Disadvantages of Electronic Payment Systems

Electronic payment systems include credit and debit cards, online banking and electronic cash. Most of us commonly make use of electronic payment facilities. Do we know the disadvantages of electronic payment systems? To know them, read on…

The transfer of funds from one party to another over electronic media is known as electronic payment system. The different approaches to electronic payments include, card payment, mail order and online payment. Online transactions are a daily activity for almost everyone today. With the introduction of the Internet, online transactions became easy. Most of the big product and service companies made their network presence prominent and started interacting with their customers over the web. Online shopping soon became popular. With financial institutions, walking on similar lines, people around the world began performing their financial transactions through the Internet. Credit and debit cards became a commonplace feature and gave impetus to the electronic payment systems.

While most of us prefer the convenience in payments that the electronic payment systems have brought about, some dislike the idea of electronic money. They feel uncomfortable in performing online transactions. Though only the positive change brought about by the e-payment systems is highlighted, we cannot ignore the disadvantages of electronic payment systems. One must be aware of the privacy and security concerns raised by electronic payment systems.

Disadvantages of Electronic Payment Systems

Most of the online banking sites as also the online financial transaction sites require you to open an online account with them. You need to register to the institution in order to be authorized to perform money transactions with them. This involves a username and a password, which implies the need of password protection. You also need to maintain an account per organization, which can make it bothersome for some of you.

For secure online transactions, the site that hosts your account should follow strict security policies. If the passwords are susceptible to being hacked, it can mean a serious financial loss for you. Banks or financial institutes, which maintain your personal information, cannot afford to expose it to hackers. There is a potential risk of your personal and account details being stolen.

One of the most severe disadvantages of electronic payment systems is that of identity theft. The available security measures can prevent the sensitive information from being exposed. But it is important to use virus protection or firewalls for your computer. It is important to carry out money transactions over a secure server.

There is a great risk involves in the theft or the losing of the smart cards. In case the cards fall in unsafe hands, there is a danger of the expenditure of your entire bank balance. There are measures to inform the concerned authorities about the loss of the card. But, the time between losing the card and informing the authorities is critical. Unauthorized users may carry out transactions in your name during this period of time.

Mostly, electronic cash is based on cryptographic systems. The transactions are encoded by means of numeric keys while the transaction details travel across the net. Though electronic payments are resistant to forgery, the keys are vulnerable to attack.

This was not to discourage you from taking to electronic payments. It was rather to make you aware of the disadvantages of electronic payment systems. While we are moving towards a paperless environment, we are inviting issues related to electronic security.
By Manali Oak

International Business To Business Payments

With the huge amounts of business transacted online, there is a growing concern amongst businesses about managing payments. Business to business (B2B) payments at the international level are a major concern since the amounts tend to be larger and the charges are appreciable. This results in some loss in profits, which makes global commerce less attractive. From the smallest business operating on the web to huge conglomerates that transfer large amounts of funds internationally, everyone wants cost efficiency in their payment system. The issue is, of course, larger in the international payment segment because there is the currency rate to consider as well. So both types of losses, in currency and in transfer charges, need to be kept to a minimum.

Third party ePayment systems -

These are popular but require the user to open an account, similar to a bank account. Finding the most efficient one for your size of company is also a little tricky. They come in many sizes from consumer-oriented PayPal and 2checkout.com to Orbian for large businesses. These e-Payment systems work fairly well and charge up to 5% of funds transferred.

Wire transfer -

This is the good, old fashioned method of transferring money directly from bank account to bank account. It is completed by the bank and requires the swift code of the recipient's bank and their account number. This is considered to be a safe and fairly efficient way to make international B2B payments. However, banks can charge quite a hefty amount in fees and charges. You must find out the currency rate as well, if that is a concern. Additionally one thing that is required to be kept in mind is to make absolutely certain that the company to whom the payment is being made is a legitimate and an authentic company as once the funds have left your account, they are not recoverable.

Credit cards/ corporate credit cards -

Many companies are less than willing to hand out corporate credit cards and employees will not use their personal ones for company business. So, unless you are a small business, the use of credit cards is rare in international business to business payments. It can also be fairly expensive.

Check -

Unless you have an already existing relationship with the businesses you are selling to, a check may not be the best way to receive payments from B2B sales on the internet. There are hardly any successful online businesses that are known to conduct business with this method of payment. However, this form of payment can be viable where a low transaction fee is important and the product does not have to be delivered immediately. Remember, you can never be certain of receiving the payment until the check is cleared and payment is credited to your account.

If you have an online business, be sure to check which form of payment integrates best with your business. For example, if you are selling online software, the consumer may want to make payment and download the product right away. A wire transfer may not be the best option. For subscription based or recurring payments, a platform like PayPal offers incomparable functionality. It allows you to automatically charge customers on a monthly basis and also sends you intimations of payment failures.

There are many options for receiving international payments. Your best bet would be to keep a couple of options open and decide on a case by case basis which suits you best for a particular B2B transaction.

Finding the Right Online Shopping Cart Solution

A small 12 point checklist to refer to before integrating an online shopping cart solution.
A shopping cart serves as the frontend that transfers information through a secure connection to a payment gateway. The payment gateway interacts with your merchant bank account to process the information. It then sends back a confirmation or denial back to the shopping cart software.

Building your own customized shopping cart may not give you as many features as available in third party shopping carts. There are a number of online shopping carts available. Before purchasing a cart keep a small checklist handy so that you can pick the right one.

Script compatibility with the hosting
Shopping cart scripts are written in many different coding formats - PERL, PHP, ASP etc. check compatibility with your host before purchasing.

Installation and code modification
How easy is a cart to install on your server? Can the code be modified to give the same look and feel as your website? These are some areas you would need to check before making a purchase.

Back-up files support
Check on the support for backing up files and allowing for export into a variety of formats.

Payment gateway services supported
Most carts support multiple gateway services. Before purchasing your cart, review the gateway services supported as well as the compatibility of the payment gateway with your merchant account.

Order Completion Details
Ensure that the shopping cart has an option to send an email confirmation when a customer completes an order as well as a reminder to print the order details.

Provide a choice of Shipping Carriers
For confirmed orders the customer should be able to link directly to the carrier site so as to track the progress of shipment. The shipping should be able to offer a choice of carriers. In addition the cart should be able to calculate shipping and tax in real time from USPS, USP, FEDEX etc. as well as provide an option to include or keep shipping costs separate.

Multiple Product upload
The cart should give you the option of bulk uploading of products. The product pages should be SEO friendly. While uploading product images do you have to put in one large image and one small image of every product or can you just put in one image and auto generate thumbnails? If you auto generate thumbnails you save time, web space and bandwidth. In addition you should also be able to create and manage your product attributes.

Content management tool
Check if the store has the option to add new content pages. This is important as you need to serve content pages for the crawlers to pick up and display your web pages.

Newsletter functions
This should not be a critical feature but having a newsletter option would help in an online website promotion.

Gift certificates, promotions and discounts
Having auto responders to gauge customer satisfaction as well as to inform about special offers and promotions would help with the online marketing.

Search Engine Friendly features
Some shopping carts provide a number of search engine friendly parameters that can be customized for all the uploaded products. Check if the cart supports addition of title tags, meta tags, alt tags, breadcrumbs for optimization. This would be an important aspect as you want your products to be reachable to a wider audience.

Most product pages are displayed with query strings and hamper indexing of the site product pages. Since the main purpose of selling products is for the product pages to be "found" it is important that the cart provides an option to change query strings to static urls. This will ensure that the site is accessible to search engines and may contribute to improved search engine rankings.

Also check if the cart provides the option of a sitemap or an XML sitemap generation.

Affiliate modules and Banner Advertising controls
Some carts support affiliate modules. If your website has a requirement then check to see that affiliate module should be able to handle the signing up process, track statistics, provide payment details made to affiliates.

Keep the checklist in mind, however base your choice on the type of products you sell and the catalog of products. Selecting An Online Shopping Cart
Online shopping cart features.

By Sabinder Kaur

Shopping Cart Software

CRELoaded and osCommerce shopping cart software makes it easy to add an online shopping feature to your site.
Shopping cart software, such as CRE Loaded and osCommerce make it easy, for those starting an online shopping site, to design and launch. With thousands of pre-made templates to choose from, online shop owners have the ability to customize the designs and match it to their site needs and message.

A shopping cart is an essential piece of any online shopping site, but can also pose problems and be difficult to implement for new business owners. With shopping cart software, the hard part is done. The software used in CRE Loaded and osCommerce seamlessly integrates with the online shopping sites and handles receivables, inventory, shipping. These back end features are critical to running any business that deals with products and incoming payments.

A hosting company is very important when launching these kinds of sites. Not just any hosting company will do. Online store owners should work with a hosting company that specializes in ecommerce and shopping. CRE Loaded and osCommerce require ecommerce hosting solutions for small businesses that work to run the back end more efficiently than any ordinary hosting company. Think of the shopping cart software as part of your front end service and the hosting company as your back end service. All of these components must work well together for any business to be successful and to turn a profit.

Leven Ten Hosting works with CRE Loaded and osCommerce to provide hosting services catering to the specific needs of online shopping sites. Some hosting companies cannot deal with the intricate needs of the shopping cart software features that a site will have. As with anything else, if a company specializes in something, they are typically the best at it and a great choice for what you are trying to accomplish.

CRE Loaded and osCommerce shopping cart software allow online stores to process sales quickly and effectively, resulting in return visitors, referrals and ultimately more revenue. A sticky site is a site that visitors linger on and a sticky site statistically produces more revenue. The longer visitors spend browsing your site the more chance they will make a purchase. A well designed site with fast connectivity speeds will offer a much better user experience than one that does not. These sites will retain more visitors in their user friendly environment. Do not lose customers because of slow browsing speeds or a poorly executed shopping cart function. If you have a great product, make sure your site is great as well. Level Ten Hosting
Shopping Cart Software.

By Ray Subs

How to Process Credit Cards

A brief description of what must be done to help your company be able to accept credit cards.
Enlarge ImageCredit cards are almost prolific these days. You can’t survive as a business unless you can accept them as a form of payment. Though it is easy for consumers to accept credit cards it isn’t quite so easy for the company accepting the credit cards. Between the legal requirements and the technical requirements of implementing a credit card processing system, accepting credit cards can be a confusing and stressful process. However, a credit card processing company should be able to help overcome many of those barriers.

Find a Merchant Account

A merchant account is an account that allows a business to accept credit cards. It is just a special account that acts as an intermediary account between the payment gateway and the business. Though most merchant accounts act the same way the services that the payment gateway provides can be extremely varied.

Before you even start to look for a merchant account or start processing credit cards, you need to define exactly what your needs are. Below is a list of question to help get you thinking.

- Will you take orders over the phone?

- Will you be taking orders on the Internet?

If so, you will need an ecommerce merchant account.

- Will you be taking orders off line or both?

- How much money will you be processing?

- How advanced do you need your equipment to be?

- What credit cards do you want to accept?

- What other payment options do you want to be able to accept?

Will you be accepting checks?

- How long do you plan to be in business?

This list is just a few items to get you started. It is so important to analyze your business because each merchant account will give you different a different mix of features and cost structures. If have at least some basic knowledge about your business when you start to look for merchant accounts you will be miles ahead of the competition.

Because there are so many different options you will want to look at several different companies to find the right fit for your company. Request lots of information and talk to the sales people. Not all companies will post all of the information that you need on the internet. After you find a company that you like wait a week to think about it and make sure you feel good about it before you commit to their merchant account because chances are you will not change merchant accounts soon.

Justin Grover – to request information about merchant accounts and other payment gateway services at Verus Card Service.
By 10x Marketing

Credit Card Processing

The credit card processing system allows stores and other businesses that sell products and services to receive almost immediate compensation for their sales. This invisible system is largely responsible for the seemingly endless growth of our economy. Many individuals around the world take advantage of the benefits that credit cards have to offer. Most individuals in the United States make use of at least one credit card. Many have more than this. Apart from offering convenience in purchases, these nifty little pieces of plastic offer safe, secure transactions and limit the need to carry large amounts of cash. If you have been interested in obtaining a credit card, but would like to learn more about how they work, we will outline a simple history of the credit card, as well as the steps required in the credit card processing procedures.

Credit lines have been used all throughout history. Evidence of credit has been traced to the ancient Babylonians. The simple barter systems used by so many of our ancestors were types of credit lines. However, in the early 1900’s, a precursor of the credit card was created by numerous businesses in order to assist individuals with purchases that they were unable to afford outright. This continued until the 1950’s when the first true credit card was created by The Diners Club of America. A few years later, Americans were introduced to the ever-popular American Express.

As time progressed a few new credit cards (VISA, MasterCard and Discover) entered the market. These credit cards established the basis of the fees and charges that are associated with the credit cards of today. In addition to establishing guidelines for credit, a new system emerged. This system would allow stores and other businesses that sold products and services to individuals to receive almost immediate compensation for products that were sold using a credit card. This is what really got merchants rolling when it came to accepting various types of credit cards. The credit card company would simply pay the merchant for the purchase, and deal directly with the individual that made the purchase for repayment.

Credit card processing is a very simple process as far as you, the customer, is concerned. The merchant at the store at which you are making your purchase simply slides your credit card through a machine that reads it. It will add the amount of the purchase to your credit card balance. Immediately thereafter, you will be required to sign the credit card slip to approve the purchase, and all is done.

The following steps identify the key steps involved in the credit card processing procedure "behind the scenes":

1) First, the credit card machine will read the magnetic strip that is on the back of the card.

2) Once the strip has been read, it will transmit electronically the information to the company that authorizes the request.

3) The authorization involves the bank that issued the credit card, as well as the credit card company.

4) It will be determined whether the individual has the funds necessary to make the request. If this is confirmed, then a deposit is made to the merchant’s bank.

5) Within a very short period of time, the purchase will be confirmed on the credit card account of the individual, who is responsible for payment of the charge, according to the terms of the bank that issued the customer the card..

The actual behind the scenes steps are a lot more detailed than outlined here, involving the merchant’s card processing company, the credit card company, the processing company and the customer’s bank that issued the credit card. A lot of software is involved, as well as computer programming, fraud prevention techniques and authorization procedures that take place instantaneously with the customer’s purchase.

But this invisible processing system is largely responsible for the seemingly endless growth of our economy.

Michael Rupkalvis manages The Transaction Group website. The site provides information about ecommerce credit card processing and offers merchants low fee iinternet merchant accounts, along with excellent customer service.
By Michael Rupkalvis

Disadvantages of Electronic Payment Systems

Electronic payment systems include credit and debit cards, online banking and electronic cash. Most of us commonly make use of electronic payment facilities. Do we know the disadvantages of electronic payment systems? To know them, read on…The transfer of funds from one party to another over electronic media is known as electronic payment system. The different approaches to electronic payments include, card payment, mail order and online payment. Online transactions are a daily activity for almost everyone today. With the introduction of the Internet, online transactions became easy. Most of the big product and service companies made their network presence prominent and started interacting with their customers over the web. Online shopping soon became popular. With financial institutions, walking on similar lines, people around the world began performing their financial transactions through the Internet. Credit and debit cards became a commonplace feature and gave impetus to the electronic payment systems.

While most of us prefer the convenience in payments that the electronic payment systems have brought about, some dislike the idea of electronic money. They feel uncomfortable in performing online transactions. Though only the positive change brought about by the e-payment systems is highlighted, we cannot ignore the disadvantages of electronic payment systems. One must be aware of the privacy and security concerns raised by electronic payment systems.

Disadvantages of Electronic Payment Systems

Most of the online banking sites as also the online financial transaction sites require you to open an online account with them. You need to register to the institution in order to be authorized to perform money transactions with them. This involves a username and a password, which implies the need of password protection. You also need to maintain an account per organization, which can make it bothersome for some of you.

For secure online transactions, the site that hosts your account should follow strict security policies. If the passwords are susceptible to being hacked, it can mean a serious financial loss for you. Banks or financial institutes, which maintain your personal information, cannot afford to expose it to hackers. There is a potential risk of your personal and account details being stolen.

One of the most severe disadvantages of electronic payment systems is that of identity theft. The available security measures can prevent the sensitive information from being exposed. But it is important to use virus protection or firewalls for your computer. It is important to carry out money transactions over a secure server.

There is a great risk involves in the theft or the losing of the smart cards. In case the cards fall in unsafe hands, there is a danger of the expenditure of your entire bank balance. There are measures to inform the concerned authorities about the loss of the card. But, the time between losing the card and informing the authorities is critical. Unauthorized users may carry out transactions in your name during this period of time.

Mostly, electronic cash is based on cryptographic systems. The transactions are encoded by means of numeric keys while the transaction details travel across the net. Though electronic payments are resistant to forgery, the keys are vulnerable to attack.

This was not to discourage you from taking to electronic payments. It was rather to make you aware of the disadvantages of electronic payment systems. While we are moving towards a paperless environment, we are inviting issues related to electronic security.
By Manali Oak

Tips For Getting Rid of Credit Card Debt Quickly and Easily

Use these helpful tips for clearing your credit card debt and staying that way.Credit card debts are not new to credit card users. But, some of them have drowned way too deep into debts and find it literally impossible to get over the debts. If you are one among them, there is no need to panic or feel lost. There are different methods to get rid of credit card debt. In fact, the best part about these methods is that they not only help you in clearing your debts but also aid in doing it quickly.

The two different methods of clearing debts effectively are debt settlement and debt consolidation. There is another method as well. But, if you go for this, you will be pushed to the poor house since your credit score will fall miserably. That method is nothing but bankruptcy. So, we will concentrate only on the first two methods of eliminating debt.

Debt settlement is nothing but talking to your creditors and convincing them about your incapability of paying so much of money every month. You can also let them know about how much you can pay every month comfortably without delaying your payments. This will include a fair reduction in your debt or call it waiving off your loan or reduction in the interest rates.

We all are aware of the fact that credit card companies have huge interest rates on loans. Thus, if you can negotiate with your creditors and cut down the interest rate, then you can spare a lot of money on a monthly basis. This money that you save can be used up to pay your future dues and get your debt eliminated forever.

Another method is to go for debt consolidation. If you own more than one credit card and owe a lot of money to the creditors, this is probably the best method left to get out of your debts. Here, all your debts are combined as one and you start repaying the dues as one major payment. Again, this entirely depends on how much money you owe them and how high the interest rates of each are.

These are the various methods employed by many debtors to get rid of credit card debt. You can also follow suit and see that your debt is repaid in a short span of time. One advantage of going for such debt clearing methods is that your credit score remains in a safer position even though it falls a bit.

I did a little research for you. Start getting out of debt, possibly as early as this week.

Complete a few short questions and you will be on your way. Visit Debt Relief Solutions. By Adam Hefner
Published: 11/22/2009

Credit Card Debt Negotiation

The average Credit Card Debt per household in the Western world today is $14,000. This is a staggering amount of just on credit cards, especially when you take into account that this may be one of many forms of credit a person or household may have. As a result many people find that they fall behind with credit card payments and they then have the credit card companies chasing them for the underpayments.

This results in huge amounts of stress and worry for the person concerned as they can feel as though they have nowhere to turn to and it can also be embarrassing for them to admit to friends and family that they have got into trouble with late payments. If this is the case one option is to speak directly to your credit card company and negotiate a payment plan with them.

This can be easier said than done, especially if you are unsure as to what you should be saying to your credit card company. A few questions you may be wondering are:

· How do I enter into Credit Card Debt Negotiation?
Firstly as soon as you feel that you are slipping into trouble with your credit card and are missing payments, you should talk to your credit card company. You may feel that this is a waste of time or that they will not be interested in speaking to you, but this is not that case. Many people wind up in even greater difficulty because they were too worried to open up channels of communication between themselves and their credit card company and begin negotiation. Your credit card company will welcome your call and will try to help you sort out our situation. Be open and honest and you may find you are pleasantly surprised that you have managed to successfully negotiate your credit card debt.

· How do I avoid bad Credit Card Debt Negotiation?
The main problem with Credit Card Debt Negotiationis that people may become angry when speaking to their credit card company if what they are hearing is not what they want. This is totally natural as a combination of worry and embarrassment can lead to a person becoming angry if they feel they are in a situation they can’t control. Remember, stay calm and be honest when you enter into Credit Card Debt Negotiation.

· What are some of the benefits of Credit Card Debt Negotiation?
The main benefits of Credit Card Debt Negotiationare that you can begin to pay off what you owe whilst reducing, or in some cases freezing the interest on your credit card. This will make you feel better knowing that you are doing something pro-active to help your situation.

· When do I know I need to turn to Credit Card Debt Negotiation?
If you are finding it increasingly hard to pay your credit card every month and are missing payments then you know it’s the time to begin Credit Card Debt Negotiation. If you don’t do something then your outstanding balance will increase and spiral out of control and ultimately you will wind up owing more than you originally did. Credit Card Debt Negotiationcan help you ease the pressure of your situation and make you feel in control once again.

Check these links to learn more:


http://www.commercialdebtcounseling.com

http://www.commercialdebtcounseling.com/business/business-y/business-index.shtml

James Banks is a contributing writer to http://www.commercialdebtcounseling.com and is currently writing some special articles to guide business owners on how to manage debt and avoid bankruptcy. For Free Information on Business Debt and Debt Help Consultation, call toll-free 1-877-324-1218.


By James Banks
Published: 6/13/2007

Eliminate Credit Card Debt Fast

Do you want to get rid of that credit card debt fast? Follow this formula.Most people want to get rid of credit card debt, but don't want to change their habits. So what do they do? They find the easiest way out, which is often rolling all that debt into a home mortgage. Then they start charging up those credit cards all over again. The result? That easy way out just put them into more debt than ever.

The point is clear. If you don't change your habits, it won't help much to get rid of that debt. We will assume then that you have stopped creating more debt, and you understand that paying credit card balances with a consolidation loan or rolling it into a mortgage isn't paying it off. Actually, paying a lower interest rate, but paying for many more years, usually means paying much more interest, not less.

Eliminating Credit Card Debt

Okay, you have changed your ways and you really want to be rid of that credit card debt. First, you need to find and budget the money to start paying down those balances. A pizza delivery per week, for example, could be cut out to have $60 or $80 per month to apply to the debt. Why not eat $4 frozen pizzas for now.

Not sure where to find the money? List everything you spend for a month. You'll see clearly where you can rearrange your priorities. Just do what you have to do, and budget some money to apply towards the debt each month.

Let's suppose you have $300 per month to pay off your credit card balances, and you have four credit cards. The minimum payment on each is $45 or so. You could just divide your budget four ways, and pay $75 on each card every month, right?

Wrong. Not all debt is equal. Pay the minimum on all cards but one, and apply the rest of the budget to the one with the highest interest rate. $45 on each of the three cards leaves $165 to apply towards the fourth - the one with the highest interest rate. Do this until this card debt is paid in full.

When the high-interest card is paid off, maintain the $300 budget. Pay the minimums on the two lower interest cards, and the rest on the one with the highest interest rate. That's $210 per month on that one now, so the debt will start going down more quickly.

Continue this process, and soon you'll be paying $300 every month on your last credit card, knocking down that balance quickly. Meanwhile, if you can transfer balances to lower-interest cards, do it - but keep paying $300 per month total, and keep allocating it first to the highest rate cards. This is the most efficient way to eliminate that credit card debt.

Copyright Steve Gillman. To learn more unusual ways to make and save money, and how you can get free e-courses and e-books, visit his website: Unusual Ways To Make Money
By Steve Gillman
Published: 4/13/2007

Credit Card Debt Management - Negotiating Your Way to Financial Freedom

This article explains how credit card companies make their money, why they are willing to negotiate, when to negotiate, and how to negotiate a better deal on your credit cards.Credit card negotiation is something that the average credit card holder can and should do on a regular basis.

Sure, there are numerous financial planners, tax lawyers, and debt consolidation companies that will gladly handle the negotiations for you; but if the idea is to put yourself in a better financial position, why would you pay someone to do what you can do yourself?

This article explains how credit card companies make their money, why they are willing to negotiate, when to negotiate, and how to negotiate a better deal on your credit cards. There is even a bit of a script included, in case you are unsure of what to say in your first negotiation.

How the Credit Card Companies Make Money

A credit card gives you the ability to spend money that is not yours. Of course, you have to pay it back, and unless you pay off the entire balance within the first billing cycle, you will pay interest on the amount of your debt. That interest is one of the primary sources of revenue for credit card companies, but it is by no means the only source.

According to CreditCards.com, the credit card industry took in a whopping $43 billion in late payment fees, over-limit fees, and balance transfer fees in 2004. That is enough to support the entire industry, though you will never hear the CEO of a major credit card company admit it.

Let's talk about the people who do not incur late fees, over-limit fees, or balance transfer fees, and who keep their accounts in good standing. They usually have above average credit limits and below average interest rates. Why do credit card companies treat them so well if they are making so little money from these people? If they pay their balances in full each month, the credit card companies don't even get to collect finance charges; the credit card companies make zero from these folks, right? Wrong!

When a business sets up a merchant account, which gives them the ability to accept credit cards, they sign a contract allowing the credit card companies to collect a small fee for each transaction. This fee generally ranges from five cents to half a dollar; but when you consider how many millions of credit card transactions are executed each day, you can see that it adds up! The fact that credit card companies have several methods of generating revenue is exactly what gives you the opportunity to negotiate with them. They are not one-dimensional with their finances, and neither should you be.

Why Credit Card Companies Will Negotiate

Credit card companies make scads of money from their worst customers through late-payment fees and over-limit fees. As we now can see, their best means to make money from their best customers is to entice those customers to use their cards more often. A savvy consumer can use that fact to his or her advantage.

When to Negotiate

First, be sure your account is in good standing. To be in good standing, your account should meet these criteria:
No late payments in the past six months
No over-limit penalties in the past six months
The account must be open for more than six months (obviously)
If you are not there yet, get there. If your most recent payment was a late one, don't get discouraged. Buckle down, get organized, and start making those payments on time. If you have to wait six months before you can begin negotiating, remember that financial success is an endurance race, not a sprint.

Once your account is in good standing, you are ready to call up your credit card company, unless you have too recently negotiated a new deal. Here again, the rule of thumb is six months between negotiations. You may be able to get away with once every three months with some credit card companies, but do not call more often than that. If you call too frequently, the best that could happen is nothing, so don't waste your time. Simply make a note in your calendar or planner to call your credit card companies twice a year.

How to Negotiate Your Credit Card Terms

Negotiating with your credit card company for better terms is easy, and there is no reason why every card holder in good standing does not do this regularly. Even if you are neck deep in credit card debt, you can get a better deal as long as you make your payments on time and do not spend over your limit.

To begin, you will need your most recent credit card statement and your credit card number. Call the customer service number and push whatever buttons you have to push to speak to a human. Now, here is your script, starring "You" and the credit card company customer service "Rep: Hello, thanks for calling Acme Card Services, how can I help you today?

You: Hi. I was just reviewing my account, and I think my APR (Annual Percentage Rate) is a bit high. I would like to have it adjusted, please.

At this point, either the rep will begin reviewing your account, or he will transfer your call to the appropriate department. In any case, you will likely be placed on hold once or twice. It is a good idea to have twenty to thirty minutes free when you call.

Rep: Yes, I see you have been maintaining your account well, so we should be able to help you.

The rep will then make you an offer. Is it the best offer you can get? Probably not. Be prepared to make a counter-offer.You: Hmm, 15.9 percent, you say? I was really looking for about 13.9 percent. Is that possible?

Your counter-offer should be aggressive, but not ridiculous. You may have a target number in mind before you dial the phone, or you may take whatever number the rep gives you and drop it by one or two percentage points. The worst-case scenario is that you will end up with the rep's first offer; more likely, you will get a compromise offer that you will happily accept.

This simple, twice yearly procedure can save you several thousands of dollars in interest over the years. Knowing how the credit card companies make money helps you understand why they can give you a better deal. The script above, though simple in form, is all you need. It is your financial future. Don't squander it - pick up the phone and start bending it to your advantage!
By Michael Rasco
Published: 12/10/2007

Manage and Eliminate your Credit Card Debt

Credit Card Debt is the main contributor to personal debt and cause for many financial problems. Once your credit card debt starts growing it becomes more and more difficult to eliminate it and become debt free. Everyday you get credit card offers, by mail, on the internet, etc. But you need to act consciously and opt out if you are not sure you’ll be able to afford it or if you don’t trust yourself with it. If you know you overspend and have no control on your expenses, it is wise to start modifying such behaviors and avoiding getting extra credit cards would be a wise start.

However, If you trust you will act wisely, then it would be clever to follow these tips to stay on track and maximize your savings while at the same time enjoying the benefits credit cards undoubtedly offer:

Choose Your Credit Card Wisely

You should choose your credit card cautiously. The main item to look at is the interest rate; you should try to find the lowest rate available. To do so you can join one of those internet companies that offer reviews on many credit card offers, these sites also offer direct links to the credit cards application so actually you’ll get all the work done for you.

Control Your Spending

Once you get the credit card, be extremely careful with your spending. If you can’t pay the whole balance each month, then try to pay the highest amount possible. Otherwise you’ll get into a vicious circle and your credit card debt will grow so much that you’ll find yourself unable to pay the minimum in a short time. Also, if you have multiple cards, try to pay the maximum amount possible in the credit card with the highest interest rate and leave the others with the minimum required till you pay it off completely. Then carry on with the next higher rate credit card and so on.

Transfer Debt to Better APR Credit Cards

If you can find a credit card with a better rate, don’t hesitate and transfer the balance to the new card, this way you’ll be paying less in interests and whatever you pay will go mainly to reducing the capital. If you can grab hold of one of those 0% introductory rate credit cards, you can benefit from the promotional period by transferring the balance to this card and paying as much as possible since the whole payment will go to reducing the principal. Beware though, that 0% APR cards tend to have a higher interest rate when the promotional period ends. If you wish to use this feature, try to repay all the balance before the promotional period is finished or have another card ready to transfer the balance again.

Avoid Paying Minimums and Missing Payments

Never pay the minimum unless you have no other choice, and make sure to pay more as soon as you can. Never, I repeat, NEVER miss a payment, this will soon get recorded in your credit report and ruin your ability to get finance in the future. This kind of things is what turns a healthy credit score into a bad credit score.

About the author:
Kate Ross is a professional consultant at Speedybadcreditloans.com with fifteen years in the financial field helping people in the process of securing personal loans, mortgage, refinance or consolidation loans and preventing consumers from falling into financial scams. In her website you will find more interesting articles and smart tips on this and other diverse financial topics.
By Kate Ross
Published: 9/1/2006

What to Do When Your Credit Card Interest Rate Increases

"I was just informed the interest rate on my credit card is jumping from 10% to 29%. I've never made a late payment. I called my bank and they told me it's because some of my other credit accounts were highly utilized."

That's exactly what happened to my friend Kyle recently.

Because he was close to his credit limits on unrelated accounts his bank legally jacked up his interest rate nearly 200%.

The practice is generally referred to as a "universal review." And more and more lenders are using this trick to fill their pockets at the expense of an unknowing public.

Kyle didn't have late payments with the credit card that raised his rates. In fact, he didn't have any late payments on any credit cards. However, his lender simply decided that because Kyle was using his other credit, he somehow became a greater credit risk to them—so they nearly tripled his interest rate.

This situation hasn't only happened to Kyle. You see, I have several friends that hold high positions within the banking industry. Here's a recent comment from one subscriber who works as a credit analyst for a major national bank. This information is so hush-hush he's asked us to keep his identity secret:

"...Everyday in my job as a credit analyst I see so many mistakes people make with their credit. You are right, most all lenders do a universal review, especially credit card companies. When we review a card member's credit bureau report (CBR) we are assessing risk to the bank and our goal is to reduce risk and exposure. When we find risk we either lower the credit line, increase the APR, or close the account. That is why account performance and utilization of revolving trades is so important..."

As you can see, Kyle's situation could have been worse. The lender could have closed the account or lowered his credit limit.

And the credit analyst went on to say...

"...A lot of times we are using old income information when making a decision. Usually, when we see something that doesn't fit the card member's profile, we will call to try and get updated information such as current income and reasons for recent delinquency on their credit reports or their account with us. If we can't get them on the phone the moment we call we have to make a decision with the information we have. And that information can be several years old. If the income we have on file is older than six months I can't use it and need to call. If I don't get the card member I have to make my decision right then—I can't wait as we review thousands of accounts a month. So it is in the card member's best interest to call the credit card company and give them updated income information and any explanation for delinquency or increased utilization."

So what do you do?

First of all, if this has not happened to you, I wouldn't get overly concerned just yet. Just be aware that nearly half of the credit card lenders do some sort of universal review and it's a growing trend. To be on the safe side, whenever your income increases you should call your credit card lenders and let them know—make sure they note it in your file.

If your credit card lender does conduct a universal review on you and you're negatively affected by their decision—here's what to do:


Contact your lender immediately and determine why the lender feels you're a greater credit risk...and then fix it, if it's fixable. It could be as simple as giving them updated income information.
If the lender's answers don't sit well with you, begin interviewing new lenders. Call and request credit card applications. To determine if a credit card lender uses universal review, do this: go to the disclosure form and find the headline "Other APRs," then look for the term "default rate." That should tell you what you need to know. And if you're comparing credit cards you already have, and cannot locate the original application you signed...call each lender and ask them for a copy of your application with your current account's terms and disclosures. You need to know your current terms, as they may not be the same as the original offer you received.
After you have compiled your list and found a lender that will give you acceptable terms and rates, contact your original lender and tell them you are considering closing the account.

Remember, before you begin this cat & mouse game, have a "Plan B" in place. Just make sure "Plan B" doesn't use the same or worse practices as your original lender.

Just be aware of card tricks. Not all lenders use them (thank God), but be careful of the ones that do. Lenders have lowered the bar on their ethics. It's up to us to read the fine print and play their game.

Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy information and recovery steps. Stephen also writes a free weekly newsletter on bankruptcy recovery.
By Stephen Snyder
Published: 12/8/2006

How to Legally Get Up to 30 Extra Days to Pay Your Credit Card BillsIt seems simple enough.

So simple that you've probably overlooked it.

I know I did.

This little trick I'm about to reveal to you never even occurred to me until I switched to using my American Express (AMEX) card as my primary spending card.

I started using AMEX as my primary card because I wanted to be forced to pay off what I charged each month. This way I avoided an ever-expanding revolving balance.

In case you're not familiar with how American Express works, let me explain. With most credit cards you're allowed to carry a balance from month to month...AMEX is different. Most of their cards require you to pay your complete balance at the end of the month.

Credit Cards vs. Charge Cards

You see, technically, the classic American Express card is a charge card, not a credit card. And even though almost everybody uses the terms "creditcard" and "charge card" interchangeably, there are important differences.

Here's what you need to know...

Basically, most credit card accounts allow you to carry a balance from one billing cycle to the next; however, you have to pay interest on that balance. Usually, you have to pay at least a certain amount of your balance each time you receive a bill.

A charge card is a specific kind of credit card. The balance on a charge card account must be paid in full when the statement is received and cannot be rolled over from one billing cycle to the next. Because you can't carry a balance, a charge card doesn't have a periodic or annual percentage rate (APR).

The two most popular charge cards are offered through American Express and Diners Club®.

A charge card can be a good way to discipline yourself to pay your bills monthly

Here's how it worked for me...

As I began using my AMEX card, it created a new reality for me. It held me accountable for what I was spending each month. It's easy to lose track of how much you spend every month if you use a credit card for everything. (I haven't used a checkbook in years...just one charge card and one credit card.)

One time I purchased an expensive item on my AMEX. I thought the bill wouldn't arrive until the next statement and I knew I would have 20 to 30 days to pay it.

I was wrong.

The expensive charge showed up on my very next statement that my wife received a few days later (not good). You see, when I made my expensive purchase (a new 15.2" Apple® PowerBook® computer with a mighty 2 gigabytes of RAM), I "conveniently" forgot to tell my wife about it. An honest mistake...

Needless to say, I was quite surprised that a purchase I made could show up on my statement only four days later.

The importance of the statement cut-off date

So I called AMEX to find out when the statement cut-off date for the account was. They told me my billing date was the 23rd of each month. Each lender seems to call the "statement cut-off date" something different. The basic idea is that it's the last day that charges will show up on your next monthly statement. For example, if you buy the new incredibly small iPod Shuffle from the Apple Store on the 23rd, and your statement cut-off date is the 24th, your next bill is going to show that charge. If you had waited until the 25th to buy it, you (and your wife) wouldn't have seen the purchase for two statements.

By purchasing right after the statement cut-off date, I get 30 days until it appears on my bill, and an additional 20 to 30 days before I have to pay that bill.

You can do this too...with all of your revolving credit cards...even though each lender's terms will be slightly different. All you need to know is the statement cut-off date on each of your credit or charge card accounts. Simply call the customer service number on the back of each card and ask. Print your list out and place it with your credit cards. When you consider an expensive purchase, you'll be able to create a game plan with just a quick glance at your list. Some people I know just put a sticker on each of their cards with their cut-off date printed on the sticker. Find a way that works for you. It's just a little trick to help you think strategically about your credit.

Of course, we're not talking about using this technique to purchase a new book (like Do You Make These 38 Mistakes With Your Credit?)or your favorite drink at Starbucks™. Those are little purchases that you shouldn't have much of a problem paying off. I'm talking about things you purchase on credit that make you think twice about how soon the bill will come due.

An unexpected surprise that's saved me thousands of dollars...

There's something else that happened during the time I waited for the cut-off date to approach so I could buy an expensive item.

A few of the items I was waiting to purchase, I no longer wanted when the cut-off date came around. It was almost as if I had buyer's remorse before I even bought the items. The desire to have the expensive "investment" (my wife would say overpriced "toy") was no longer there. In other words, during the time I waited to purchase the item, my emotional reason for wanting the item was replaced with logic and common sense. So, just establishing a "cooling off" period has really saved me thousands of dollars.

I have a friend whose wife uses the same approach when deciding if she should eat dessert. She'll finish dinner and wait 15 minutes before she decides whether or not to eat dessert. More times than not she isn't in the mood for dessert after waiting.

The lesson here is: think about the purchases you make. Don't emotionally rush into things. Consider applying for a charge card when your FICO credit scores reach 700 (be sure your discharged bankruptcy doesn't affect their lending decision). A charge card will force you to pay off the complete balance monthly and prevent you from going into debt by carrying a balance. It works for me!

And if you don't have a charge card right now...manage your credit cards like a charge card. Not only will you see your FICO credit scores increase by paying off your credit cards each month, you'll begin to master your cash flow.

The Master Creditor List

All right, since you're calling each of your credit and charge card lenders to discover your statement cut-off dates, consider taking it one step further by creating a master list of all your credit accounts. A master list of all your credit accounts is helpful in many ways...

1. If your credit cards get stolen you'll have all the information in one place so you can act fast.
2. If you become a victim of identity theft you'll also be able to act fast for the same reason.
3. If you keep the list updated each month, you'll have an accurate picture of your total debt.
4. You can easily remember which card has your lowest interest rate and use it more often than the others.
5. By tracking your credit limits and balances on each account you'll have an accurate picture of your utilization percentages, which greatly affects your FICO credit scores.

You'll just need to collect two additional pieces of information to have a really useful spreadsheet of all of your credit accounts. You'll need to know your current:

1. Credit limits
2. Account balances

In closing, when you have all of this credit information in one place you should keep it secure.

Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy information and recovery steps. Stephen also writes a free weekly newsletter on bankruptcy recovery. By Stephen Snyder
Published: 1/5/2007

Credit Card Types and UsesCredit Card: Definition

A credit card is a small plastic card with some numbers embossed on it and which helps to purchase the things with no requirement of cash in pocket. It is 3-1/8 inches by 2-1/8 inches in size and has identification information for example a signature or picture.

It permits the person named on it to charge purchases or services to his account charges for which he will be billed periodically. This information is checked where we use it for example by automated teller machines (ATMs), store readers, Internet computers and banks.

History:
It is said that necessity give rise to inventions. Man always invented new things to satisfy his need ands comforts. Credit cards were introduced with same background since its need was felt. Today there are thousand of financial institutions that issue credit cards as compared to previous when the number was less. They have become important sources of identification. The first all-purpose use of credit cards appeared in 1958, with the BankAmerica card, from the Bank of America. This card later was named as VISA card. One more popular card also renamed from Master Charge card to MasterCard. The digitally encoded credit card permits its user to borrow money or buy goods and services on credit up to a pre decided spending limit.

There are many cases that people fall into no mans land situation when they find a huge debt created on them due to excessive use of credit card. A major part of your property may be washed out. So care must be taken to understand following things.

Identify what are the different types of charges that you will be charged with on making transactions with credit card for example what are the late fee charges? The best way to avoid financial problems is to keep your debt burden light. The best way is to make smart use of and keep our financial condition good so that they can be used in our dark period such as job loss or medical emergency.

Error with Credit Card Statements
In case you have an error on your credit card statements you must inform the credit card company within 60 days from the date of the first statement where the error appeared. Else the credit card company has no compulsion to look into or take action. Present your complaint along with supporting papers and receipts. The company then takes appropriate action and rectifies the problem. If the company still doesn’t reply they may give penalty for it. If the company sends you an explanation but doesn't correct the error, and you are not satisfied, you have ten days to send another letter explaining why you still refuse to pay. If the company then reports your account as illegal, it must also report that you believe you don't owe the money.

On losing the cards
In case you lose your credit card don’t get tense. Immediately call up your card issuing company and inform them. You’re account will be closed and no other person will be able to make illegal use of your card. If you don’t convey the company about the same there is possibility of getting bankrupt. In case its ATM cards and debt card the steps should b even quicker.

Using the rights:
Since their his competition going on companies going on we must definitely ask our card issuing bank or organization to offer credit cards with low interest rates and no annual fees to members or alumni. One more trick is to ask tell them that you are planning to go for other credit card Company unless it can give you a better rate or lower or no annual fees. The company will certainly think and might agree on your wish since it can’t afford to lose your business.
By Yogesh Ambekar
Published: 12/7/2004

Disadvantages of prepaid credit cards

You may be using prepaid credit cards very often but while you enjoy all the purchases also be aware of the various disadvantages involved in it.When you are using prepaid credit cards and enjoying all the advantages offered by it you should also be aware of the disadvantages associated to it. So you need to go through these aspects and make better decisions while using these cards.

When you use prepaid credit cards online, it is also important that you are aware of where you are shopping because some websites can befool you and you may pay for the products and services that you don’t receive. Therefore shopping online using prepaid cards without having sufficient security information about the website is not advisable.

In case you go out for shopping you should check the balance of your credit card so that you are sure enough of getting what you want. You need not stand in a long queue waiting to buy something and when you get to the cashier you realize that you don’t have the enough money could lead into humiliation and frustration.

Another disadvantage of using prepaid credit card unlike cash is that there is no way for you to look in your wallet to check how much you have to spend and it becomes important to go online and check your balance and transactions. Another disadvantage is that many shops and at many places, these credit cards are not accepted especially when you are traveling to other countries. Many a times, small restaurants and shops in foreign countries accepts only local currency.

Sometimes prepaid credit cards are commonly abused by merchants and very often people complain that when they make a purchase at a restaurant or store, the merchant shall take out more money than they are supposed to.

One more issue is that when you use prepaid credit card you are not able to use your own money and many times people get frustrated when they are not able to withdraw the money from ATM machines when they need it the most.

For more information, visit credit-card-debt-consolidation-guide.info

Olivia Andrews, writer of credit-card-debt-consolidation-guide.info is a freelance journalist and has written many reviews on subjects such as finance, education, health, entertainment, music, gifts, crafts, travel, apparels and mobile phones.
By Olivia Andrews
Published: 7/20/2006

Prepaid Credit Cards

The advantages and drawbacks of prepaid credit cards...
Enlarge ImagePrepaid credit cards are useful for people whose applications for regular credit cards were unsuccessful. The reason for such a rejection is invariably a bad credit rating. Not owning a credit card is a major drawback when it comes to making reservations for hotels, motels, car rentals and airline flights. One also needs a credit card to place orders online, or telephonically. With a prepaid credit card, one can still make all these transactions – but there are limitations.

One opens a prepaid credit card account by depositing money into its account in the same way that one would make a deposit to open a checking or savings account. Once this amount registers on the account, the applicant receives a prepaid credit card. The owner can use this prepaid credit card in the same manner and in all the same places as a normal credit card.

Probably the biggest advantage in using a prepaid credit card is that one can only use the money one really has in the account. Once the money is exhausted, the user cannot spend any more until the deposit in he or she replenishes the prepaid credit card account. This also means that there are no bills and no interest charges to consider. The principle is similar to that of using a debit card that a bank issues in connection with a savings or checking account.

As already mentioned, a prepaid credit card has some limitations. Apart from the fact that one cannot charge more than what one really has, the user has to pay a fee to establish the account. The payable amount to open a prepaid credit card account varies from bank to bank. Further, the applicant will have to pay additional fees every time he or she deposits more cash into the prepaid credit card account. Nevertheless, a prepaid credit card is usually the only viable option for a person with bad credit. With such a credit card, the user can reserve rental cars or hotel rooms without having to worry about credit card bills and interest payments afterwards.

Another limitation of a prepaid credit card is that the owner cannot use it to pay for a monthly Internet subscription, or to make a purchase on monthly installment payment terms. Businesses that offer such arrangements are usually averse to allowing the use of prepaid credit cards. This is because of the possibility that a prepaid credit card holder will have no money in the account when the bills are due for payment.

All said and done, a prepaid credit card is still a useful way out for those with bad credit ratings. It is a fact that one needs a credit card to get by in today’s world, and a prepaid credit card does offer most of the advantages of a credit card. Even the limitations can work to one’s advantages, because they equal better financial control. In fact, using a prepaid credit card often cures all the inconsistencies in spending habits that led to bad credit rating in the first place!

A variant of the prepaid credit card is the student version. With these one can allocate a certain amount of money for credit charging to one’s child who is studying at college within or outside the country. Many parents find it a very useful tool for allocating a pre-set allowance to their children.
By Arun Chitnis
Published: 4/23/2007

How to Process Credit Cards

A brief description of what must be done to help your company be able to accept credit cards.
Enlarge ImageCredit cards are almost prolific these days. You can’t survive as a business unless you can accept them as a form of payment. Though it is easy for consumers to accept credit cards it isn’t quite so easy for the company accepting the credit cards. Between the legal requirements and the technical requirements of implementing a credit card processing system, accepting credit cards can be a confusing and stressful process. However, a credit card processing company should be able to help overcome many of those barriers.

Find a Merchant Account

A merchant account is an account that allows a business to accept credit cards. It is just a special account that acts as an intermediary account between the payment gateway and the business. Though most merchant accounts act the same way the services that the payment gateway provides can be extremely varied.

Before you even start to look for a merchant account or start processing credit cards, you need to define exactly what your needs are. Below is a list of question to help get you thinking.

- Will you take orders over the phone?

- Will you be taking orders on the Internet?

If so, you will need an ecommerce merchant account.

- Will you be taking orders off line or both?

- How much money will you be processing?

- How advanced do you need your equipment to be?

- What credit cards do you want to accept?

- What other payment options do you want to be able to accept?

Will you be accepting checks?

- How long do you plan to be in business?

This list is just a few items to get you started. It is so important to analyze your business because each merchant account will give you different a different mix of features and cost structures. If have at least some basic knowledge about your business when you start to look for merchant accounts you will be miles ahead of the competition.

Because there are so many different options you will want to look at several different companies to find the right fit for your company. Request lots of information and talk to the sales people. Not all companies will post all of the information that you need on the internet. After you find a company that you like wait a week to think about it and make sure you feel good about it before you commit to their merchant account because chances are you will not change merchant accounts soon.

Justin Grover – to request information about merchant accounts and other payment gateway services at Verus Card Service.
By 10x Marketing
Published: 9/21/2006

Enjoy Wireless Credit Card Processing Today

The wireless credit card processing option is becoming more popular, day by day, because it lets businesses process transactions, no matter where they are located. You can receive payments from credit cards either by swiping the card or entering the card number into a touch-tone phone.In today’s marketplace, being able to accept credit card payments is a necessity.
A credit card payment capability not only provides a professional look to your business but also, if your business does not offer the option to pay via credit card, you will undoubtedly be losing potential sales revenue.

Businesses that are mobile (such as those participating in tradeshows, traveling salesmen, taxi & limousine services, home delivery businesses, plumbers and electricians, lawn maintenance services, car rental agencies, etc.) need to have this ability just as much as businesses that are permanently situated. This is where the freedom and flexibility of wireless credit card processing can help.

The wireless credit card processing option is becoming more popular, day by day, because it lets you process transactions, no matter where you are located. You can receive payment from credit cards either by swiping the card or entering the card number into a touch-tone phone. This makes it easier and more reliable than the old method of filling out a form to be mailed to the credit card company for payment.

Some wireless credit card processing units now on the market are small enough to fit in your pocket - so they are perfect for taking payments anywhere, even a parking lot. These compact payment processing units can be connected to small thermal printers, so you can give your customers a receipt. This can further speed up the transaction time, so more customers can be served in less time. The best part is, this technologically-advanced service is uncomplicated and is relatively easy to set up. Previously, credit card processing that was wireless-based was subject to power failures or disruption of phone service, causing long delays in verifying cards. Today, this is no longer the case.

Since with ‘card present’ wireless processing, all of the card information is verified right away, all such transactions are considered the same as swiping the card - and result in your receiving the lower processing costs normally associated with swiped transactions (as opposed to the higher costs incurred with internet website processing). This is due to the lower risk of fraud when the credit card is actually presented to you, as the merchant.

Today’s wireless credit card processing systems also screen for fraudulent cards, stolen cards and over limit cards on the spot. Tracking down a customer who paid for merchandise or service with an invalid card is time consuming and expensive. This will rarely be necessary with wireless credit card processing as you will know immediately if a credit card is valid.

Over the years, wireless networks have progressed a great deal. They now provide very comprehensive services and are cost effective at the same time. With the rising demand of wireless credit card processing, various service providers offer competitive rates along with very good customer service, allowing you to accept payment from any and every corner of the world. When selecting your wireless credit card processing service provider, be sure to check that they provide secure virtual terminal and point of sale capabilities. These will ensure a safer and a faster transaction.

So, what’s stopping you from setting up the safest and the most convenient way to receive payments for your products or services? Go ahead, expand your business, accept payments anytime, anywhere and watch your sales soar.

Michael Rupkalvis operates The Transaction Group website. The web site discusses information on credit card processing and provides merchants with cheap wireless credit card processing rates, along with excellent customer service.
By Michael Rupkalvis
Published: 10/23/2007

Credit Card Processing

The credit card processing system allows stores and other businesses that sell products and services to receive almost immediate compensation for their sales. This invisible system is largely responsible for the seemingly endless growth of our economy. Many individuals around the world take advantage of the benefits that credit cards have to offer. Most individuals in the United States make use of at least one credit card.

Many have more than this. Apart from offering convenience in purchases, these nifty little pieces of plastic offer safe, secure transactions and limit the need to carry large amounts of cash. If you have been interested in obtaining a credit card, but would like to learn more about how they work, we will outline a simple history of the credit card, as well as the steps required in the credit card processing procedures.

Credit lines have been used all throughout history. Evidence of credit has been traced to the ancient Babylonians. The simple barter systems used by so many of our ancestors were types of credit lines. However, in the early 1900’s, a precursor of the credit card was created by numerous businesses in order to assist individuals with purchases that they were unable to afford outright. This continued until the 1950’s when the first true credit card was created by The Diners Club of America. A few years later, Americans were introduced to the ever-popular American Express.

As time progressed a few new credit cards (VISA, MasterCard and Discover) entered the market. These credit cards established the basis of the fees and charges that are associated with the credit cards of today. In addition to establishing guidelines for credit, a new system emerged. This system would allow stores and other businesses that sold products and services to individuals to receive almost immediate compensation for products that were sold using a credit card. This is what really got merchants rolling when it came to accepting various types of credit cards. The credit card company would simply pay the merchant for the purchase, and deal directly with the individual that made the purchase for repayment.

Credit card processing is a very simple process as far as you, the customer, is concerned. The merchant at the store at which you are making your purchase simply slides your credit card through a machine that reads it. It will add the amount of the purchase to your credit card balance. Immediately thereafter, you will be required to sign the credit card slip to approve the purchase, and all is done.

The following steps identify the key steps involved in the credit card processing procedure "behind the scenes":

1) First, the credit card machine will read the magnetic strip that is on the back of the card.

2) Once the strip has been read, it will transmit electronically the information to the company that authorizes the request.

3) The authorization involves the bank that issued the credit card, as well as the credit card company.

4) It will be determined whether the individual has the funds necessary to make the request. If this is confirmed, then a deposit is made to the merchant’s bank.

5) Within a very short period of time, the purchase will be confirmed on the credit card account of the individual, who is responsible for payment of the charge, according to the terms of the bank that issued the customer the card..

The actual behind the scenes steps are a lot more detailed than outlined here, involving the merchant’s card processing company, the credit card company, the processing company and the customer’s bank that issued the credit card. A lot of software is involved, as well as computer programming, fraud prevention techniques and authorization procedures that take place instantaneously with the customer’s purchase.

But this invisible processing system is largely responsible for the seemingly endless growth of our economy.

Michael Rupkalvis manages The Transaction Group website. The site provides information about ecommerce credit card processing and offers merchants low fee iinternet merchant accounts, along with excellent customer service.
By Michael Rupkalvis
Published: 12/6/2007

Disadvantages of Electronic Payment Systems

Electronic payment systems include credit and debit cards, online banking and electronic cash. Most of us commonly make use of electronic payment facilities. Do we know the disadvantages of electronic payment systems? To know them, read on…The transfer of funds from one party to another over electronic media is known as electronic payment system.

The different approaches to electronic payments include, card payment, mail order and online payment. Online transactions are a daily activity for almost everyone today. With the introduction of the Internet, online transactions became easy. Most of the big product and service companies made their network presence prominent and started interacting with their customers over the web.

Online shopping soon became popular. With financial institutions, walking on similar lines, people around the world began performing their financial transactions through the Internet. Credit and debit cards became a commonplace feature and gave impetus to the electronic payment systems.

While most of us prefer the convenience in payments that the electronic payment systems have brought about, some dislike the idea of electronic money. They feel uncomfortable in performing online transactions. Though only the positive change brought about by the e-payment systems is highlighted, we cannot ignore the disadvantages of electronic payment systems. One must be aware of the privacy and security concerns raised by electronic payment systems.

Disadvantages of Electronic Payment Systems

Most of the online banking sites as also the online financial transaction sites require you to open an online account with them. You need to register to the institution in order to be authorized to perform money transactions with them. This involves a username and a password, which implies the need of password protection. You also need to maintain an account per organization, which can make it bothersome for some of you.

For secure online transactions, the site that hosts your account should follow strict security policies. If the passwords are susceptible to being hacked, it can mean a serious financial loss for you. Banks or financial institutes, which maintain your personal information, cannot afford to expose it to hackers. There is a potential risk of your personal and account details being stolen.

One of the most severe disadvantages of electronic payment systems is that of identity theft. The available security measures can prevent the sensitive information from being exposed. But it is important to use virus protection or firewalls for your computer. It is important to carry out money transactions over a secure server.

There is a great risk involves in the theft or the losing of the smart cards. In case the cards fall in unsafe hands, there is a danger of the expenditure of your entire bank balance. There are measures to inform the concerned authorities about the loss of the card. But, the time between losing the card and informing the authorities is critical. Unauthorized users may carry out transactions in your name during this period of time.

Mostly, electronic cash is based on cryptographic systems. The transactions are encoded by means of numeric keys while the transaction details travel across the net. Though electronic payments are resistant to forgery, the keys are vulnerable to attack.

This was not to discourage you from taking to electronic payments. It was rather to make you aware of the disadvantages of electronic payment systems. While we are moving towards a paperless environment, we are inviting issues related to electronic security.
By Manali Oak
Published: 8/22/2008

How to Find Diamond International Coupons

Diamonds are forever, and this is why diamonds are presented and worn on weddings, wedding anniversaries and birthdays. Women always love receiving diamonds; however sometimes it may not be possible for all men to present diamonds to their beloved wife or friend.Though most people buy their diamonds from their jewelers, there are some online stores you can visit to buy your diamonds. One such site is Diamonds International. This is a site that is meant for bridal jewelry and diamonds shopping for all and any occasion.

Of course, there are so many jewelers and online stores you can consider to buy your diamonds. However not everyone can actually pay for their diamonds, considering the fact that they are the most expensive stones found in the jewelry market. If you are one of these people, you find some solace in the fact that there are diamond international coupons that you can use to help you buy your diamond jewelry.

Find your coupons on the internet

The internet is where you can find as many diamond international coupons as you want. These coupons give you lots of discounts when you go shopping for diamonds and jewelry online. All you have to do to reach these coupons is to use the help of an internet browser.

You have to type the words 'Diamonds International coupons' for the keyword search and you will immediately be shown the different offers available at this online store. There are not only sites that are directly connected with Diamonds International and have only their discount coupons on their site.

However, there are also many other sites that scour the internet for coupons that give you maximum savings. These sites have discount coupons from other companies and stores, and not only from Diamonds International. These sites specialize in providing you with the best discount coupons available on the net.

Choose the most beneficial coupons

When you find the Diamonds International coupons that look the most beneficial to you, all you have to do is to click on the coupon. You are then immediately taken to the store and you can do your purchasing.

If you opt for the cash back offer that accompanies most Diamonds International coupons, you not only end up with your chosen jewelry, but also with cash after all your purchasing. Of course, the choice of using the cash back offer or not lies in your hand. If you have not logged into Diamonds International website, you will have to sign up to the site and you will be taken there instantaneous

Check on the discounts the coupons offer.

You will find that there are many Diamonds International coupons on the net giving you many offers for you to choose from. However before you make your final choice; you have to know that there are some online discounts and coupons codes that are meant for only first time customers.

In such cases, if you have already shopped at Diamonds International before, you will not be able to use such discount coupons at Diamonds International. So before you buy anything with the intention of using the discount coupons, you have to check on its eligibility and validity in giving you the discount it offers. Diamond International Coupons
Find Diamond International Coupons Online
By Ahmed Fouad
Published: 5/7/2009

Diamond Jewelry, Pearl Jewelry, Wedding Rings, Pearl Necklaces

Diamond and Pearl Inc. is leading company dealing in one of the biggest collection of Diamond Jewelry, Pearl Jewelry and Gem Stones Jewelry. Its wide collection includes 18 kt. diamond jewelry, 14 Kt. diamond jewelry, 18 kt. pearl jewelry, 14 kt. pearl jewelry, diamond rings, diamond pendants, diamond earrings, pearl rings, pearl earrings, pearl necklaces, gem stones rings, wedding rings and many more.Jewelry is the part of all the occasions.

Whether it’s wedding, anniversary, engagement, birthday or any other formal occasion, jewelry is needed everywhere. As the times have changed, people are moving towards exclusive designer made diamond jewelry and pearl jewelry. There was a time when 22kt. Gold Jewelry was given more preference. The trends have changed now. People are in search of or pearl studded 14kt. diamond jewelry and pearl jewelry or 18kt. Diamond jewelry and pearl jewelry.

The king among gemstones, the word diamond comes from the Greek word "adamas" which means 'unconquerable' with it's brilliant sparkle and stunning beauty diamond is unconquerable ever. Some of the features of diamond include rareness, optical brilliance and hardness. Diamonds captivated human beings for centuries for its stunning beauty. This precious gem has been considered a woman’s best friend and a favorite stone to embellish ornaments and jewelry items. Diamond color will range in color from clear colorless to yellow.

The most expensive diamonds will have very little color. The natural color in a diamond act as a filter for the light degrading the spectrum of light emitted, making it less sparkle and brilliant. Everybody wants to cherish the good memories for a lifetime. The shining diamond jewelry helps to preserve good memories for a lifetime. Whether it’s a wedding or anniversary, a sophisticated diamond ring is the perfect gift for a man or a woman.

The diamond necklace, diamond bracelet, diamond pendants, diamond rings, diamond earrings can be the perfect gifts on all occasions. The elegant designs in diamond jewelry can be eye-catching and attract people. The attraction towards diamonds is not just limited to women, there are some men too who are attracted towards diamond jewelry and would like to have it for themselves. Diamond jewelry is suitable at any age and with any dress.

The diamond jewelry always looks exclusive and sophisticated on any occasion. People nowadays prefer designer made contemporary diamond jewelry. There were times when people used to like traditional jewelry more. Now people prefer modern diamond jewelry with the blend of traditions. If you are really in search of jewelry which suits your personality, then the exclusive diamond jewelry can be perfect choice for you because elegant collection of diamond jewelry suits every human personality. You can wear diamond earrings, diamond pendants, diamond rings, diamond necklaces, diamond bracelets to enhance your personality. Not only the outfit but the jewelry is also important to boost your appearance on any occasion.

Pearls were once upon a time considered as only the property of rich community. It was only the wealthy people who enjoyed the privilege of possessing and wearing the precious pearl jewelry. During olden times, pearls were considered signs of love, health and prosperity. Many believed that they are tears from the Heaven or Goddess that nurtures in oyster's womb. Pearls that were once the area of rich, famous and affluent have now become available to all.

Pearls have become everybody’s favorite because of its natural beauty and brilliant shiny appeal. Pearl jewelry is designed with many cultural pearls type such as freshwater pearls, akoya seawater pearls, Tahitian Pearls and South sea pearls. More than 80 percent of jewelry sold around the society is made with freshwater and akoya pearls, as they are more affordable than Tahitian and south sea which are typically on the higher side.

Buy the one you like and admire most. Pearl jewelry is more demanded because it can be worn on any occasion. Whether it’s a movie tonight or your own wedding, it works in both the occasions. The gorgeous pearl jewelry looks great on youthful young ladies as well as the old women. Pearls can come in different colors and different sizes. Some pearls are very rare and expensive but they are definitely worth the cost. Earlier people rarely used to prefer pearl jewelry to be worn by a bride. Nowadays brides prefer to wear jewelry suiting to their wedding outfit.

Pearl jewelry suits to any color outfit. Pearl jewelry which includes the pearl necklace, pearl earrings, pearl pendants, pearl rings and pearl bracelets complements the entire attire and women often prefer to opt for a set that matches the color or shade of their dress. Rich looking pearl jewelry is perfect for gifting purpose also. Pearl ring, pearl earrings, pearl necklaces are the gift ideas which can be used on any occasion.

If you are among those people who like to wear different kind of exclusive jewelry, you should visit our website as you will find the jewelry there which suits your personality. There are many companies which can provide diamond and pearl jewelry, but the quality of all the companies are not equal. Here you don’t have to worry about the quality. You can find wide range of diamond jewelry, pearl jewelry and gemstone jewelry. You can find a wide range of elegant looking diamond rings, diamond pendants, diamond earrings, pearl earrings, pearl rings, pearl necklaces, pearl bracelets for yourself or for your loved ones.

You can also find a variety of stunning wedding rings, engagement rings, diamond rings, pearl rings. They are the pioneers in providing exclusive and rare collection in glittering diamond jewelry and contemporary pearl jewelry. Buy diamond jewelry, diamond rings, diamond pendants, diamond earrings, pearl jewelry, pearl rings, pearl earrings, pearl necklaces online. It is an international organization having clients worldwide. The company has a distribution office in Canada, near Torronto which helps to provide effective services to clients based in U.S. and Canada.

The company also has a satellite department in Germany which facilitates services in the countries of the European Union, Switzerland and other European destinations. Here the customer’s safety is of utmost importance. The products ordered online are delivered quickly and safely through FEDEX or UPS directly to the clients in more than 200 countries. To ensure safety all credit card payments are made and protected by worldpay one of the best companies in the world to offer epayment alternative.

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By Jigney Bhachech
Published: 5/6/2009