Posts Tagged ‘money’

Back in 1998 (through 2000 or so), I worked for a small company (called PaymentNet / then Signio) that handled online transactions. Verisign later purchased this company, and the product team I led integrated the “client” - the portion that took the credit card information and sent it to our servers for processing. The product name is Payflow Pro - maybe you’ve heard of it?

I’m going to limit this discussion to Visa / MasterCard credit cards — Amex and others operate slightly differently.

First, there is the bank that the consumer’s credit card is attached to. That bank is called the “acquiring institution” … it handles the “credit” you have on your credit card.

Then, there is the merchant bank. That’s where the business opens up a “merchant account” to be able to accept various forms of credit cards.

The merchant account is connected to another company called a “processor”. This “hidden” layer is the company that actually moves the funds from the acquiring institution to the merchant account (that process is called “settlement”). The processor also handles talking to the acquiring institution to make sure that the customer has the funds available (a process known as authorization).

Some well-known credit card processors are First Data Merchant Services (FDMS), Nova and PaymentTech.

Sitting on top of the processor is one of two primary systems either a swipe-card terminal (like those you see in Wal-Mart) or a “gateway” company that does basically the same thing, but over the Internet - that’s what Verisign Payment Services and Authorize.Net do.

Note that the waters are even muddier in many cases, for example, Wells Fargo can act as every piece of the puzzle in some circumstances.

So, what actually happens when you purchase something at Wal-Mart using a credit card?

a) You place your items from your “basket” onto the counter and scan them. the checkout system provides a total.

b) You swipe your card through a “terminal”, which reads the # off the magnetic stripe.

c) Wal-Mart dials their processor, and asks if you have the funds available on your credit card. The processor talks to your bank (the acquiring institution). If funds are available on the card, they are marked as “held” in your account (an authorization) - if not, the transaction is declined (yuk). Authorizations that are never settled tie up your credit card funds for a period of time, usually 10 days or so.

d) At the end of the day, Wal-Mart marks all the transactions they want to receive funds for, and submits them to their processor in a “batch”. The processor then contacts the acquiring institutions and transfers the funds to your merchant bank - which may make the funds available instantly (in a day or two), or may hold them for a while, or may hold the funds in a “rolling reserve” (keeping some funds held back in case a consumer fights the transaction, called a chargeback).

In the online world, replace the cash-register with an online shopping cart, and the electronic credit-card with terminal with called a “gateway” such as Payflow or Authorize.Net. the process is basically the same, with slightly more complexity.

Be careful going “a-la-carte” with ecommerce credit-card services: if the gateway you chose can’t talk to the processor your bank uses, or your software can’t talk to the gateway, you’re hosed. That situation was MUCH more common (things not working together) back in the mid/late 90’s than it is today. However, most “brick and mortar” banks (like your local branch) still don’t have a clue about online credit-card processing … if they attempt to sell you a “leased terminal”, it’s best to run the other way and find a solution from reputable online source.

As an online merchant looking to accept credit cards, all you really need to know is that all services purchased through a single solution will usually work together seemlessly.

Credit Card Services Review 2010. Thanks to http://www.nicktemple.com/

In order to get out of credit card debt takes perseverance and willingness to succeed. So whether or not you are being swallowed by the sink hole of credit card debt or you are just starting out to dig yourself into credit card debt - you have to take action before it’s too late in order to be come debt free.

The six tips listed below will help you get out of credit card debt…if you use them.

1. Stop using your cards - By using your credit cards you are paying additional interest on the credit card balance you owe on which you’ve already been charged interest. Unless you pay the new charges when you are billed you are accumulating additional interest on both present and past charges. (Don’t you love credit companies…and yes this is legal for them to do.)

2. Figure out how much credit card debt is costing you. How you may ask! You can find out how much credit card debt is costing you by seeing how much interest rate you have to pay. This is done by reading the fine print on your latest credit card statement. If you do not understand then you call your credit card company and have them explain it to you. (By law they have to explain it to you.)

3. Lower your interest rate you are currently paying on your credit cards. Lowering your interest rate is the most effective and easiest way to get your credit card debt problem under control. You can lower the interest rate you are paying by transferring high interest rate amount balances to lower or no interest credit cards. Once you’ve stopped using your credit card you’ve stopped your situation from getting worst, it’s now time for you to improve it.

4. Call your credit card companies and tell them to lower your interest rates. Since you already know the interest rates it is time for you to ask your banks and credit card companies to lower the interest rates. You should call them and ask to speak with a supervisor. The supervisor has the authority to give you a lower interest rate.

This is what you tell them: The rates are too high and you want it lowered. And also let them know that if they are not willing to lower your interest rate you are considering to close your account and transfer all your credit card balances to the company that is willing to give you the lowest interest rate.

5. Consolidate your credit card debts - transferring all credit card balances to one credit card - is an effective way of getting out of credit card debts. So when negotiating to get a lower interest rate you should let it be known that your ultimate goal is to get out of credit card debt at the lowest possible cost and not credit card shuffling.

6. Cut your savings in half. It would be foolish to be paying high interest rates while continuing to save the usual amount, if you are indeed saving. If you are already so deep in debt that no one company is willing to loan you the money to consolidate your credit card debts then you would have to resort to this tactics.

It works like this. Get all your credit card balances. Divide each balance by the minimum amount you are required to pay each month. This tells you how long it would take to pay off each balance. Start by paying off the one that takes the least amount of time (half your savings + minimum payment). Continue making minimum payments on the rest. When that least payment is finished you would pay the next least payment and so on. You would continue using this tactics until you are no longer in debt.

If you follow the above tips and tactics you should be on your way to getting out credit card debts in very short order.

If you want to get out of credit card debt, it takes action on your part. So whether or not you are being swallowed by the sink hole of credit card debt or you are just starting out to dig yourself into credit card debt - you have to take action before it’s too late in order to be come debt free.

The six tips listed below can help you get out of credit card debt…if you use them.

1. Stop using your cards - By using your credit cards you are paying additional interest on the credit card balance you owe on which you’ve already been charged interest. Unless you pay the new charges when you are billed you are accumulating additional interest on both present and past charges. (Don’t you love credit companies…and yes this is legal for them to do.)

2. Figure out how much credit card debt is costing you. You can find out how much credit card debt is costing you by seeing how much interest rate you have to pay. This is done by reading the fine print on your latest credit card statement. If you do not understand then you call your credit card company and have them explain it to you. (By law they have to explain it to you.)

3. Lower that interest rate!!!! Lowering your interest rate is the most effective and easiest way to get your credit card debt problem under control. You can lower the interest rate you are paying by transferring high interest rate amount balances to lower or no interest credit cards.

4. Call your credit card companies and tell them to lower your interest rates. Since you already know the interest rates it is time for you to ask your banks and credit card companies to lower the interest rates. You should call them and ask to speak with a supervisor. The supervisor has the authority to give you a lower interest rate. (Don’t take no for an answer)

This is what you tell them: The rates are too high and you want it lowered. And also let them know that if they are not willing to lower your interest rate you are considering to close your account and transfer all your credit card balances to the company that is willing to give you the lowest interest rate. (since they don’t want to loose the future profits from you they may lower your rate in order to keep your business.)

5. Consolidate your credit card debts - transferring all credit card balances to one credit card - is an effective way of getting out of credit card debts. So when negotiating to get a lower interest rate you should let it be known that your ultimate goal is to get out of credit card debt at the lowest possible cost and not credit card shuffling.

6. Cut your savings in half. It would be foolish to be paying high interest rates while continuing to save the usual amount, if you are indeed saving. If you are already so deep in debt that no one company is willing to loan you the money to consolidate your credit card debts then you would have to resort to this tactics.

It works like this. Get all your credit card balances. Divide each balance by the minimum amount you are required to pay each month. This tells you how long it would take to pay off each balance. Start by paying off the one that takes the least amount of time (half your savings + minimum payment). Continue making minimum payments on the rest. When that least payment is finished you would pay the next least payment and so on. You would continue using this tactics until you are no longer in debt.

If you follow the above tips and tactics you should be on your way to getting out credit card debts in very short order.

If you’re looking at making home renovations or considering a large-scale home improvement project, you know how costly it can be. The costs for construction supplies, hiring a qualified work force and paying the various fees for permits can quickly add up.

Most people think of banks as the only place to get a house remodeling loan, but hardware store credit cards are essentially loaning you money to upgrade your dwelling. Credit cards from home improvement stores have some extra advantages.

No Interest for a Limited Time: Many of those hardware store credit cards give you a period of 6 to 12 months with zero interest charges as long as you use the credit card in their store. Those savings could add up to big money if you are able to pay back all of the amount you borrowed on the credit card. Even more importantly, big stores like Lowe’s Home Centers may have several different credit cards available for your unique personal situation.

In-Store Discounts: When you initially use hardware store credit cards you will often get a small discount as well. You might save 3% - 15% on the total cost of the project, which could be a pretty good chunk of change at the end of the day.

Convenience of Shopping For Everything At Once: These large home improvement stores now offer just about everything you could need to upgrade your home and most offer lots of contractor services to actually do the work for you. Instead of visiting a dozen stores to find a kitchen sink you can go to one store and buy a faucet, a sink, a refrigerator, all the other appliances and even hire and schedule the installers all at one time. With one store credit card you can purchase the supplies you need as well as hire someone to do all the work for you!

Banks loan you money in hopes that they’ll make profit with the interest and fees you pay back. Big home improvement stores don’t have to make money on interest because they’ll be making their profit on the products and services you buy. Because of that they can usually offer lower interest rates and even better pricing. When you use a home improvement store credit card you’re locked into using a specific store, but if that store has everything you need then it’s definitely worth considering!

Have you ever dreamed of becoming rich and famous? Of course, everybody does, but not everyone have what it takes to be a movie star or a world famous supermodel. But, have you ever considered that even regular people like you can become famous through blogging? Indeed, blogging can bring you fame and it can even make you rich.

As an online business owner, you know that the key to success in your online business is by getting targeted traffic in your website. Targeted traffic is the type of people that you want to visit your website and not just anyone in the internet. To do this, you need to advertise your products throughout the internet through affiliate programs, banners, emails, article publishing websites, and etc.

However, have you ever considered blogging as a tool for marketing?

Basically, blogging is what people use today as a sort of journal. Some use it as an outlet of their frustrations by writing about it, others use it as a diary where people put in everything that happened to them on a particular day, but there are some people who found out that blogging can be a great tool for marketing.

You have to consider the fact that people do love to read blogs. And, with the millions of people logging in on the internet on a daily basis, you can just imagine how many people might enter your blogging website and read your blogs.

So, how can you market your products or services in a blogging website?

Well first of all, you have to remember that you should never treat blogs as a marketing tool although this is your purpose for it. Instead, try treating it as a way to communicate with other people. The last thing that people wants to see in a blog is some salesman trying to aggressively sell their wares on the blogs they wrote.

So, how can you sell your products?

You’ll be surprised as to how many ways you can market your products. You have to remember that people don’t like salesmen trying to push their products up on their faces. What they want is someone who is a regular person like they are who knows a little something about a particular thing, which is your product.

What this means is that when you write blogs, never try to be a salesman. Instead, you have to think like a customer who tried your product and loved it. Ask yourself what they would say about your product in a blog. By thinking and writing like a customer, you will be able to relate to other people. You will be on their side and you will be their friend.

That is how you should market on blogs. You need to be a customer who is satisfied with the products or services you are selling and that you are simply want people to know about it and that you recommend it. If you believe in your product or services so much, then you won’t have any problems at all.

To make this even more believable, try adding some of the pros and cons of the products. But, don’t emphasize the cons, just try to mention it.

Blogging can bring you fame if you do it right. Remember these tips and you will be well on your way in making your blog famous as well as your business and the products or services you are selling.

Here is a few information you may need to know with your credit cards. Whether you have problem getting rid of debt or just new to applying for one, here’s a good guide to familiarizing yourself with credit cards.

Credit cards are part of a system of payments giving you access to funds for purchases from certain merchants supporting such system. Named after the small plastic card issued to you as the user of the system, your credit card is a representation of an account your accountable for. Since it entitles you as the holder to buy goods and services, the credit card provider hopes to rely on your promise as the card holder to pay for these goods and services you purchased. Granted with a line of credit to you, you can borrow money for payment to the merchant. Credit cards are convenient and widely accepted. It can also come with some perks such as reward points or frequent buyer’s privileges. Moreover, this can provide you with access to cash advances in cases of emergency.

Most of us are facing a financial crisis in our lives with the current recession. On the personal level, whether the current crisis is caused by personal illness or the loss of a job, this can be very overwhelming. Your new credit card can probably help you somehow with a cash advance. But this can be a short-term help.

The problem however with most of us is the trouble when paying the bills during the due date. When we receive notices from creditors, it is an indication of a bad credit score and a lifestyle of overspending. You may lose your home or your car if you fall on this trap. Find out your exit strategy first before getting your new credit card.

While you may hear that a credit card can provide you with a convenient, accessible credit, there are certain disadvantages too. Credit cards offer you a way to track your expenses. Why not use this to monitor personal expenditures? You can use this tool too to track work-related expenses for certain taxation or reimbursement purposes.

Before applying for that new credit card, weigh the options between the advantages and the disadvantages. Make wise use of that credit card and only use it when you can afford what you spend for.

For more information on Credit Card Debt, get FREE Articles Tips at DollarGuides.com. Get debt-free today with tips on how to get rid of deb.

We now use our mobile phones for everything that we do. We talk on them, we text message, we email, take pictures, record videos, send those pictures and videos in messages, play games, and so much more. But now you can use mobile technology to make bill payments. That is how advanced this system has become

But how secure is this system? Is it something that you really want to do? Many individuals are not secure with this sort of system and others are. That is why it is good to evaluate the situation to see if this is something you would like to do.

Security Many individuals have mobile phone carriers that enable them to make their mobile phone payment right from their phone. Their payment account information is already in the system, so all they have to do is push a button and their payment is made. They then don’t have to worry about their payment again until next month.

But due to the fact that the Internet has become available on mobile phones, there are people wondering if they can make their other payments over their phone just like they do with their personal computers. Is it as secure?

Well, since mobile Internet is being phased out because mobile phones can access the same Internet that personal computers access, it is fair to say that it is just as safe. If you are accessing a secure site over your phone, you should have no issues making your payment. The only problem that you may encounter is the fact that you have to have a solid connection when you carry out your transaction. This will not compromise your security, but could result in you actually making a payment twice if you’re not sure it went through the first time. This can result in you having to consult with the company you made a payment to and telling them that you had a connection issue that resulted in a double payment.

Conveniences and issues It is very convenient to be able to make payments over your mobile phone, but there are still some phones that do not support the more advanced Internet access. Because of this, you may not be able to make your payments over your mobile phone, especially since thee are some websites that are not mobile enabled. They won’t display right or will not be able to give you the option to pay at all. In this case, you would be better off making a phone call to make your payment.

But the convenience of it cannot be denied for the fact that you can be sitting on a bus, on a subway, in a cab, standing in a long line at a department store, or even at a sporting event and pay your bills. You don’t have to wait until you get home in order to make your payment. You can do it right then and there without any issues. Just make sure you have an adequate connection to ensure that you can process the payment smoothly.

Will you do it? With this said, will you do it? Will you make your bill payments over your mobile phone? If you are in a situation where you need to make a payment right now, this may be a viable solution. This is especially true if it is the difference between you getting a very high late fee or not getting a very high late fee. If accept credit card payment, it could be the difference between having to pay a higher interest rate because of a late payment and not having to pay a high interest rate. That is the convenience of making payments using your mobile phone.

With the rich ruling over the poor, the same is true for the borrower as a slave of the lender. Some financial guru is preaching that debt is a tool but debt that cannot be handled can ruin a life into slavery. In fact, debt can take away our financial freedom in a snap.

Have some hope, debt can still be overcome. Your financial situation may be bad but it does not have to go to worse. This article will present some form of help available today, so let us start with a few.

It could even start with emptying your garage and attic. You may have things around the house collecting some dust form which you could make money today. It is quite simple and you can have a yard sale at your home. Sell your unused items to pay off your debt. There are also flea markets where you can sell the items to make money fast too.

Sell food items to neighbors. Advertise using a flyer at your local community center. You can also try a grocery store selling homemade meals and have a great deal. People usually do not have time to cook at home any more yet they still want to eat healthily. This can be an opportunity you can earn from. This can raise some money to pay debt off today.

It could be a temporary way to pay off your debt or you could be developing a business venture later to attain that financial freedom. Be wise with spending money starting today.

If you are still in financial hot water after these means to pay some of your debt, consider budgeting, credit counseling, debt consolidation, or, in worst case, bankruptcy. How do you know which is the best solution for you? It all depends on the amount of your debt, the level of your discipline, and your goals for the future. At the end of the day, it is worth knowing that you can have simple means to pay off that debt.

For more information on financial directory, get FREE Articles Tips at DollarGuides.com. Get debt-free today with tips on how to get rid of debt here. Start improving your personal finance today.

Are you looking for to overcome credit card debt?

If so, you’re not alone. Millions upon millions of people around the world are attempting to overcome the debt that they have grown, and are attempting ways to prevent gaining even more debt.

In today’s distressful economy, very many individuals are noticing it almost difficult to meet even the least possible necessary fees on their credit cards.

This is ultimately one of the leading causes of credit card debt! One of the best effective strategies for winning the battle facing all that credit which is signed against you is to deal with the items which seem to carry the level of excitement. Once this is done, controlling your credit card debt will be much clearer.

The next action to controlling credit card debt is to make sure that you knock out some of the charge that you have that ultimately have the minimum balance. This may help cut down your interest ratio on the credit card, along with the overall amount of debt that you have collected.

As opposed to making payment on small balances below $500, work to intensively pay them off. This possibly will work wonders when it comes to the amount of credit card debt that you have!

After all, you will want to call the firms that you have debt with to realize if they’re willing to either reduce or intensively drop the entirely of excitement which you get on your account. Nearly are willing to do this in purpose to assist you with your credit card debt!