Saving money can be difficult for many salon and spa owners, but it is know that saving money is one of the necessary aspects of owning a business.
Living in this era of technology there are always solutions for any situation that may arise. Saving money for retirement, promotions, vacations, or any unexpected expenses just got easier. An automatic savings program, available through the credit card processing company Integrity Payment Systems (http://www.ipssalon.com), makes it effortless and painless. Integrity Payment Systems works with salons, spas, and businesses in the beauty industry to helping them save money. Their Auto-Save program automatically deducts a pre-determined amount from each credit card transaction and deposits the amount into a high-interest, no-minimum savings account. The amounts are small, but the secret to making it work is consistency on every transaction. Integrity Payments Systems also offers salon owners with low credit card processing costs, collectively saving their salon clients about $3 million in credit card transaction fees. Credit card fees are typically a salon’s fifth largest expense.
When Dean Parks, the owner of Salon GC in Vernon Hills, Illinois, was asked what he thinks about this program, he said he was really excited about it, and had signed up for Auto-Save in April, 2008, putting two percent of every credit card transaction he made directly into his savings account. When he realized he was not missing the extra money, he increased his savings to four percent, and later to seven percent. “I’m actually thinking of raising it now to ten percent!” Dean says. “This program provides us with a tool–a way to set aside money for promotions, vacations, and even to fund our IRAs.”
