Joseph
Wilk’s credit card and debit card processing company, Millennium Merchant
Services, is a world-class financial business, saving its customers thousands
of dollars in transaction processing fees each year. What does it take to run
such a business? Joseph Wilk gives us some tips.
Know your
competition. In starting Millennium Merchant Services, Joseph Wilk set out to
be better than competing credit card processing companies. This meant, first of
all, knowing how those businesses were operating and figuring out how to do the
same things more efficiently while also doing different things. For Joseph
Wilk, this meant implementing innovative hardware and software that made
processing credit and debit transactions faster and cheaper.
Be
creative. Joseph Wilk encourages entrepreneurs in the finance field to stay
creative. Do puzzles, keep your brain limber. Solutions will appear in
surprising places when you maintain a creative brain.
Create a
business team. A group bouncing ideas off of each other is much more likely to
come to a good solution than an individual thinking by himself.
Prepare to
work long hours. Starting any business often means putting in more hours than
you would when managing an established business or working for someone else.
Being your own boss means working more than a 40 hour workweek. Joseph Wilk may
not be the person answering the customer service lines 24/7, but he makes it
clear that his job is not restricted to just normal working hours.
Keep
meticulous records. Especially as someone in the merchant services industry,
Joseph Wilk recognizes the importance of detailed records. Records keep you
accountable and help you to be upfront with customers about your work.
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