In this article we are going to quickly cover the importance of a good credit rating. The simple truth is that for many people, while they RECOGNIZE that their credit score plays a big part in their lives, they don’t have any TRUE idea of how far that influence extends. In my view, your credit score may in fact be the most important number in your life’s overall happiness and well being! Sound far fetched? Continue reading on below!
The Damage that Bad Credit Can Do To Your Life is Astounding
I have felt the effects of bad credit personally, and can tell you the damage extends far beyond simple financial concerns. Did you know that at one point in my life I was turned down for a series of high paying jobs I was MORE than qualified for…simply because of some credit negligence I displayed in college? It’s true….and while this certainly had a financial affect on my life, it wreaked havoc on my self esteem, where I lived thereafter, my ability to turn on utilities in my apartment, get insurance and EVEN on the relationship I had with my girlfriend! (sort of like those commercials you see on TV with the guy who ends up working in the chain restaurant after marrying the girl with terrible credit!)
Bad Credit Decisions Can Affect Everything
I truly wish that people understood the destructive nature of their credit decisions BEFORE they make risky choices! The simple truth
It’s no secret that the credit card processing industry is evolving fast. From online credit card processing services to mobile credit card processing, new products and trends are transforming the way consumers pay for their purchases.
One such trend is new tablet-based point-of-sale (POS) systems. There has been an explosion in the number of new products in this area recently. Some interesting solutions include GoPago, ShopKeep, Leaf and NCR Silver. And more players are entering the arena practically every week.
The question is: will these new tablet-based products become a popular form of credit card processing for small businesses?
Personally, I’m excited about their potential. They can provide many of the features of traditional POS systems at a small percentage of the price. Plus, they’re easier to install and use for small business owners. For approximately $1,000 you can get a complete POS system, including the tablet, stand, money drawer, printer and barcode scanner. Yes, this is more expensive that a standard credit card terminal, but it’s far less expensive that a traditional POS system, which can set you back $20,000 or more.
Given their price and usability, these tablet POS systems can be a great fit for many of your merchants. However, there are a few things to consider before recommending one:
Processor Connectivity – Can the POS system connect to your preferred credit card processor? Some of these POS systems can connect directly to processors, but others can connect only through a payment gateway. Make sure the system can connect to the
The average Indian shopper today is likely to have at least two credit cards in his wallet. In fact this number has been on the rise with banks and credit card companies sending free lifetime credit cards with -attractive features’ to anyone who they think fits the bill. These cards sometimes come as a -surprise gift’. p>
As a customer you have the choice to use the card or return it. If you receive a credit card, which you had not asked for you just need to cut it into two and send it back to the bank, declining the offer.
The more cards you have the more tempted you will be to avail the offers on each of them and at some point in time discipline could give way to reckless spending leading you into a maze of spiralling debt before you realise what hit you.
For a spender who is not disciplined in prompt repayments, debt can mount in accelerated proportions.
If you use your credit card extensively or even if you use it once in a while, it would be prudent to access your credit report from Cibil (Credit Information Bureau (India) Limited). You can manually access your credit report by placing a request with Cibil, details of which are available at www.cibil.com.
Though currently you can pay for this report through Cibil’s online payment gateway, you cannot access your credit report online as of now but this will be enabled in future. Once you make your
As many business owners are aware, fraudulent credit card charges results in millions of dollars in loss from businesses around the globe every single year. Owners of businesses are susceptible to these losses as the majority of transactions that are completed through the e-commerce platform are created using credit cards – and therefore increasing the chance of loss through credit card fraud.
Taking the time to implement a secured credit card bin numbers system to reduce credit card fraud through the verification of the transactions that are completed online can be an effective way to reduce charge backs and other fees that accrue when the merchant becomes a victim of credit card fraud.
How can the merchant use credit card bin numbers to protect their business?
Using credit card bin numbers databases, the merchant is able to increase the level of protection while completing credit card transactions through secure verification techniques that are performed each time that a credit card transaction is completed. Using the information available through the bin databases, the merchant is able to confirm the credit card number, type of credit card, issuing country and other information through the simple first six digits of the credit card number, referred to as the bank identification number.
E-businesses are able to use the information found through these database systems to confirm the validity of the credit card and therefore reduce the instance of credit card fraud that is going to cause the online business to take
Sometimes a debt piles up so high because of interest rates that a person’s monthly income becomes virtually nil and he finds that just this month’s salary isn’t enough to cover the
bases on his expenses. The most immediate course of action that a person can do is to opt for credit card debt help, in this case, credit card debt relief programs or to avail of credit
card debt counseling. The question, though, is why exactly should one opt for debt counseling?
This is just one step in the effort to reduce debt…and, possibly, virtual credit card debt elimination. This method seeks the help of a professional debt counselor, or a financial shrink, if
you will. What they will do is to negotiate with the credit card company with the aim to possibly alleviate you of your plight, in other words, reduce your credit card debt drastically to
levels payable with your money at the time. There are some who might tell you to avail of a debt consolidation program after they’ve assessed that it would somehow ease your
financial burdens and at the same time, facilitate credit card debt elimination.
Typically, you’d start off with basic money management…manage your finances properly, kind of like functioning as a kind of credit repair services thing…then they’ll help you out to
map a solid budget plan. The general idea is to not only help a person rise out of their current indebted situation but also to improve the way he or she manages
Reasons Why Gold Should Be Part of Your Investment Portfolio
Gold has been used for countless centuries as an indication of wealth, power and honor, but it has also been a fantastic investment choice. Why? Well, because it is what has essentially set the standard throughout monetary history. Here are ten reasons that you should consider gold as a part of your investment portfolio:
1. Of all precious metals, gold has traditionally been the first choice for hedging investments against inflation, political crisis or economic uncertainty.
2. As of the time of this writing, gold is trading at $1519.00 per ounce. Just 6 years ago, though, it was trading at just $513 per ounce. Thats a significant return for anyone that invested in gold in 2005 and held onto it.
3. Gold is driven by the age old system of supply and demand, but speculation also plays a part in determining the price of this precious metal. Yet, unlike most available commodities, consumption doesnt affect its price as much as savings and disposal do.
4. While investors’ return on equities, real estate and bonds do not compensate for inflation or risk, golds demand increases.
5. Jewelry accounts for more than two-thirds of the demand for gold.
6. Industrial, medical and dentistry uses of gold account for about 12% of the demand for gold.
7. During war or hard economic times, gold is seen as an asset that will always be able to purchase food, shelter or transportation. This is why the demand for gold tends to rise
A credit card is just a credit card until you take all those flashy sign-up bonuses into account. Bonuses add new meaning to earning rewards. Consumers can’t wait to get them and credit card companies use them to differentiate their offerings.
Creditors claim to have it all; except debt repayment plans and reduced interest rates. They promise vacation getaways and large bonus cheques, but those rewards come with strings attached. Sign-up bonuses are just their newest ploy to get you to spend more money.
Once you’re lured by the potential rewards, creditors hope that you’ll carry over your balance and forget to cash in your bonus so they could slap you with high interest charges.
Fortunately, you can beat the system and capitalize on sign-up bonuses. It all starts with separating fact from fiction. So here are the top five myths surrounding credit card sign-up bonuses.
You’re getting something for nothing
Credit card companies spend a lot of money to earn your business. But the money they spend to offer those great sign-up bonuses are not acts of generosity; they’ll cost someone in the long run. It’s up to you to determine who pays.
For instance, there are spending requirements that you have to meet before you receive the bonus. If you rack up debt and carry over the balance, you’ll be forced to pay high interest charges. Depending on your balance and rate, your interest charges will pretty much exceed the cost of any bonus you receive. The only
A merchant credit card processing service is very easy to get started with. If your business travels all over the world, you will want to have a variety of ways to have people pay for your merchandise. You can set up an account online, use mobile processing, and even have your own web store. Just like in marketing, you want to have quality ways to attract new customers.
When you are first signing up for merchant credit card processing services, you will want to take it slow at first. You can eventually move into the mobile processing when you become more comfortable with using the web store. It is much easier to manage a web store than it is to manage a mobile phone store. The bigger screen and advanced processing really come into play here with your computer. Merchant credit card processing services are a great addition to any business that wants to move their company to the next level. If you are not already advertising your products on the web, you are really missing out.
The Internet was not a big deal for e-commerce a little while back. In today’s world, everybody does their shopping online. You can ask anyone and they will have bought something or know someone that has bought something on the web. It is becoming just as popular as fast-food restaurants. In order to stay above the competition though, you will want to make your payment options attractive. The best way to do that
I’m sure as a business owner you have enough to do without having to figure out how Credit Card Interchange Fees work. The good new is it’s not that complicated. There are hundreds of different interchange fees, what is important is to understand that interchange is essentially the wholesale rate that banks charge each other in order to process a credit card or debit card transaction. It is the cost of doing business, usually around two percent of the transaction amount.
Although the card companies set interchange rates there are things you can do to help avoid paying too much.
Review Your Charges Annually
At least twice a year (generally every April and October), Visa and MasterCard re-assess their processes, regulations and fees then announce rate changes and new fees. Many times your existing provider will layer on additional rate increases above the Interchange adjustments. Call another provider, fax in your merchant statement and have your account analyzed to “catch” these hidden rate increases.
Use an Interchange Pass Through Program
In order to pay the lowest fees when processing credit cards, a merchant’s goal is to pay as close to interchange as possible. A merchant account that uses an Interchange Pass Through pricing method applies processing fees by adding a small percentage to the actual Interchange Rate for every transaction and all dues and assessments are passed through directly at cost. This ensures that you only pay the true interchange rate in addition to a small mark-up that goes
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