Issue link: https://nebusinessmedia.uberflip.com/i/1527351
W W W. M A I N E B I Z . B I Z 7 O C T O B E R 7 , 2 0 2 4 city now holds AAA rating with both major credit rating agencies, resulting in further reduction in future debt ser- vice costs and additional demand for the city's municipal bonds. Fidium Fiber said its multi-gig speed inter- net network is now available to more than 7,200 homes and businesses in York. Lewiston manufacturer inks Australian mining supplier deal Elmet Technologies LLC, a tungsten manufacturer in Lewiston, agreed to a collaboration with an Australian tungsten supplier that's expected to strengthen the Western industrial base and sup- ply chain for the metal. Elmet agreed to a framework for a long-term "off-take" contract with Australian public com- pany EQ Resources Ltd. (ASX:EQR). Elmet is part of Anania & Associates Investment Co. LLC, a Maine-based holding company that focuses on manu- facturing. Elmet Technologies, with three manufacturing facilities, said it is the only 100% U.S.-owned producer of pure C E N T R A L & W E S T E R N A S K AC E A n s w e r e d b y C r y s t a l C o l e , L e d g e w a t e r C o n s u l t i n g L L C The Association for Consulting Expertise (ACE) is a nonprofit association of independent consultants who value "Success through Collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Q: I am overwhelmed by all of the rules I need to follow for point-of-sale transactions, payment processing and payroll. I obviously need to outsource, but I'm just as overwhelmed by the options. Any advice? ACE advises: Business owners often make choices because of others they know and make decisions on the fly. The prob- lem is this: POS, payment processing and payroll solutions simply are not one-size-fits-all, and every business is different. Some general recommendations 1. Read first: Too often, people sign off on contracts without reading them. Thirty minutes could save you headaches and fees down the road. 2. Explore options and ask questions: Next to family, health and home, your business is your most important investment. Do not let salespeople make decisions for you. Take respon- sibility for your own due diligence. Ask other business owners for recommendations and ask questions about their experi- ences. When you speak with payment processors, ask about all charges (setup, refunds, disputes), types of payments supported, payment turnaround, security and compliance, integration with your online plat- form, customer support, analyt- ics, chargebacks and disputes. 3. Credit card fees: A 15-cent transactional fee is high; 30 cents is excessive. Know your discount rate (the percentage fee). Chances are, if you're not paying close attention to fees, they may have increased. If you think you're paying too much, you probably are. Tip: Your overall effective rate for merchant processing = total fees/ total volume. If it is more than 2.7%, it is likely too high. 4. Shop locally: When it comes to a payroll service provider, bigger does not mean better. Small, local companies can often offer the hands-on support people need, plus they do not charge for every little request. They have a vested interest in building and maintaining good customer relationships. Save Your Seat FOR OUR LAUNCHPAD LIVE EVENT Join us for Maine's premier small business competition. Come mingle with Maine entrepreneurs and influencers, support the local small business community, and find out which of the five finalists will win our $50,000 grant at our live pitch event. WHEN: Tuesday, October 22, 2024 SOCIAL GATHERING: 4:30pm COMPETITION: 5:30pm WHERE: University of New England's Innovation Hall, 772 Stevens Ave., Portland RSVP TODAY GorhamSavings.Bank/LaunchPad/Attend The event is free, but an RSVP is strongly encouraged to reserve your seat. Member FDIC Crystal Cole, founder of Ledgewater Consulting LLC, is a business strategist offering competitively priced payment processing and POS systems through select ISOs. She does a great deal of education and loves helping hard-working Mainers save money. She can be reached at crystal@ledgewaterconsulting.com or 207-415-4461.