selling, repairing and maintaining you also have you update them and find the profits and losses that come with it. The records will help you analyze the sales you have made, and compare them, and let you know the gains in your business. The database will also provide you with a way to find the location, machines, and products that work best for your company and then you can stick with those.   You can also keep a record of the maintenance, like when it was done, what damages are common, how much did you spend on gas and when you need to recheck your machines. Record Maintenance Option For Your Vending Machine Business Owning a vending machineoffers you the flexible option for all its aspects that includes record maintenance. There are various options that you can employ for your work according to your requirement and work scale.  Offline Database-It is the standard form of record maintenance in a very efficient, editable and reliable way. You can find software for your work and use it for recording purposes, with very little knowledge and calculations. The software, are simple and will offer you many features that are not there in the tradition files system. The best thing about software is that you don't need ample space for storage; all you need is a computer and a compact storage device.   Online Database-online accounting is the rising trend of the business world in this age of the internet. Online software also offers you the flexibility to access your files anywhere in the world with necessary login details. They offer 128 bit encryption and eliminate the hassle of downloading updates after every few days, like offline software. They are entirely reliable and provide you, the power to access all your expeditor and profit statement with just a few clicks. Hard Copy-The software, are a much simpler way to maintain records, but they need updates, and regular maintenance time at the developer end, that means you cannot access them at sometimes. It's not common, but sometimes you lose access to these records permanently and have to create the whole file again, but for that, you need to know the exact data that you recorded. In such cases, and hard copies are a great backup data, you can print a copy of software database and use it whenever you need. End Words If you are planning on owning a vending machine business, record maintenance doesn't seem that important, but it that have a huge effect on the success of your business. You should consider this part in yourvending machine business plan, so, that you have a mean to deal with the future aspects of your business. You need to have the necessary knowledge and spend some time on it, but it's worth it, especially if they can help you to differentiate between, what is best, and what is worst for your business. ...read more

Owning a vending machine is a great deal when you want to start a self-reliable business with limited time and financial investment. The firm gives you opportunity and flexibility that no company can offer; however, some sections remain same as any other business. This business also needs a written form of business plan layout. The plan is significant to get investors and keep a record of your business growth.  You may be familiar with reports if you have experience in business but if not, here are is what you have to write in a vending business report.   Cover Page  The first thing about your plan that anyone will notice is the cover page. So, it should have information about the writer, the time when it was written and most importantly heading of the report.   You should also add a table with all the content information along with this cover page. It will make it convenient for the reader, to locate the specific part of your report.  Executive Summary  In this section of the report, you will summarise the whole content of yourvending machine business plan. You can tell about your background experience in the industry, your reasons to start the business and the opportunities you offer. You have to make the summary interesting so that the reader cannot resist reading the whole report.   Vision And Mission Statement Your basic philosophy and principle are what makes a business successful. So in this part of your report, you mention what you stand for. It can include the objectives that you wish to achieve, your vision about your business in both short and long terms and much more. You can add the quality of machines and products that you want to provide and motive of your work. You can also write your goals like the profit statement or the count of the machine that you want in a period.  Ownership And Management Your vending machine business plan should mention the founder of the company and all the other partners include. The report should outline the various roles everyone will be playing.  You should also write about the ownership registration, whether it will be individual, cooperative or partnership based.  Marketing Strategies  The central part of any business is the customer, so you have to consider them while making your report. You have to mention the location you plan for your business and the type of public in that area.  You can strengthen your report with market analysis reports that gives all the information about the market requirement and the competition in the area. You have to include both direct competitions like other vending machines in the area and indirect competition like the in-house stores, food trucks and more. Remember to mention their strength and weaknesses along with your leverage upon them.  Initial Requirement  Starting a vending machine is more than justowning a vending machine, you have to find a place and rent it. You also have to invest in regular restocking, maintenance, license and taxes. Therefore, it is essential that you calculate it all and write it in your report. You can also brief about your income source, and cash flow routes plan in a spreadsheet to make your statement easy and straightforward.   The primary motive here is to make the reader believe in your cause; this will help you in getting more resources and investments to expand your business with ease.  Postscript  No matter how good your plan is or how profitable it sounds, it always needs some evidence to prove its worth. You can attach some reference documents, legal agreements, pictures of vending machines, reference letter, market survey report and many more proofs to support your assumptions and statements.  You have to be careful with every word that you write, because if you don't have enough to support your statement. You get nothing to promote your business.   ...read more

Is business on your mind? Yes? Then you must have considered different business spheres, but did you considervending machine business plan? If not then you should as a vending business these days is one of the trending and prevalent companies across the globe.  You must initiate efficient research for the vending machine business as it is identified to be the best solution for all the issues related to investment. You can find the machines anywhere in the world. Vending options that you may consider for this business are healthy drinks, snacks, groceries and there are so many.  Vending machine business has marked its value to the businessmen through offering the never-ending opportunities. Before you plan everything for vending business, it is essential that you must know certain things.  Here are the things you can consider before owning a vending machine.  Finding the right machine After you decide to choose the vending machine business, it is essential that you must select the right machine for the business. Always ensure the authenticity of the machine seller before buying. Restocking of the machine should not be tough as this is the most significant aspects of the vending business. You also need to identify the requirement of investment that you need for the vending business, including understanding the time needed for machines servicing. After these aspects are ensured, next make certain that you have analyzed the profits that you can anticipate from the vending business.  Choosing the right product  Finding the right machine is not just enough you need customer for yourvending machine business planto succeed. The best way to get customer is to research your products, you need to ensure that the products that you are going to sell is in demand among the customers. If you think including the Junk food in the machine is going to help you then there is nothing like that. First, decide the location and the pick your products which you want to sell. It will be a good idea to select high traffic area and better if you ask the owner of the location about the product that are in demand. You need to assess the needs of the customer for a specific location as people have started turning to a healthy diet. So, you must include snacks and drinks. Also remember to clear all the terms and conditions before signing any written bond. 24/7 availability  24/7 availability of the vending machine business is one of the upsides that you must know. Whether it's a mall, office, hospital or school, you can install business anywhere and can generate huge revenue. When customers feel hungry, they always need something to munch or to eat they can turn to the vending machines and also can decide what they want. The best part is that they don't have to think about the availability as it is always accessible and they can use it anytime and anywhere. It is seen that the customer who us it regularly become habitual to it and cannot resist it. These types of customers get so attached to vending machine that they buy, even when they don’t actually need the product. In other words buying from your machine becomes part of their routine.   Final words  So, if you want to initiate your own business then vending is a great choice. It is one of the businesses that are reliable. The only thing you need to know is that it requires time and patience to anticipate profits. The appropriate management and consideration of these things will benefit you in comprehending the vending machine business plan.  ...read more

Are you ready for buying a vending machine, think again? If you think vending machine as a dispenser of chocolate bars and soda pop but there is a lot more you need to know and plan. It is a vast range of advance machine that offers the flexibility to sell almost anything. If used carefully vending machine a very good way to start you own business. With several machines available in the market and new designs arriving regularly; preparation has to be done before you buy vending machine.  Get the proper license Some countries don't allow setting up a vending machine without a proper license. Many states also charge taxes for setting up a vending machine. The amount of tax varies in every state. Check the policies in your country and make sure that you have a permit to set up your business. Secure a location or two. The placement of vending machine makes all the difference. Before you decide toBuy Vending Machinea place visit it. Look for the sites which have high traffic. Select the area which is easily accessible and can attract more potential business. After selecting the place, visit the owner and get a written copy of terms and conditions. Vending machine type There are many types of vending machines that are available in markets. Some machines dispense in units like soda machines while some dispense in bulk like gum machine. The efficiency and power consumption also needs to be considered before you buy a machine. There are some manufacturers which provide custom designing of vending machine. Vending machine strength Vending machines are made with many different grades of material. There is wide range from the stainless simple joined machine to there are military grade iron. If you do not have time for regular checks for damages and maintenance opt for a high strength machine. You can also go for high shielded material if you want a high resistance against climate and scratches.  Transaction type  Several transaction methods have been introduced in vending machines. The machine which relied completely on cash now offers the flexibility to use plastic currency. Before you buy vending machine, you need to decide whether you prefer cash payment or transaction. Also, make sure that the customer feels convenient with your payment methods. If possible using all the payment method can be best for business. Find a supplier Business demand high profit with low investment, and to ensure that we need to choose supplier carefully. Some supplier provides better machine and supplies at a low price, while others offer better service but at a very high price. We need to balance invest and service quality to get more from our business.  Installing Vending machines have parts which can easily get damaged during installation. An authorized person is preferred to ensure that the machine is installed properly. Using machine in area with dust and humidity can easily damage its components experts help should be taken in such cases.  The vending machine is a very great option when it comes to stating your money without any proper knowledge. It can be started at a lower a scale with one machine as a part time business and then increased with time or a fully successful franchisee can be bought, but in either case, homework has to be done. ...read more

The vending machine can be a challenging business, and when not taken seriously can go down the road. The sales in a vending machine are unpredictable, especially when you have no strategy or improvement plans. Sales in this business always depend on the machine, the buyers, and the latest strategies. So, if you want success in this business, you need to do significant preparation before setting your first machine. Boosting the sales for yourvending machine businessseems easy and here are some tips that can help you with it. Restock The Machine Regularly Forgetting or neglecting to refill your machine can have a severe impact on your sales. You don’t want a machine that is always “out of stock,” and when you fill it, customers have already forgotten about it. Make sure you restock your machine twice a week, depending on your sales. As you’re selling mostly food and beverages, you need to keep your machine clean and fresh to attract customers. So, always keep the vending machine well stocked and with fresh &healthy vending machine snacks. Use Promotions To Increase Profits Using promotions can increase the overall profits of your machine. You don’t need to change the prices of all the items; just lowering the price of a few items can have a huge impact on the sales. People will see if you lower the price of the favorite snack for a limited time, and they’ll be tempted to buy more. Also, people will try new things if the price is lowered. This may reduce the profit per sale, but it will definitely increase the overall profit.  Accept More Payment Options When buying from a vending machine, customers usually have bills or coins. So, it best that you offer a machine that accepts both bills and coins. Having customers go to nearby stores to exchange money just to buy from the machine can certainly have a negative impact on your sales. Recently, some machines allow payments through cards. As these kinds of machine are not widespread, having it for your business could be a great way to boost the sales. So, add as many payment options as you can, and it will have a direct impact on your sales. Stay Up-To-Date With The Latest Trends A vending machine is all about customer’s likes and dislikes. As a vending machine owner, you should know about the item that everyone wants and meets the demands. Also, keep track of your competitors to stay ahead of them. You can dress your items that match the specific in a holiday season or if a product sells better than others, keep it in two slots. Also, stay on top of your industry to increase the profit. Increase Your Machine Lineup As your business grows, you should meet the growing demand of it. So, your next step should be buying new machines. You don’t need more capital for this, but you can use some of your profit. However, test the machine for stability, integrity, and reliability before buying. These tips can help you boost the sales ofvending machine business. Also, stay ahead of your competitors and the more research you do more chances you’ll have of a profitable business.  ...read more

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PCI DSS and Handling SensitiveCardholder Data—Why You Care The cost of Payment Card Industry Data Security Standard (PCI DSS) compliance is vastly underestimated—but maybe not as understated as the tangible and intangible costs of a data breach. Every merchant that accepts payment cards has a cardholder data environment (known as CDE, or the computer systems and applications that use or store sensitive card data) that comes under the purview of the PCI DSS. It's possible to limit—and even shrink—the scope of the CDE in order to reduce or minimize the merchant's PCI burden. Merchants that accept debit, credit and prepaid cards are acutely aware of an additional burden placed on their businesses starting in 2006. This is the year that the Payment Card Industry Security Standards Council (PCI SSC) began publishing stringent, resource-intensive requirements concerning the security of handling and storing sensitive cardholder data. Since then, merchants have collectively spent in excess of $1 billion on compliance with the PCI DSS as part of their security programs.1 PCI DSS compliance includes a long list of requirements and is a significant responsibility for businesses of all sizes. The security requirements cost the largest merchants (Level 1), on average, $2.7 million, according to the analyst firm Gartner Inc. Even small merchants (Level 4) might have to spend several thousand dollars on the initial security assessment and new technology and security measures.2 What's more, maintaining PCI compliance is a continuous process that requires constant vigilance and incurs ongoing costs. The penalties for noncompliance can be severe, including the merchant's loss of the ability to accept credit card payments and being audited and/or fined. Still, the relentless drive to protect sensitive cardholder data is vital. Losses stemming from data theft are on the rise. According to the Ponemon Institute, the average cost of coping with a data breach in 2008 rose to $6.6 million—a 40 percent increase since 2006.3 Moreover, the threats are evolving as organized thieves use ever more sophisticated techniques to hack into more merchants' systems to steal sensitive data. All parties involved in processing card transactions have an imperative to continually improve their data security techniques. One of the top reasons a merchant is most likely to fail a PCI audit—and a leading factor in data theft—is the failure to adequately protect stored data. VeriSign Global Security Consulting Services, a division of security services vendor VeriSign, has conducted hundreds of PCI assessments in recent years. Of the merchant companies assessed by VeriSign, 79 percent were cited for the failure to protect stored data and thus failed their assessments. The challenge for merchants is finding and implementing a solution or set of solutions that adequately protects sensitive cardholder data at rest and in motion; that meets the requirements of PCI DSS; and that doesn't slow or impair business processes or decrease profits. Key Takeaways There are several key points for readers to take away and consider in the context of their businesses. J The cost of PCI DSS compliance is vastly underestimated. As the PCI DSS requirements grow more stringent, the cost of attaining, assessing and maintaining compliance grows larger each year. The cost burden falls largely on the millions of merchants that accept credit, debit and prepaid cards in the payment for goods and services. All merchants want to reduce the cost of PCI DSS compliance; some are beginning to do so by shrinking the footprint of the cardholder data environment (CDE)— the computer systems and applications that use or store sensitive card data. Reducing the CDE has the direct effect of lessening a merchant's time and money spent on PCI DSS compliance. J While the cost of complying with PCI DSS and the associated validation mandates are high, the cost of suffering a data breach can be much higher. Victim companies often pay out millions of dollars to contain or repair the damage resulting from a breach. That amount doesn't include the less-quantifiable, but just as critical, brand impairment that lowers the company's market value. The best defense against a data breach is a good offense with data-securing processes and technologies. J Of the 12 PCI DSS requirements, the one area that is most problematic and costly for many companies is requirement #3: protect stored cardholder data. Failure to adequately protect the sensitive data is a leading reason why companies fail their PCI assessments, as well as a leading factor in data theft or exposure. Reasonable attempts to protect the data can be costly, often because the data is used in business applications beyond the initial transaction. Spreading the data across more systems and applications increases the need for protective measures. J Merchants aren't expected to act alone in attempting to contain and even reduce the cost of their PCI DSS compliance. The card payment ecosystem includes many partners who can offer security solutions and assume some of the risks and responsibilities of protecting sensitive data. What Is PCI DSS? The PCI SecurityStandards Council contends that merchant-based vulnerabilities mayappear almost anywhere in the card processing ecosystem. This includes point-of-sale (POS) devices, PCs or servers, wireless hot spots, Web-based shopping applications, paper-based storage systems and the unsecured transmission of cardholder data to service providers. Susceptibilities also can extend to outside systems operated by service providers and acquirers. These vulnerabilities can, and often do, lead to the exposure or theft of sensitive cardholder data, especially at the merchant level. The Verizon Business RISK Team reports that payment card breaches were at the top of the list of all reported data breaches in 2008, far outnumbering other data-type breaches. What's more, fraudulent use of stolen card data was confirmed in 83 percent of the breach cases investigated by the Verizon team. Clearly, all businesses in the electronic payments ecosystem need strong data security measures to mitigate the risk of exposure. This is the premise behind the development of the PCI Data Security Standard. PCI DSS represents the best available framework to guide better protection of cardholder data. Until the PCI standards were published, merchants had little guidance about what specific actions to take to protect sensitive data. The situation was especially vexing for small merchants that lack in-house information technology expertise. Learn more about PCI DSS PCI Security PCI Fee PCI Fees Idaho Falls Idaho at Learn more at http://www.valuedmerchants.com Valued Merchant Services800.531.8575 Main Office208.243.0005 Local208.243.0818 Local877.885.1740 Fax800.228.0210 Customer Servicesales@valuedmerchants.comhttp://www.valuedmerchants.comUpdated 4/13/2011 ...read more