Saturday, August 30, 2014

Taking Charge of the Economy

Despite the negative talk and and lack of action in Washington about the economy, the economic marketplace is really our own. We are living in a technological revolution where the individual consumer has tremendous influence in the new marketplace. Emerging companies with exciting ways of doing business are springing up everyday. 

For example, PayPal can be especially cumbersome when selling services online. Their support process and call center mentality can make the IRS seem like a rosy picnic. On top of that frustration, 3% of each and every transaction goes straight to the fee bucket. Have you ever tried to work with PayPal on a payment dispute? Customer service goes out the window and their policies rule the day.

Along comes, where there are no fees and a convenient,  intuitive, web interface. You send a simple invoice, the client completes the transaction, and the funds arrive in your bank account the next day (instead of 3-4 days for PayPal). There is a new online bank called Simple, which for the right type of customer, is turning the banking world upside down with minimal fees and a service level, which is surprisingly refreshing.

As the current administration attempts to roll out one business regulation after another, they are missing an important point. It is human nature to confront a roadblock by traveling around it or occasionally right through it. When entrepreneurs see consumers resisting regulations, they will come up with an idea to fill the void. An increasing number of consumers are realizing they have more control than imagined through their consumer buying behavior. So instead of waiting for Washington to improve the economy, contribute to economic growth by making the most of the online choices in the digital world.

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