Foreign Perspectives

Archive for the ‘Business’ Category

Whilst free B&B and vacation rental sites come and go, now there’s a new innovation in this market: a site that pays you!

The Our Inns family of sites which lists B&Bs in Europe and self-catering vacation rentals worldwide now pays £1 per new property that you recommend which subsequently lists with them. Once you’re signed up with them yourself (free), you can recommend further B&B or hotel or self-catering properties and get paid £1 (or 1.50‚€ or $2) for each one. All that’s required to collect on these is to quote a simple link on your website or e-mail, or even on a postcard.

Although introduced on a trial basis, it’s expected that these payments will continue indefinitely.

All payments will be via paypal but even that’s a free signup.

One of the first shocks that you get when you start your own business is the extra cost of business accounts. Whilst the list of charges for personal accounts is usually fairly short, there seem to be untold numbers of things that banks feel the need to charge you for as a business. 

Now, you would sort-of expect that they would charge you if you’re depositing large amounts of cash in that there’s obviously work involved in handling it. You probably also know that they charge a percentage of your credit card sales too and that there’d be a charge for the credit card terminal too. But setting up the terminal? Providing the software for it? Surely not? 

Well, if you plan on taking everything from your own bank, yes, you probably will be charged for setting up the terminal and you probably will be charged for the software required to run the thing too (anything up to $500). Not only that, but try accepting card payments online and you’re potentially talking another $500 for the software that you’ll need to accept those payments too. 

That’s just for the standard Mastercard and Visa acceptances too. Add American Express or anything else and you add to your costs yet again. Even commonly used things such as the ability to process customer not present transactions is generally seen as another opportunity to charge you. 

What the bank won’t be too upfront about telling you is that you can get a merchant account from a separate organization. There are increasing numbers of these outfits around and the market competition is driving prices down with the likes of First Data providing free setup, free point of sale software and 24/7 service (something that, quite surprisingly, isn’t always provided by the banks) and things that you might expect to be standard but usually are billable such as reprogramming of the terminal.

Sainsbury likes to portray itself as a customer oriented family-friendly store but one policy that they’ve recently introduced in the Forestside store in Belfast is distinctly anti-family and the implementation of it is very anti-customer.

Northern Ireland hasn’t been in the international news much lately but that’s not really an indication of peace as such, more an indication that violence isn’t happening which isn’t quite the same thing (welcome as non-violence always is, of course).

In fact the first indications of the arrival of peace was on its way started quite a number of years ago and, to my mind, was the arrival of the supermarket chain Tesco in 1997.  Prior to that the only UK supermarket chain operating in Northern Ireland was Marks & Spencer which had opened in 1967, 2 years prior to the start of the troubles, and hadn’t bothered expanding much since then. Nothing really says that peace is coming quite like big chunks of cash being invested.

However, the more certain arrival of peace (as opposed merely to reducing violence) was really only in the last few years and that has been marked in two very noticeable ways. Firstly the investments being made in the local economy are massive these days: you can’t drive more than a mile or two in Belfast without seeing building works of some kind. That’s also an aspect of the second point which is that there has been a large scale migration to Northern Ireland by everyone from the Poles to those that left because of the violence. Combine those two and the booming of the economy is very noticeable.

One very obvious side-effect of that mass immigration is that the house prices are going through the roof (hence the building work everywhere, of course) which is effectively a catching up on rises that didn’t happen in the last 30 years. The banks don’t seem to know what has hit them and mortgages are now available for up to 8 time salary (vs the maximum of 3 times just 3 or 4 years ago).

Anyway, at least Northern Ireland can now stand as an example of what it’s like when you do get to the end of the violence. Hopefully, it’ll provide an encouraging example to areas of the world that are still immersed in a culture of violence such as Colombia.

My parents were asking for a passbook account for their grandchildren as they aren’t keen on card based accounts.

Almost all accounts these days are card or internet based and the initial couple that I came across weren’t great as the building societies concerned didn’t have that many branches. Finally, I settled on the National Savings Investment Account which only requires a £20 deposit to open and also pays interest gross at quite a reasonable rate.

Opening it is a little peculiar as the Post Office branch doesn’t ask for any proof of ID or address and instead National Savings do the whole lot electronically. That worried me a little as I wasn’t sure that we’d turn up on their records but the books have arrived so we must do. Even stranger though is that they didn’t ask for any proof of ID from the children (normally you’re asked for a birth certificate) and one of ours was born in France so I can’t seem him appearing on any UK records.

Anyway, my parents are happy that they’ve a book for the grandchildren.