We can agree that running a business takes a lot of effort, strategy, time, and money. We at RhinoFit®, want to commend every single business owner on their business journey, thus far! You really did that.
However, after all that hard work and dedication, it’s important to remember how crucial it is to have protections in place for your business. You need to ensure your business runs smoothly and efficiently in the long haul. Creating a protection strategy is super simple and we are here to help along the way.
Here are 4 rules of the wise, to keep your business protected and safe:
- HAVE EVERYTHING IN WRITING
We cannot stress how important it is to have everything in writing. Whether it’s employee agreements, contracts, or the transferring of data, make sure you get it in writing. This is the first line of defense in case someone challenges your business in a court of law. You can utilize RhinoSign™ Waivers which are fully customizable and totally paperless. The data is stored within the software, so it can be pulled at your convenience. Say goodbye to digging through messy files!
And you absolutely need to utilize authorization forms for all ACH and credit card information submitted into the software as it is the responsibility of the merchant (you) to obtain written authorization to draft funds from your member’s bank accounts. Without this protection in place, you may be at a penalty for any unauthorized returns enacted by your members to their bank, which can result in costly fees.
We supply ACH authorization forms with your initial welcome email when you join RhinoFit®. If you cannot locate your ACH authorization form, contact firstname.lastname@example.org and we’d be happy to assist.
- INVEST INTO A LEGAL PROFESSIONAL
We understand the haggle and costs that go into investing in a good attorney, but it may cost you much more if you do not take this precaution. A legal professional can guarantee you are covered when setting up your waivers, agreements, and contracts. They can assist you in using the proper verbiage to avoid legal loopholes, which may result in damage to your business.
RhinoFit® provides you with all the tools you need to implement legal protections, but a legal professional can ensure you are covered when setting up your waivers, agreements, and contracts.
- GET CLEAR ON POLICY, PROTOCOL, AND PROCEDURE
And stick with it! Creating cohesive and consistent policies, protocols, and procedures will keep your business running smoothly by limiting potential hiccups and unforeseen circumstances. If you can dream up a potential problem, you should create a system to address it. If you’ve solved a problem, document the steps it took to solve it, in case it arises again.
It’s all about taking precautionary steps and avoiding potential problems in the future, by assessing them and developing a clear-cut strategy to a solution. Make sure you and your staff are fully educated on any business practices put into implementation and make sure they understand it by documenting it all in writing.
- EDUCATE! EDUCATE! EDUCATE!
One of the biggest identifying factors of a true leader, is the ability to remain teachable and absorbent. You could run a business for 30+ years, but it is never too late to learn more. The moment you put a stop to educating yourself that’s the moment you potentially put your business on the firing line for potential failure.
Take your time to understand your bases, whether that’s understanding the RhinoFit® software on a deeper level or understanding compliances like PCI and NACHA.
Did you know that if you accept credit or debit cards as a form of payment, then PCI compliance applies to you? PCI or Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards that work to ensure that all companies who accept, process, store, and/or transmit any credit card information, do so in a secured environment.
Did you also know that if you accept ACH or bank drafts as a form of payment, you must follow NACHA’s requirements and rules? NACHA or National Automated Clearing House Association is an organization that manages the administration, development, and governance of the entire ACH network. NACHA requirements protect customers’ information and prevent fraudulent transactions and cyber-attacks. If you aren’t following NACHA’s guidelines, your business could be at risk of costly fees.
Education is a form of protection, in itself! Always keep your eyes and ears open and your notepad and pen ready. To learn more about NACHA, check out https://nacha.org, and to learn more about PCI, check out https://www.pcicomplianceguide.org/