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Private Label Credit

Should you offer credit cards to your customers?

MasterCard, Visa and American Express all have their place. But there's another option you may not have considered: issuing a private-label credit card with your company's name on it. In addition to all the usual advantages of credit cards, a private-label credit card program allows businesses to focus on who their customers are. For example, your program can gather data about customer purchases, buying patterns, income and demographics.

Small businesses can save money and eliminate hassles by using an outside administrator that specializes in private-label credit cards. A number of banks have entered this arena; ask your banker if he or she administers such programs. If not, the banker may be able to recommend a private-label credit card administration company.

Excerpted from Start Your Own Business: The Only Start-Up Book You'll Ever Need

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