Merchant Services Account
By Shane Penrod
Can a Merchant Services Account really help your company to
grow? Dozens of satisfied business owners claim it can, and
they eagerly support this type of service for use with many
kinds of companies and enterprises. Basically, a merchant
account will allow you to collect credit card payments from
your customers in a variety of ways. You’ve probably heard all
about these from other company owners in your area, but if not,
here is a basic rundown of what to expect.
Getting approved for a Merchant Services Account means that
your company will be able to accept credit card payments. You
can collect these in several interesting ways, depending on the
nature of your business and your clientele. If you operate a
retail shop or a restaurant, for example, you can set up a
credit card processor onsite in the checkout area to receive
payments from your customers. On the other hand, if you deliver
home-baked goodies to customers at lunchtime in their business
offices, you can take along a wireless unit to collect payments
while making the delivery. All transactions can be concluded at
the point of purchase, leaving your time free to do more
valuable things than collect back checks or send out monthly
statements.
A Merchant Services Account can help you set up a digital
credit card payment program. For example, you can arrange for
customers to call a toll-free number, listen to a menu of
choices before pressing the telephone keypad number that
corresponds with their reason for calling, and shop for
products that are described briefly on the phone in a
pre-recorded message. If they purchase anything, they can pay
for it promptly with a credit card by punching in the requisite
account numbers. Your customers will love the ease with which
they can call your company, shop without coming into the store,
and make payments without the exact amount of cash.
Opening a Merchant Services Account also can equip you with
additional technology, like a pager, a wireless phone, or a
debit and e-check processor. You can reduce the amount of help
you will need from employees by relying more on technology to
help you run your business. One of the most expansive credit
card payment options is to set up a Website that represents
your company’s business. You can promote the latest products or
sales, list prices, include links to related sites, and let
customers make purchases that they can pay with a credit card
right at the site that operates in real time. Your lender will
coordinate the payment-processing program so that the amount
paid by your customer will be deposited directly in your
company’s bank account.
There is no need to keep on doing business the old fashioned
way when you can easily upgrade to an e-commerce structure.
Costs are manageable, and benefits are noticeable in short
order. Ask your banker, a colleague, or an Internet Website for
details about how you can apply for benefits that will help your
company become all it can be with a Merchant Services Account.
About the Author: Shane Penrod is the founder of
http://www.merchant-account-quotes.com Specializing in allowing
merchants the ability to shop and compare multiple quotes from
national merchant account providers. For free quotes on
merchant account rates and fees, please go to
http://www.merchant-account-quotes.com
Source: http://www.isnare.com
Monday, April 30, 2007
Saturday, April 28, 2007
Merchant Account Services
Accept Credit Card Merchant Account
By Shane Penrod
If you’re looking to expand your business, you can soon accept
credit card merchant account payments by applying for a
merchant services account. Many lenders and financial
institutions are eager to provide this account to responsible
entrepreneurs who seek to provide credit card payment options
at their business. Whether you sell products from your home,
travel around to provide consulting or training services, or
conduct business solely over the Internet, a merchant services
account can help move your company into the e-commerce arena.
When you are ready to accept credit card merchant account
payments for your goods or services, start by shopping for an
established banker or lender that can offer you a merchant
services account. Look for a company that has been in business
for several years and enjoys a good reputation. You may want to
check with the Better Business Bureau to ensure that the company
is not running a scam and that it can provide as well as
maintain the benefits it offers. When you locate two or three
companies that you might want to work with, compare their
terms, prices, and equipment options. These can vary widely, so
first have an idea of what your company and customers need.
Don’t try to bite off more than you can chew by taking on too
much debt at first for equipment you may never or seldom use.
Instead, stay focused on your primary objective, which may be
as basic as processing credit card payments from customers who
stop by your restaurant for a meal. Only when you identify a
real need for additional services should you consider extending
your credit and your budget to buy these things, which might
include a pager, an e-check and debit processor, or a Website
credit payment processor.
If your business continues to grow and you want to accept
credit card merchant account payments on a wider scale, you can
set up a company Website to promote your company and offer
credit card processing options. A Website will let customers
visit any time it is convenient for them to do so, and you
don’t have to maintain a staff person on call to answer
questions. Just add an email option to the site, and your
clients can send questions, orders, or suggestions to you
directly, in addition to making credit card payments on goods
purchased at the Website. The site may include a product or
service description, price list, FAQs, and other relevant
details that will help answer customers’ questions and clear
the way for them to order online. Many people prefer this
shopping method to paying in cash or in person.
Accepting credit card payments can cost as little as a few
cents per transaction or an overall low percentage rate each
month. There may be additional fees, whoever, so be sure to ask
before signing a contract. Inquire about a domain name
registration, hosting fees, and site maintenance service terms.
Then get ready to watch as profits climb when you learn how to
accept credit card merchant account payments online.
About the Author: Shane Penrod is the founder of
Merchant-Account-Quotes.com Specializing in allowing merchants
the ability to shop and compare multiple quotes from national
merchant account providers. For free quotes on merchant account
rates and fees, please go to
http://www.merchant-account-quotes.com
Source: http://www.isnare.com
By Shane Penrod
If you’re looking to expand your business, you can soon accept
credit card merchant account payments by applying for a
merchant services account. Many lenders and financial
institutions are eager to provide this account to responsible
entrepreneurs who seek to provide credit card payment options
at their business. Whether you sell products from your home,
travel around to provide consulting or training services, or
conduct business solely over the Internet, a merchant services
account can help move your company into the e-commerce arena.
When you are ready to accept credit card merchant account
payments for your goods or services, start by shopping for an
established banker or lender that can offer you a merchant
services account. Look for a company that has been in business
for several years and enjoys a good reputation. You may want to
check with the Better Business Bureau to ensure that the company
is not running a scam and that it can provide as well as
maintain the benefits it offers. When you locate two or three
companies that you might want to work with, compare their
terms, prices, and equipment options. These can vary widely, so
first have an idea of what your company and customers need.
Don’t try to bite off more than you can chew by taking on too
much debt at first for equipment you may never or seldom use.
Instead, stay focused on your primary objective, which may be
as basic as processing credit card payments from customers who
stop by your restaurant for a meal. Only when you identify a
real need for additional services should you consider extending
your credit and your budget to buy these things, which might
include a pager, an e-check and debit processor, or a Website
credit payment processor.
If your business continues to grow and you want to accept
credit card merchant account payments on a wider scale, you can
set up a company Website to promote your company and offer
credit card processing options. A Website will let customers
visit any time it is convenient for them to do so, and you
don’t have to maintain a staff person on call to answer
questions. Just add an email option to the site, and your
clients can send questions, orders, or suggestions to you
directly, in addition to making credit card payments on goods
purchased at the Website. The site may include a product or
service description, price list, FAQs, and other relevant
details that will help answer customers’ questions and clear
the way for them to order online. Many people prefer this
shopping method to paying in cash or in person.
Accepting credit card payments can cost as little as a few
cents per transaction or an overall low percentage rate each
month. There may be additional fees, whoever, so be sure to ask
before signing a contract. Inquire about a domain name
registration, hosting fees, and site maintenance service terms.
Then get ready to watch as profits climb when you learn how to
accept credit card merchant account payments online.
About the Author: Shane Penrod is the founder of
Merchant-Account-Quotes.com Specializing in allowing merchants
the ability to shop and compare multiple quotes from national
merchant account providers. For free quotes on merchant account
rates and fees, please go to
http://www.merchant-account-quotes.com
Source: http://www.isnare.com
Friday, April 27, 2007
Merchant Account Services
Offshore Merchant Account Services
By Steve Valentino
Is your domestic bank failing to give you the right assistance in making your business reach maximum potential? Is credit card processing through your domestic bank becoming a hassle? You can surely benefit from offshore merchant account services. Such an account practices in similar fashion to any other domestic merchant account would. However, the policies and customer treatment is much different. They give you more scope and flexibility in processing your online orders taken on credit cards.
Credit card processing is vital in today’s scenario when click and brick companies are fast taking over the brick and mortar companies. Offshore merchant account services give you the ability of prompt multi-currency processing. You can accept orders from more than just a few types of credit cards. Moreover, the volume of order processing is not restricted as is the case in many of the merchant accounts with domestic banks. The offshore market is very competitive. The banks need your business. Therefore they are ready to give you offshore merchant account services on your terms and ready to welcome your business account - even if it is a high-risk business such as online gambling, online pharmacy, adult entertainment, gaming, etc.
Business legislations in most of the markets outside USA are quite lenient and flexible. This makes it easier for you to open an offshore merchant account and business becomes easier. The right kind of offshore merchant account service can help you invest your profits offshore in lucrative markets without having to face the black books of the revenue department. Offshore merchant accounts usually attract high tax benefits that add to their attraction.
The offshore merchant account service providers usually charge high processing fees but it sounds minimal when you compare it with low charge backs, no deposits and other benefits. Moreover, they are ready to bear the high risk that may be associated with your business type. Offshore merchant account services include the highest-level security, encryption and fraud protection systems. If you think of expanding your business by leaps and bounds over time, you must consider getting an offshore merchant account.
Offshore Merchant Accounts provides detailed information on Benefits of Offshore Merchant Accounts, Free Offshore Merchant Accounts, Offshore Bank Accounts, Offshore Credit Card Processing and more. Offshore Merchant Accounts is affiliated with Online Merchant Account Application.
Article Source: http://EzineArticles.com/?expert=Steve_Valentino
http://EzineArticles.com/?Offshore-Merchant-Account-Services&id=227385
By Steve Valentino
Is your domestic bank failing to give you the right assistance in making your business reach maximum potential? Is credit card processing through your domestic bank becoming a hassle? You can surely benefit from offshore merchant account services. Such an account practices in similar fashion to any other domestic merchant account would. However, the policies and customer treatment is much different. They give you more scope and flexibility in processing your online orders taken on credit cards.
Credit card processing is vital in today’s scenario when click and brick companies are fast taking over the brick and mortar companies. Offshore merchant account services give you the ability of prompt multi-currency processing. You can accept orders from more than just a few types of credit cards. Moreover, the volume of order processing is not restricted as is the case in many of the merchant accounts with domestic banks. The offshore market is very competitive. The banks need your business. Therefore they are ready to give you offshore merchant account services on your terms and ready to welcome your business account - even if it is a high-risk business such as online gambling, online pharmacy, adult entertainment, gaming, etc.
Business legislations in most of the markets outside USA are quite lenient and flexible. This makes it easier for you to open an offshore merchant account and business becomes easier. The right kind of offshore merchant account service can help you invest your profits offshore in lucrative markets without having to face the black books of the revenue department. Offshore merchant accounts usually attract high tax benefits that add to their attraction.
The offshore merchant account service providers usually charge high processing fees but it sounds minimal when you compare it with low charge backs, no deposits and other benefits. Moreover, they are ready to bear the high risk that may be associated with your business type. Offshore merchant account services include the highest-level security, encryption and fraud protection systems. If you think of expanding your business by leaps and bounds over time, you must consider getting an offshore merchant account.
Offshore Merchant Accounts provides detailed information on Benefits of Offshore Merchant Accounts, Free Offshore Merchant Accounts, Offshore Bank Accounts, Offshore Credit Card Processing and more. Offshore Merchant Accounts is affiliated with Online Merchant Account Application.
Article Source: http://EzineArticles.com/?expert=Steve_Valentino
http://EzineArticles.com/?Offshore-Merchant-Account-Services&id=227385
Wednesday, April 25, 2007
Merchant Account Services
Anatomy of Merchant Service Fees
By Natalie Aranda
A credit card Merchant Service is almost a requirement of doing business in today’s marketplace. It does not really matter what your personal feelings are toward the use of credit cards or credit in general. The consumers like credit cards and often will not do business with an establishment that does not accept them. In a highly competitive business environment you can not afford to lose this business. The Merchant Service is the institutions that enable you to accept and process credit card transactions.
There are a number of Merchant Service fees that must be paid by the business owner. These fees vary greatly between Merchant Service providers and they must be carefully understood and compared when selecting the one for your business. The fees include a straight transaction fee that is charged each time the credit card is used. This fee is usually small, but can add up with frequent small transactions. The Authorization fee is the most troublesome and unfair one in the view of most business owners. It charges a fee every time a transaction is processed regardless if the charge is accepted or rejected.
Most Merchant Services have a minimum monthly fee as well. If your business volume does not exceed this figure, you will be charged the difference. The Merchant Service provider also charges for their monthly statement. They will often impose a hefty termination fee should you close your account before the agreed time span has elapsed. The business owner is responsible for any “free” equipment give to him for processing credit cards and will have to cover the cost of any loss or damage to them.
The largest and most important fee is the discount rate. This is basically the cut taken by the Merchant Service provider of every transaction. Since the discount rate is a percentage of the total sale, this fee will rise and fall along with your sales figures. The discount fee is the most important starting point for evaluating a Merchant Service provider. The good news is that this field has become highly competitive also. The financial institutions vie for your business and a reduced rate is their best bargaining chip. Even Offshore Merchant Accounts are beginning to show more competitive fervor in their discount rates as the marketplace becomes more and more global in nature. It is vital to understand the complete fee structure when considering your Merchant Service provider. You have to sacrifice some of your profit in order to benefit from the ability to accept credit cards, but how much of a sacrifice you must make can be controlled by careful shopping and knowledge of fees.
Natalie Aranda writes about technology, ecommerce and finance. A credit card Merchant Service is almost a requirement of doing business in today’s marketplace. It does not really matter what your personal feelings are toward the use of credit cards or credit in general. The consumers like credit cards and often will not do business with an establishment that does not accept them. In a highly competitive business environment you can not afford to lose this business. The Merchant Service is the institutions that enable you to accept and process credit card transactions.
Article Source: http://EzineArticles.com/?expert=Natalie_Aranda
http://EzineArticles.com/?Anatomy-of-Merchant-Service-Fees&id=490644
By Natalie Aranda
A credit card Merchant Service is almost a requirement of doing business in today’s marketplace. It does not really matter what your personal feelings are toward the use of credit cards or credit in general. The consumers like credit cards and often will not do business with an establishment that does not accept them. In a highly competitive business environment you can not afford to lose this business. The Merchant Service is the institutions that enable you to accept and process credit card transactions.
There are a number of Merchant Service fees that must be paid by the business owner. These fees vary greatly between Merchant Service providers and they must be carefully understood and compared when selecting the one for your business. The fees include a straight transaction fee that is charged each time the credit card is used. This fee is usually small, but can add up with frequent small transactions. The Authorization fee is the most troublesome and unfair one in the view of most business owners. It charges a fee every time a transaction is processed regardless if the charge is accepted or rejected.
Most Merchant Services have a minimum monthly fee as well. If your business volume does not exceed this figure, you will be charged the difference. The Merchant Service provider also charges for their monthly statement. They will often impose a hefty termination fee should you close your account before the agreed time span has elapsed. The business owner is responsible for any “free” equipment give to him for processing credit cards and will have to cover the cost of any loss or damage to them.
The largest and most important fee is the discount rate. This is basically the cut taken by the Merchant Service provider of every transaction. Since the discount rate is a percentage of the total sale, this fee will rise and fall along with your sales figures. The discount fee is the most important starting point for evaluating a Merchant Service provider. The good news is that this field has become highly competitive also. The financial institutions vie for your business and a reduced rate is their best bargaining chip. Even Offshore Merchant Accounts are beginning to show more competitive fervor in their discount rates as the marketplace becomes more and more global in nature. It is vital to understand the complete fee structure when considering your Merchant Service provider. You have to sacrifice some of your profit in order to benefit from the ability to accept credit cards, but how much of a sacrifice you must make can be controlled by careful shopping and knowledge of fees.
Natalie Aranda writes about technology, ecommerce and finance. A credit card Merchant Service is almost a requirement of doing business in today’s marketplace. It does not really matter what your personal feelings are toward the use of credit cards or credit in general. The consumers like credit cards and often will not do business with an establishment that does not accept them. In a highly competitive business environment you can not afford to lose this business. The Merchant Service is the institutions that enable you to accept and process credit card transactions.
Article Source: http://EzineArticles.com/?expert=Natalie_Aranda
http://EzineArticles.com/?Anatomy-of-Merchant-Service-Fees&id=490644
Tuesday, April 17, 2007
Merchant Account Services
Compare Merchant Accounts And Merchant Services
By Shane Penrod
In this day of continuous technological advances, it is
important to choose the most appropriate services for your
company’s benefit – to compare merchant accounts is part of
that process. You don’t need to purchase every new bell or
whistle that comes along. It is a good idea, however, to stay
abreast of the most significant technological developments that
can specifically improve the way you conduct business to meet
your customer’s needs and increase profit ratios. For these
reasons you should plan to compare merchant accounts along with
their terms, costs, and services, to be sure you get the best
fit for your company.
A merchant account lets you upgrade your business to next
professional level. Instead of operating a small or informal
enterprise, perhaps one you run from your home or a small shop
on a casual basis, you can now opt for advanced services that
will impress clients, stay ahead of the competition, and free
your time for more important things while helping to increase
income while reducing costs. When you compare merchant
accounts, you can feel good about getting the most appropriate
services for your company without necessarily overspending to
buy things you don’t need. Comparison-shopping will inform you
about all the available options for equipment, maintenance and
service agreements, price, and terms. Then when you are ready
to open your account, you will have a better idea of how to
negotiate for the deal you want.
One way to compare merchant accounts is to shop online via the
Internet. Simply do a Google search or use another search
engine that you prefer. Type in “merchant account” and see what
comes up. Moving from one site to the next, you can check out
all the possible combinations of products and services to see
what is currently on the market. Compare the varied facets of
your merchant account to see how you can get the best price and
most suitable equipment. Keep in mind your customer’s needs,
since, after all, they are the ones who are most likely to be
affected. Ask some of your longstanding customers for their
opinion, or conduct an informal written survey.
Another way to compare merchant accounts is to talk with those
who have been using them for some time. You can ask online
merchant account providers for references, or make casual
inquiries among your business peers at civic groups or industry
events. You may want to check out a merchant account provider by
contacting the Better Business Bureau to find out if the company
checks out okay or if there are unresolved conflicts with other
customers. This will give you an idea of the companies to avoid
when you are ready to open a merchant account.
Your company is too valuable to gamble on a merchant account
provider who may disappear overnight or fail to stand behind
recommended products or services. Get a good sense of what each
company is able to provide and what other customers think of
them before you sign a contract. Don’t let anyone talk you into
something you don’t want or need, for no one understands your
company and your customers better than you do. Plan ahead for
this important decision when you compare merchant accounts.
About the Author: Shane Penrod is the founder of
Merchant-Account-Quotes.com Specializing in allowing merchants
the ability to shop and compare multiple quotes from national
merchant account providers. For free quotes on merchant account
rates and fees, please go to
http://www.merchant-account-quotes.com
Source: http://www.isnare.com
By Shane Penrod
In this day of continuous technological advances, it is
important to choose the most appropriate services for your
company’s benefit – to compare merchant accounts is part of
that process. You don’t need to purchase every new bell or
whistle that comes along. It is a good idea, however, to stay
abreast of the most significant technological developments that
can specifically improve the way you conduct business to meet
your customer’s needs and increase profit ratios. For these
reasons you should plan to compare merchant accounts along with
their terms, costs, and services, to be sure you get the best
fit for your company.
A merchant account lets you upgrade your business to next
professional level. Instead of operating a small or informal
enterprise, perhaps one you run from your home or a small shop
on a casual basis, you can now opt for advanced services that
will impress clients, stay ahead of the competition, and free
your time for more important things while helping to increase
income while reducing costs. When you compare merchant
accounts, you can feel good about getting the most appropriate
services for your company without necessarily overspending to
buy things you don’t need. Comparison-shopping will inform you
about all the available options for equipment, maintenance and
service agreements, price, and terms. Then when you are ready
to open your account, you will have a better idea of how to
negotiate for the deal you want.
One way to compare merchant accounts is to shop online via the
Internet. Simply do a Google search or use another search
engine that you prefer. Type in “merchant account” and see what
comes up. Moving from one site to the next, you can check out
all the possible combinations of products and services to see
what is currently on the market. Compare the varied facets of
your merchant account to see how you can get the best price and
most suitable equipment. Keep in mind your customer’s needs,
since, after all, they are the ones who are most likely to be
affected. Ask some of your longstanding customers for their
opinion, or conduct an informal written survey.
Another way to compare merchant accounts is to talk with those
who have been using them for some time. You can ask online
merchant account providers for references, or make casual
inquiries among your business peers at civic groups or industry
events. You may want to check out a merchant account provider by
contacting the Better Business Bureau to find out if the company
checks out okay or if there are unresolved conflicts with other
customers. This will give you an idea of the companies to avoid
when you are ready to open a merchant account.
Your company is too valuable to gamble on a merchant account
provider who may disappear overnight or fail to stand behind
recommended products or services. Get a good sense of what each
company is able to provide and what other customers think of
them before you sign a contract. Don’t let anyone talk you into
something you don’t want or need, for no one understands your
company and your customers better than you do. Plan ahead for
this important decision when you compare merchant accounts.
About the Author: Shane Penrod is the founder of
Merchant-Account-Quotes.com Specializing in allowing merchants
the ability to shop and compare multiple quotes from national
merchant account providers. For free quotes on merchant account
rates and fees, please go to
http://www.merchant-account-quotes.com
Source: http://www.isnare.com
Monday, April 16, 2007
Merchant Account Services
International Merchant Account Services – Are They Good Enough?
By Sara K
International merchant accounts offer business owners bigger opportunities for international trade. These merchant accounts are preferred over the domestic merchant accounts due to their easy acceptance and flexible rules. Not only that but international merchant accounts offer great economical advantages along with tax reductions. Merchants who have offshore and international merchant accounts get greater tax benefits because their merchant accounts are in some foreign country and hence the rules of the native country normally don’t apply.
Worldwide merchant account services provide you additional benefits like multi-currency processing facility which is a great facility not just for the merchants but also for the customers. Now international merchant account services are preferred worldwide due to the various advantages these merchant account owners get.
International merchant account service providers offer greater fraud protection and scam control for their merchants. The sales volume is not restricted and you get high volume merchant accounts that allow you to grow your business without any fear of your merchant account being closed down.
Worldwide merchant account services tend to offer safe and secure payment gateways and virtual terminals as well as online reporting for international merchant accounts. Not just that but the international merchant account customers are also able to accept major credit/debit cards.
International merchant accounts might have higher processing fees but the advantages they offer in terms of low to zero taxes with no volume limitations or processing restrictions make it all worth it. Having a merchant account service provider that offers worldwide services assists you in expanding your business around the globe. Millions of businesses around the world have established their mark by offering services and products online and international merchant accounts allow you to explore and spread out your business beyond the geographical boundaries.
With Instabill.com you get several payment processing solutions and cost effective solutions. Our international merchant account owners get a 24/7 customer support and are able to carry their online transactions safely in a secure and safe environment. With SSL encryption and fraud prevention tools merchants feel more secure. Increase your sales exponentially, whether you are in UK, US, Canada, Asia, Australia or anywhere in the Panama, our international merchant account services will offer you real-time processing and a lot more.
Article Source: http://EzineArticles.com/?expert=Sara_K
http://EzineArticles.com/?International-Merchant-Account-Services---Are-They-Good-Enough?&id=507256
By Sara K
International merchant accounts offer business owners bigger opportunities for international trade. These merchant accounts are preferred over the domestic merchant accounts due to their easy acceptance and flexible rules. Not only that but international merchant accounts offer great economical advantages along with tax reductions. Merchants who have offshore and international merchant accounts get greater tax benefits because their merchant accounts are in some foreign country and hence the rules of the native country normally don’t apply.
Worldwide merchant account services provide you additional benefits like multi-currency processing facility which is a great facility not just for the merchants but also for the customers. Now international merchant account services are preferred worldwide due to the various advantages these merchant account owners get.
International merchant account service providers offer greater fraud protection and scam control for their merchants. The sales volume is not restricted and you get high volume merchant accounts that allow you to grow your business without any fear of your merchant account being closed down.
Worldwide merchant account services tend to offer safe and secure payment gateways and virtual terminals as well as online reporting for international merchant accounts. Not just that but the international merchant account customers are also able to accept major credit/debit cards.
International merchant accounts might have higher processing fees but the advantages they offer in terms of low to zero taxes with no volume limitations or processing restrictions make it all worth it. Having a merchant account service provider that offers worldwide services assists you in expanding your business around the globe. Millions of businesses around the world have established their mark by offering services and products online and international merchant accounts allow you to explore and spread out your business beyond the geographical boundaries.
With Instabill.com you get several payment processing solutions and cost effective solutions. Our international merchant account owners get a 24/7 customer support and are able to carry their online transactions safely in a secure and safe environment. With SSL encryption and fraud prevention tools merchants feel more secure. Increase your sales exponentially, whether you are in UK, US, Canada, Asia, Australia or anywhere in the Panama, our international merchant account services will offer you real-time processing and a lot more.
Article Source: http://EzineArticles.com/?expert=Sara_K
http://EzineArticles.com/?International-Merchant-Account-Services---Are-They-Good-Enough?&id=507256
Saturday, April 14, 2007
Merchant Account Services
Replica Merchant Accounts
By Sara K
Replica business is considered high risk due to its potential nature of attracting fraud and chargeback. That is why banks and credit card processors are so reluctant about providing such businesses with replica merchant accounts.
Merchandise like handbags, wallets, watches, shoes etc fall into the category of replica products. Banks and processors alike remain dubious about providing merchants with replica merchant accounts. And even if such merchants are offered replica merchant accounts, there is still a large possibility that their accounts will be closed down once their business starts growing and they start getting high volume sales. Still there are some merchant account providers out there who are willing to take the risk and offer replica merchant accounts to replica product suppliers.
When searching for a replica merchant account, make sure that the merchant account provider also offers a high volume merchant account. Because once your business starts to expand you would require a merchant account that will be able to handle the high volume sales.
Some merchant account providers offer worldwide services for all kinds of high risk merchants. Go for only such replica merchant account providers who offer offshore merchant accounts with absolutely no sales limits and offer secure payment gateways along with a virtual terminal and risk management techniques. Fraud protection is another important issue for high risk merchants and those who own replica merchant accounts must be provided with all kinds of fraud prevention tools and safe online processing facilities. Merchant account providers need to ensure that replica merchant account owners can offer their customers various payment processing solutions and multi-currency processing services. SSL encrypted servers and 3D Secure offer additional security for replica merchant accounts.
Being a high risk business, replica merchant account owners need to be careful when choosing a merchant account provider, as the slightest of error might lead to a larger loss in future.
With Instabill’s Replica Merchant Accounts, you gain paramount benefits and a significant boost in sales. We offer real-time processing and cost effective solutions with online reporting facility and recurring billing services to replica merchant account owners, helping them increase their sales exponentially.
Article Source: http://EzineArticles.com/?expert=Sara_K
http://EzineArticles.com/?Replica-Merchant-Accounts&id=507248
By Sara K
Replica business is considered high risk due to its potential nature of attracting fraud and chargeback. That is why banks and credit card processors are so reluctant about providing such businesses with replica merchant accounts.
Merchandise like handbags, wallets, watches, shoes etc fall into the category of replica products. Banks and processors alike remain dubious about providing merchants with replica merchant accounts. And even if such merchants are offered replica merchant accounts, there is still a large possibility that their accounts will be closed down once their business starts growing and they start getting high volume sales. Still there are some merchant account providers out there who are willing to take the risk and offer replica merchant accounts to replica product suppliers.
When searching for a replica merchant account, make sure that the merchant account provider also offers a high volume merchant account. Because once your business starts to expand you would require a merchant account that will be able to handle the high volume sales.
Some merchant account providers offer worldwide services for all kinds of high risk merchants. Go for only such replica merchant account providers who offer offshore merchant accounts with absolutely no sales limits and offer secure payment gateways along with a virtual terminal and risk management techniques. Fraud protection is another important issue for high risk merchants and those who own replica merchant accounts must be provided with all kinds of fraud prevention tools and safe online processing facilities. Merchant account providers need to ensure that replica merchant account owners can offer their customers various payment processing solutions and multi-currency processing services. SSL encrypted servers and 3D Secure offer additional security for replica merchant accounts.
Being a high risk business, replica merchant account owners need to be careful when choosing a merchant account provider, as the slightest of error might lead to a larger loss in future.
With Instabill’s Replica Merchant Accounts, you gain paramount benefits and a significant boost in sales. We offer real-time processing and cost effective solutions with online reporting facility and recurring billing services to replica merchant account owners, helping them increase their sales exponentially.
Article Source: http://EzineArticles.com/?expert=Sara_K
http://EzineArticles.com/?Replica-Merchant-Accounts&id=507248
Friday, April 13, 2007
Merchant Account Services
Accept Credit Cards Online Without a Merchant Account
By Joe Duchesne
There are two major ways to accept credit cards on your website. The first and most expensive is to have your own merchant account. Not only is this option expensive, it also requires extensive credit checks, lots of paperwork, and usually takes days or weeks before you get approved. Fortunately, there is an alternative.
Third party payment processors who will accept credit card payments on your behalf exist in growing numbers. These third party processors will take a percentage of your sale for their troubles, then pass on the rest to you. Rates vary greatly from one payment provider to another so doing your homework is important in order to get the right fit for you. Some payment providers will accept all kinds of goods and services while others specialize in only digital products, or hard goods, or services.
General Purpose Payment Providers include:
Paypal – Owned by Ebay, Paypal offers one of the lowest rates of any third party payment processor. At the time of this writing, their standard rates were 2.9% plus $0.30 US per transaction. Paypal offers excellent support and great documentation to get you up and running in no time at all. www.paypal.com
2checkout.com – Has a $49 US one time setup fee. Their rates at the time of this writing were $0.45 US plus 5.5% transaction fee. Discount rates are middle of the pack, service is very good and through them, you can accept most major credit cards. www.2checkout.com
Digital Information Payment Providers include:
Clickbank – You pay a one time $49.95 US activation fee. They then pay you the retail price of your product minus $1 and a 7.5% fee. Clickbank also has an easy to use affiliate program so that you can make money when others sell your product. www.clickbank.com
Digibuy – An electronic commerce solution for publishers of software, shareware, electronic art, information, and data. They charge a rate of 13.9% per transaction with a $3 US minimum order. They provide you with many features including brandable order forms, invoicing and test orders. www.digibuy.com
All but Clickbank give you the ability to have brandable shopping carts. This allows you to customize your order forms so that the customer doesn't feel like they are leaving your site thereby building trust. All of the third party payment processors above provide you with help to get started.
Accepting credit cards online doesn't have to cost you a lot of money. Most times it doesn't even have to include a credit check. Most of these services will even make regular deposits directly into your bank account for ultimate convenience.
When you need to accept credit cards quickly and inexpensively, one of the payment providers mentioned above just might fit the bill.
Joe Duchesne is the webmaster for turbomerchant.com which specializes in offering information to people looking to sell online via a merchant account and accept credit cards online. Reprint freely as long as the keyword rich link in this resource box stays live and with this article.
Article Source: http://EzineArticles.com/?expert=Joe_Duchesne
http://EzineArticles.com/?Accept-Credit-Cards-Online-Without-a-Merchant-Account&id=9567
By Joe Duchesne
There are two major ways to accept credit cards on your website. The first and most expensive is to have your own merchant account. Not only is this option expensive, it also requires extensive credit checks, lots of paperwork, and usually takes days or weeks before you get approved. Fortunately, there is an alternative.
Third party payment processors who will accept credit card payments on your behalf exist in growing numbers. These third party processors will take a percentage of your sale for their troubles, then pass on the rest to you. Rates vary greatly from one payment provider to another so doing your homework is important in order to get the right fit for you. Some payment providers will accept all kinds of goods and services while others specialize in only digital products, or hard goods, or services.
General Purpose Payment Providers include:
Paypal – Owned by Ebay, Paypal offers one of the lowest rates of any third party payment processor. At the time of this writing, their standard rates were 2.9% plus $0.30 US per transaction. Paypal offers excellent support and great documentation to get you up and running in no time at all. www.paypal.com
2checkout.com – Has a $49 US one time setup fee. Their rates at the time of this writing were $0.45 US plus 5.5% transaction fee. Discount rates are middle of the pack, service is very good and through them, you can accept most major credit cards. www.2checkout.com
Digital Information Payment Providers include:
Clickbank – You pay a one time $49.95 US activation fee. They then pay you the retail price of your product minus $1 and a 7.5% fee. Clickbank also has an easy to use affiliate program so that you can make money when others sell your product. www.clickbank.com
Digibuy – An electronic commerce solution for publishers of software, shareware, electronic art, information, and data. They charge a rate of 13.9% per transaction with a $3 US minimum order. They provide you with many features including brandable order forms, invoicing and test orders. www.digibuy.com
All but Clickbank give you the ability to have brandable shopping carts. This allows you to customize your order forms so that the customer doesn't feel like they are leaving your site thereby building trust. All of the third party payment processors above provide you with help to get started.
Accepting credit cards online doesn't have to cost you a lot of money. Most times it doesn't even have to include a credit check. Most of these services will even make regular deposits directly into your bank account for ultimate convenience.
When you need to accept credit cards quickly and inexpensively, one of the payment providers mentioned above just might fit the bill.
Joe Duchesne is the webmaster for turbomerchant.com which specializes in offering information to people looking to sell online via a merchant account and accept credit cards online. Reprint freely as long as the keyword rich link in this resource box stays live and with this article.
Article Source: http://EzineArticles.com/?expert=Joe_Duchesne
http://EzineArticles.com/?Accept-Credit-Cards-Online-Without-a-Merchant-Account&id=9567
Thursday, April 12, 2007
Merchant Account Services
Simple Money Machines - The Review
By Ephigenie Akayo
Have you been trying to start or grow your Online Business but are frustrated about all the hype that are out there? How do the pros make all their money online? Simple, really! The pros spend 10% on technology and 90% of their time sending traffic to their website. Most of them start with affiliate programs, which is the easiest way to start your home business. They then establish a list of satisfied customers, potential clients and qualified leads.
In the past, you needed products or services in order to make money through the Internet. Today however, you can make money through the Internet by using affiliate programs. This program will allow you to make a substantial amount of income out of your website and is a very good home business that you would want to get into first.
Let’s define what affiliate programs is and how it works in order to fully understand how you can make some money out of it. An affiliate programs is basically selling third party products and you get a commission every time you make a sale. In short, it’s like a join venture. You partner with another website that have already developed a product or service that they‘re already selling online. Then your job is to send targeted traffic or visitors of your website to your merchant’s site. (A merchant is any individual or company that sells products or services online).
Most of the time, the company you become affiliated with provides all the necessary tools that you need in order to start the affiliate programs. However in order to fully succeed as an affiliate marketer you need more software to help you manage your programs. And of course the more software you need, the more money you spend on them and the more time you must put in to learn how to use them. Remember, like they say in America – Time is Money!
After researching, testing, tracking, making mistakes, I know what the crucial tools for your online affiliate programs are; and Simple Money Machines has all the tools you will need to succeed as an internet affiliate marketer.
Introducing the Simple Money Machines! It’s all the technology you need to make money online, rolled into one, simple, easy-to-use, hosted application. There is no need to hire the expensive webmaster or go through the long process of learning HTML, or FTP, or purchasing and learning multiple software packages, and then try to make all of them work together. It’s written in plain language and requires only simple skills. If you can point and click, then you’re already ahead of the online business money making game. Note: if you’re a technology nerd, then Simple Money Machines might not be for you.
The Simple Money Machines is the new platform technology that allows a totally non-technical person to setup a complete online business. There is no hosting accounts to setup and manage, no back ups to worry about and no software to update. You just login into your Simple Money Machines account and run your online business in no time.
The Simple Money Machines solves the problem and it includes accurate testing before going live on the Internet.
Here is just a little bit of what the Simple Money Machines includes:
•Auto-responder so you can capture email address, build your own list and send promotions. This is very important. Bear in mind that the money is in the “list”. It follows a set sequence of mailings, developed by you to ensure time promotion for your different marketing campaigns.
•Headline generator to create effective headlines
•Web page video to deeply increase conversions
•Webpage audio to increase site conversion
•Split-testing: allows you to track conversion
•Opt-In Page also known as a Squeeze Page. It’s a very great way to develop an email list.
•Traffic tracking software that lets you analyze the source and costs of different traffic options
•Credit card processing and tracking
•Dashboards to track and report visitors, conversions and financial results
I am not here to hide anything from you and I truly want you to have all the tools you need to start building a real home-based online business. Running affiliate programs is not rocket science. However without the right software in place to help you run your internet business effectively, you struggle and fight because of all the technology needed to help you keep things in more manageable way.
Go ahead and check out Simple Money Machines. It costs you less than a cup of coffee a day to give it a try. It comes with 3 or 10 machines that you can put to work right away and start making money in less than 30 days.
“Finally, a simple Internet Marketing Business in a-Box (Simple Money Machines) is available to show you Step-By-Step How to Make your first 50,000 thousand dollars online – 100% guaranteed. I have been using the Simple Money Machines for few months now and I am loving it. Find out more here:
http://instant-website.smmsite.com/1158
Article Source: http://EzineArticles.com/?expert=Ephigenie_Akayo
http://EzineArticles.com/?Simple-Money-Machines---The-Review&id=506283
By Ephigenie Akayo
Have you been trying to start or grow your Online Business but are frustrated about all the hype that are out there? How do the pros make all their money online? Simple, really! The pros spend 10% on technology and 90% of their time sending traffic to their website. Most of them start with affiliate programs, which is the easiest way to start your home business. They then establish a list of satisfied customers, potential clients and qualified leads.
In the past, you needed products or services in order to make money through the Internet. Today however, you can make money through the Internet by using affiliate programs. This program will allow you to make a substantial amount of income out of your website and is a very good home business that you would want to get into first.
Let’s define what affiliate programs is and how it works in order to fully understand how you can make some money out of it. An affiliate programs is basically selling third party products and you get a commission every time you make a sale. In short, it’s like a join venture. You partner with another website that have already developed a product or service that they‘re already selling online. Then your job is to send targeted traffic or visitors of your website to your merchant’s site. (A merchant is any individual or company that sells products or services online).
Most of the time, the company you become affiliated with provides all the necessary tools that you need in order to start the affiliate programs. However in order to fully succeed as an affiliate marketer you need more software to help you manage your programs. And of course the more software you need, the more money you spend on them and the more time you must put in to learn how to use them. Remember, like they say in America – Time is Money!
After researching, testing, tracking, making mistakes, I know what the crucial tools for your online affiliate programs are; and Simple Money Machines has all the tools you will need to succeed as an internet affiliate marketer.
Introducing the Simple Money Machines! It’s all the technology you need to make money online, rolled into one, simple, easy-to-use, hosted application. There is no need to hire the expensive webmaster or go through the long process of learning HTML, or FTP, or purchasing and learning multiple software packages, and then try to make all of them work together. It’s written in plain language and requires only simple skills. If you can point and click, then you’re already ahead of the online business money making game. Note: if you’re a technology nerd, then Simple Money Machines might not be for you.
The Simple Money Machines is the new platform technology that allows a totally non-technical person to setup a complete online business. There is no hosting accounts to setup and manage, no back ups to worry about and no software to update. You just login into your Simple Money Machines account and run your online business in no time.
The Simple Money Machines solves the problem and it includes accurate testing before going live on the Internet.
Here is just a little bit of what the Simple Money Machines includes:
•Auto-responder so you can capture email address, build your own list and send promotions. This is very important. Bear in mind that the money is in the “list”. It follows a set sequence of mailings, developed by you to ensure time promotion for your different marketing campaigns.
•Headline generator to create effective headlines
•Web page video to deeply increase conversions
•Webpage audio to increase site conversion
•Split-testing: allows you to track conversion
•Opt-In Page also known as a Squeeze Page. It’s a very great way to develop an email list.
•Traffic tracking software that lets you analyze the source and costs of different traffic options
•Credit card processing and tracking
•Dashboards to track and report visitors, conversions and financial results
I am not here to hide anything from you and I truly want you to have all the tools you need to start building a real home-based online business. Running affiliate programs is not rocket science. However without the right software in place to help you run your internet business effectively, you struggle and fight because of all the technology needed to help you keep things in more manageable way.
Go ahead and check out Simple Money Machines. It costs you less than a cup of coffee a day to give it a try. It comes with 3 or 10 machines that you can put to work right away and start making money in less than 30 days.
“Finally, a simple Internet Marketing Business in a-Box (Simple Money Machines) is available to show you Step-By-Step How to Make your first 50,000 thousand dollars online – 100% guaranteed. I have been using the Simple Money Machines for few months now and I am loving it. Find out more here:
http://instant-website.smmsite.com/1158
Article Source: http://EzineArticles.com/?expert=Ephigenie_Akayo
http://EzineArticles.com/?Simple-Money-Machines---The-Review&id=506283
Wednesday, April 11, 2007
Merchant Account Services
Payroll Cards Improve Direct Deposit Participation
By James Sayers
It has been estimated that 50 percent to 60 percent of employees paid in the United States participate in a direct deposit service offered by their employers for payroll funds. This is a growing trend as there are many benefits to employers and employees alike. Direct deposit involves a series of steps that culminates in the employee receiving wages electronically into their bank account, whether they are paid on an hourly basis or salaried.
For the staffing industry in particular, this trend poses a significant potential for savings as the volume of payroll checks for external staff is far greater than that of internal staff. For example, a staffing firm with 20 staff members may employ as many as 500 to 1,000 temporary employees per pay period. The costs associated with paying this many employees is on par with much larger organizations outside the staffing industry who, like you, strive to provide superior service at a minimal cost. By providing direct deposit to your employees, you will experience dramatic savings as well as improve relations with your employees by providing this valuable benefit.
Background on the Market
Over the past eight to ten years, we have all had experiences with either pre-paid telephone cards, gift cards or the omnipresent debit cards. These are all convenient ways to store money that can be utilized either by a specific individual or by the person possessing the card. More recently, the concept of payroll cards has been introduced as an alternative way to provide payroll funds to individuals. These cards are a fairly basic concept that may sound familiar. Load an employee's payroll funds onto a card that can then either be withdrawn from an automated teller machine (ATM) or used to purchase goods and/or services up to the amount associated with the card, just like a debit card. The card, once all funds have been used, can either be re-loaded with funds or discarded. Therefore, instead of an employee receiving a paycheck they receive payroll funds in an account via direct deposit and they are able to retrieve their funds through their payroll card.
The issuance of payroll cards to employees is not completely new. The U.S. government, for example, maintains several contracts among the four branches of the military to provide an efficient, electronic means of distributing funds to service men and women. This is particularly helpful when those employees are overseas or aboard ships where access to banks is limited or non-existent. By providing an electronic means of distributing funds, this eliminates the need for currency, coins, vouchers, money orders, etc.
In addition to the convenience of use, payroll cards offer an added level of security. Typically, the cards use a multilayered integrated chip, which controls access to the funds. The chip is programmed with a user key or personal identification number (PIN). Funds cannot be distributed without the use of the PIN, which only the cardholder knows.
From a much larger perspective, there are about 50 to 60 million people within the U.S. who do not have a traditional bank account. Many of these same individuals do not have credit cards either. We live in a culture that revolves around transactions; transactions that are, by design, quick and convenient. Individuals without a traditional bank account are unable to participate in a large amount of transactions such as general eCommerce, point-of-sale transactions, electronic payment to creditors, etc. Basically, anything where cash is not either accepted or a viable option is simply not available to these individuals. More importantly, individuals who do not possess a bank account are unable to participate in traditional direct deposit offerings.
According to the Federal Reserve Bank of New York, there are approximately 20 million users of these types of cards and that number is expected to increase to more that 49 million by 2008. Obviously, the trend towards a greater level of acceptance is growing. In 2003, these types of cards were used to make $42 billion in transactions. By 2006, more than $72 billion worth of transactions are expected. Experts have indicated that the industry is in the introductory stage of its life cycle, which suggests that there is still substantial growth potential in the near future.
Problems and Solutions
Currently, you may be offering a direct deposit solution for your employees. Direct deposit is a method of payment to your employees which electronically credits their checking or savings account or possibly both. This is a service that you may provide as a benefit to your employees who have been with you for a defined period of time. Even though it may be a benefit to your employees, it also provides a tremendous benefit to your organization. The benefits of such an offering include decreased processing time for payroll, increased security as the funds go directly into an account, reduced fees for stop payment of checks, no lost checks, decreased employee payroll issues, etc. According to the American Payroll Association (APA), these savings equate to approximately $2.00 per contingent employee per pay period.
Many firms have the desire to move towards a greater level of employee participation in direct deposit since the efficiencies are proven and dramatic. The reasons for both employee and employer to find value are obvious. But sometimes just encouraging the idea with your employees is simply not good enough. In many cases, it needs to be a policy of education and commitment to increase participation. However, this is assuming that all of your employees can participate in direct deposit. That may not be the case; take those employees who do not have a checking or savings account, regardless of education or policy, these employees cannot participate.
One new solution for firms desiring to increase employee participation in direct deposit is what is commonly referred to as Payroll cards. A Payroll Card is, in essence, just like direct deposit as funds are electronically deposited into an account that the employee can access. The major differentiator is that payroll cards can accommodate those employees who do not have bank accounts.
Major Benefits of Payroll Cards
For Employees:
Funds are immediately available in account
No approval needed; everyone is qualified
No check cashing fees
No waiting in lines to cash checks
PIN protected; which provides added security
Purchasing power through POS vendors
No lost checks
ATM withdrawal
No need to carry cash on hand
Funds are FDIC insured
Transfer funds
Pay bills online
For Staffing Company Employers:
Decrease cost of distribution of checks
Fills gap in direct deposit participation
Increases efficiency of payroll
Decreases potential check fraud and lost checks
Eliminates stop payment fees for lost or stolen checks
Timely payroll even when employees are away
Provides major benefit at minimal cost
Improves employee loyalty
Challenges for the 'un-banked' provide opportunities for better service
There are not many categories that you can split your employees into easily; however, one thing is true…either your employees have a bank account or they do not. Those employees that have a bank account are commonly referred to as 'banked' and those that do not have a bank account are referred to as 'un-banked' or 'self-banked.' For banked employees, in most cases, their bank will accept direct deposit of funds. It saves their financial institution money just as it saves your organization money.
Un-banked employees face many obstacles in managing their payroll checks. Simply cashing their checks may induce charges such as check cashing fees from the bank issuing the check or check cashing services. Many banks are now charging a $5 per check cashing fee to non-customers in an effort to decrease their operating costs and minimize teller transactions. The other option is to use a check cashing service, which may charge from two percent to seven percent or more. That translates to $5 to $17 a week for a $250 check. Both of these options are drawing significant fees just for the purpose of turning electronic funds into cash.
While for some this may be something worth paying for, it may be a major penalty to others who desire a different way of managing their money other than carrying cash around. On the employer side of the equation, there are significant costs as well. The cost can be associated with several aspects of administrative duties, including processing time of payroll, lost checks and their associated costs, etc. From the perspective of the employer's potential savings, there was a study conducted in 1999 by the National Automated Clearing House Association (NACHA), which indicated that an employer would save an average of $48 per year per employee by eliminating the process of generating paper paychecks.
From another perspective, there are many individuals that may have a bank account but may not have a credit card or, if they do possess a credit card it may be so close to the limit that making a transaction is not possible. Among individuals in the U.S. with credit cards, more than 40 percent are within five percent of their credit limit. That means that the credit provided by the card for a transaction has been basically exhausted. The credit card is then working like a debit card since the user must pay down the limit on the card in order to make a transaction. Making larger purchases requires a good credit score. Simply possessing a bank account does not necessarily improve a credit rating.
The credit-challenged need the opportunity to improve their credit scores. Tom Miezejeski, Vice President of Research for The PELORUS Group has indicated, "due to this situation, a possibility exists for a major shift from credit to debit cards. The potential intensifies when one takes into account the recent settlement by Visa® and MasterCard® with regard to processing debit card transactions, which could encourage retailers to promote debit cards at the expense of credit cards, thereby actually eroding the number of credit cards issued annually."
Understanding Payroll Card Options: SVC's or Bank Cards
In order for employees to participate in our growing, non-cash, transaction-based society and for employers to capitalize on these trends, there needs to be an option that will allow them to leverage the flexibility of electronic fund distribution. Payroll cards address this need head-on for both employees and employers.
There are a couple of offerings from vendors when it comes to payroll cards. The two main offerings can be categorized as either stored value cards (SVCs) or bank cards.
First, let's explore a stored value card. Just as it sounds, it holds a stored value of funds that has been associated with the card. Once loaded, or associated with a pre-determined dollar value, the card can be used to make withdrawals from ATMs. To better understand this option, let's look at the setup. The employer sets up one major account with the bank and each employee has access to what is referred to as a sub-account under that one major account.
With SVCs, the employer directs funds through the major account and each sub-account, and then maintains the balance for each individual employee. The employee does not actually own the sub-account; they only withdraw funds from that account. The employee is not able to participate in point-of-sale or retail transactions as one would with a true debit card or bankcard. Although the major account is FDIC insured, the sub-accounts are not individually insured. For example, the Federal Deposit Insurance Corporation (FDIC) insures deposits up to $100,000.00. That means that if there are 100 sub-accounts for the one major account, each one is only insured for $1,000.00. The employee does not have much protection in the event the issuing or sponsoring bank fails. Also, most SVCs do not provide protections under Regulation E, which provides provisions for fund replacement in the event of lost or stolen cards. VISA branded cards, i.e. bank cards, and offer zero-liability policies.
Bank cards are similar to SVCs in that each is loaded with a pre-determined dollar value and can be used for withdrawals from ATMs. There are, however, dramatic differences between these two types of cards. First, with a bank card the employee is able to participate in any point-of-sale or retail transaction as one would with a true debit card or bank card. Second, the employer sets up an actual account with the bank for each employee who then has access to the account itself whereas with a SVC, the employee is accessing a sub-account under a major account. The employer is responsible for directing funds to the individual account. Third, the employee actually owns the account and is able to build a credit history based on their use of the account which may lead to a greater level of financial independence. Finally, the individual account deposit is FDIC insured up to $100,000.00 and the employee can enjoy the protections issued under Regulation E.
Conclusion: Better participation equals better service at lower cost.
If your organization would like to increase employees' participation in direct deposit, the employees that do not have a bank account have traditionally not been able to participate. The un-banked employees now have an offering that will enable them to leverage the benefits of direct deposit. By providing a payroll card offering, these employees will be able to help your organization increase the percentage of participation in direct deposit. If you wish to encourage your employees (banked and un-banked) to participate in direct deposit, it is a matter of educating them on how to accomplish this and explaining the benefits in a way they can appreciate and understand.
For more information regarding VCG, or our WebPAS and StaffSuite products, visit http://www.vcgsoftware.com or call 800-318-4983.
About VCG, Inc.
Our focus is your success. Since 1976 staffing firms have counted on VCG, Inc. for staffing software solutions that help them improve the productivity and profitability of their operations. Founded by staffing professionals and technologists intimately familiar with the business of staffing, VCG is the staffing industry's largest and most experienced dedicated staffing software development firm. VCG solutions today power hundreds of successful staffing companies and 12,000-plus staffing professionals throughout the U.S., Canada, Europe, Southeast Asia, and Australia. VCG, C-PAS, StaffSuite, TempWare-V, WebPAS, StaffSuite WorldLink, and WebPAS WorldLink are registered trademarks of VCG Inc.
VCG Staffing Software
James V. Sayers is a Business Analyst with VCG Inc, the leading vendor of staffing software solutions. He has been with the firm for five years and has broad experience in staffing business operations.
Article Source: http://EzineArticles.com/?expert=James_Sayers
http://EzineArticles.com/?Payroll-Cards-Improve-Direct-Deposit-Participation&id=35699
By James Sayers
It has been estimated that 50 percent to 60 percent of employees paid in the United States participate in a direct deposit service offered by their employers for payroll funds. This is a growing trend as there are many benefits to employers and employees alike. Direct deposit involves a series of steps that culminates in the employee receiving wages electronically into their bank account, whether they are paid on an hourly basis or salaried.
For the staffing industry in particular, this trend poses a significant potential for savings as the volume of payroll checks for external staff is far greater than that of internal staff. For example, a staffing firm with 20 staff members may employ as many as 500 to 1,000 temporary employees per pay period. The costs associated with paying this many employees is on par with much larger organizations outside the staffing industry who, like you, strive to provide superior service at a minimal cost. By providing direct deposit to your employees, you will experience dramatic savings as well as improve relations with your employees by providing this valuable benefit.
Background on the Market
Over the past eight to ten years, we have all had experiences with either pre-paid telephone cards, gift cards or the omnipresent debit cards. These are all convenient ways to store money that can be utilized either by a specific individual or by the person possessing the card. More recently, the concept of payroll cards has been introduced as an alternative way to provide payroll funds to individuals. These cards are a fairly basic concept that may sound familiar. Load an employee's payroll funds onto a card that can then either be withdrawn from an automated teller machine (ATM) or used to purchase goods and/or services up to the amount associated with the card, just like a debit card. The card, once all funds have been used, can either be re-loaded with funds or discarded. Therefore, instead of an employee receiving a paycheck they receive payroll funds in an account via direct deposit and they are able to retrieve their funds through their payroll card.
The issuance of payroll cards to employees is not completely new. The U.S. government, for example, maintains several contracts among the four branches of the military to provide an efficient, electronic means of distributing funds to service men and women. This is particularly helpful when those employees are overseas or aboard ships where access to banks is limited or non-existent. By providing an electronic means of distributing funds, this eliminates the need for currency, coins, vouchers, money orders, etc.
In addition to the convenience of use, payroll cards offer an added level of security. Typically, the cards use a multilayered integrated chip, which controls access to the funds. The chip is programmed with a user key or personal identification number (PIN). Funds cannot be distributed without the use of the PIN, which only the cardholder knows.
From a much larger perspective, there are about 50 to 60 million people within the U.S. who do not have a traditional bank account. Many of these same individuals do not have credit cards either. We live in a culture that revolves around transactions; transactions that are, by design, quick and convenient. Individuals without a traditional bank account are unable to participate in a large amount of transactions such as general eCommerce, point-of-sale transactions, electronic payment to creditors, etc. Basically, anything where cash is not either accepted or a viable option is simply not available to these individuals. More importantly, individuals who do not possess a bank account are unable to participate in traditional direct deposit offerings.
According to the Federal Reserve Bank of New York, there are approximately 20 million users of these types of cards and that number is expected to increase to more that 49 million by 2008. Obviously, the trend towards a greater level of acceptance is growing. In 2003, these types of cards were used to make $42 billion in transactions. By 2006, more than $72 billion worth of transactions are expected. Experts have indicated that the industry is in the introductory stage of its life cycle, which suggests that there is still substantial growth potential in the near future.
Problems and Solutions
Currently, you may be offering a direct deposit solution for your employees. Direct deposit is a method of payment to your employees which electronically credits their checking or savings account or possibly both. This is a service that you may provide as a benefit to your employees who have been with you for a defined period of time. Even though it may be a benefit to your employees, it also provides a tremendous benefit to your organization. The benefits of such an offering include decreased processing time for payroll, increased security as the funds go directly into an account, reduced fees for stop payment of checks, no lost checks, decreased employee payroll issues, etc. According to the American Payroll Association (APA), these savings equate to approximately $2.00 per contingent employee per pay period.
Many firms have the desire to move towards a greater level of employee participation in direct deposit since the efficiencies are proven and dramatic. The reasons for both employee and employer to find value are obvious. But sometimes just encouraging the idea with your employees is simply not good enough. In many cases, it needs to be a policy of education and commitment to increase participation. However, this is assuming that all of your employees can participate in direct deposit. That may not be the case; take those employees who do not have a checking or savings account, regardless of education or policy, these employees cannot participate.
One new solution for firms desiring to increase employee participation in direct deposit is what is commonly referred to as Payroll cards. A Payroll Card is, in essence, just like direct deposit as funds are electronically deposited into an account that the employee can access. The major differentiator is that payroll cards can accommodate those employees who do not have bank accounts.
Major Benefits of Payroll Cards
For Employees:
Funds are immediately available in account
No approval needed; everyone is qualified
No check cashing fees
No waiting in lines to cash checks
PIN protected; which provides added security
Purchasing power through POS vendors
No lost checks
ATM withdrawal
No need to carry cash on hand
Funds are FDIC insured
Transfer funds
Pay bills online
For Staffing Company Employers:
Decrease cost of distribution of checks
Fills gap in direct deposit participation
Increases efficiency of payroll
Decreases potential check fraud and lost checks
Eliminates stop payment fees for lost or stolen checks
Timely payroll even when employees are away
Provides major benefit at minimal cost
Improves employee loyalty
Challenges for the 'un-banked' provide opportunities for better service
There are not many categories that you can split your employees into easily; however, one thing is true…either your employees have a bank account or they do not. Those employees that have a bank account are commonly referred to as 'banked' and those that do not have a bank account are referred to as 'un-banked' or 'self-banked.' For banked employees, in most cases, their bank will accept direct deposit of funds. It saves their financial institution money just as it saves your organization money.
Un-banked employees face many obstacles in managing their payroll checks. Simply cashing their checks may induce charges such as check cashing fees from the bank issuing the check or check cashing services. Many banks are now charging a $5 per check cashing fee to non-customers in an effort to decrease their operating costs and minimize teller transactions. The other option is to use a check cashing service, which may charge from two percent to seven percent or more. That translates to $5 to $17 a week for a $250 check. Both of these options are drawing significant fees just for the purpose of turning electronic funds into cash.
While for some this may be something worth paying for, it may be a major penalty to others who desire a different way of managing their money other than carrying cash around. On the employer side of the equation, there are significant costs as well. The cost can be associated with several aspects of administrative duties, including processing time of payroll, lost checks and their associated costs, etc. From the perspective of the employer's potential savings, there was a study conducted in 1999 by the National Automated Clearing House Association (NACHA), which indicated that an employer would save an average of $48 per year per employee by eliminating the process of generating paper paychecks.
From another perspective, there are many individuals that may have a bank account but may not have a credit card or, if they do possess a credit card it may be so close to the limit that making a transaction is not possible. Among individuals in the U.S. with credit cards, more than 40 percent are within five percent of their credit limit. That means that the credit provided by the card for a transaction has been basically exhausted. The credit card is then working like a debit card since the user must pay down the limit on the card in order to make a transaction. Making larger purchases requires a good credit score. Simply possessing a bank account does not necessarily improve a credit rating.
The credit-challenged need the opportunity to improve their credit scores. Tom Miezejeski, Vice President of Research for The PELORUS Group has indicated, "due to this situation, a possibility exists for a major shift from credit to debit cards. The potential intensifies when one takes into account the recent settlement by Visa® and MasterCard® with regard to processing debit card transactions, which could encourage retailers to promote debit cards at the expense of credit cards, thereby actually eroding the number of credit cards issued annually."
Understanding Payroll Card Options: SVC's or Bank Cards
In order for employees to participate in our growing, non-cash, transaction-based society and for employers to capitalize on these trends, there needs to be an option that will allow them to leverage the flexibility of electronic fund distribution. Payroll cards address this need head-on for both employees and employers.
There are a couple of offerings from vendors when it comes to payroll cards. The two main offerings can be categorized as either stored value cards (SVCs) or bank cards.
First, let's explore a stored value card. Just as it sounds, it holds a stored value of funds that has been associated with the card. Once loaded, or associated with a pre-determined dollar value, the card can be used to make withdrawals from ATMs. To better understand this option, let's look at the setup. The employer sets up one major account with the bank and each employee has access to what is referred to as a sub-account under that one major account.
With SVCs, the employer directs funds through the major account and each sub-account, and then maintains the balance for each individual employee. The employee does not actually own the sub-account; they only withdraw funds from that account. The employee is not able to participate in point-of-sale or retail transactions as one would with a true debit card or bankcard. Although the major account is FDIC insured, the sub-accounts are not individually insured. For example, the Federal Deposit Insurance Corporation (FDIC) insures deposits up to $100,000.00. That means that if there are 100 sub-accounts for the one major account, each one is only insured for $1,000.00. The employee does not have much protection in the event the issuing or sponsoring bank fails. Also, most SVCs do not provide protections under Regulation E, which provides provisions for fund replacement in the event of lost or stolen cards. VISA branded cards, i.e. bank cards, and offer zero-liability policies.
Bank cards are similar to SVCs in that each is loaded with a pre-determined dollar value and can be used for withdrawals from ATMs. There are, however, dramatic differences between these two types of cards. First, with a bank card the employee is able to participate in any point-of-sale or retail transaction as one would with a true debit card or bank card. Second, the employer sets up an actual account with the bank for each employee who then has access to the account itself whereas with a SVC, the employee is accessing a sub-account under a major account. The employer is responsible for directing funds to the individual account. Third, the employee actually owns the account and is able to build a credit history based on their use of the account which may lead to a greater level of financial independence. Finally, the individual account deposit is FDIC insured up to $100,000.00 and the employee can enjoy the protections issued under Regulation E.
Conclusion: Better participation equals better service at lower cost.
If your organization would like to increase employees' participation in direct deposit, the employees that do not have a bank account have traditionally not been able to participate. The un-banked employees now have an offering that will enable them to leverage the benefits of direct deposit. By providing a payroll card offering, these employees will be able to help your organization increase the percentage of participation in direct deposit. If you wish to encourage your employees (banked and un-banked) to participate in direct deposit, it is a matter of educating them on how to accomplish this and explaining the benefits in a way they can appreciate and understand.
For more information regarding VCG, or our WebPAS and StaffSuite products, visit http://www.vcgsoftware.com or call 800-318-4983.
About VCG, Inc.
Our focus is your success. Since 1976 staffing firms have counted on VCG, Inc. for staffing software solutions that help them improve the productivity and profitability of their operations. Founded by staffing professionals and technologists intimately familiar with the business of staffing, VCG is the staffing industry's largest and most experienced dedicated staffing software development firm. VCG solutions today power hundreds of successful staffing companies and 12,000-plus staffing professionals throughout the U.S., Canada, Europe, Southeast Asia, and Australia. VCG, C-PAS, StaffSuite, TempWare-V, WebPAS, StaffSuite WorldLink, and WebPAS WorldLink are registered trademarks of VCG Inc.
VCG Staffing Software
James V. Sayers is a Business Analyst with VCG Inc, the leading vendor of staffing software solutions. He has been with the firm for five years and has broad experience in staffing business operations.
Article Source: http://EzineArticles.com/?expert=James_Sayers
http://EzineArticles.com/?Payroll-Cards-Improve-Direct-Deposit-Participation&id=35699
Tuesday, April 10, 2007
Merchant Account Services
Are You at Risk for Identity Theft? Learn How to Protect Yourself
By Michelle Dunn
Identity Theft is America’s fastest growing type of robbery. There have been an estimated 9.9 million victims on America and over 40% of all consumer complaints in the U.S. involve identity theft. About half of the victims do not know how the thief obtained their personal information. The Boston Globe and Newsweek have both covered Identity theft recently telling us how important it is for us to educate ourselves on preventing and protecting ourselves from this type of robbery. Identity theft can happen anytime, anywhere and to anyone, individuals or businesses. Everyone must be educated and aware so it can be avoided. Michael Blanchard, US Postal Inspector says postal money orders and business or certified checks are one way you can be at risk. Most identity theft involves the U.S. Mail which is why the U.S. Postal Inspection Service is a lead agency in investigating Identity Theft. Identity Theft is a criminal offense.
Some scams are internet related, you go into a chat room and chat with people there, someone approaches you as a friend, or about an auction. You become comfortable with these people you are chatting with and start a “friendship”. The person who has befriended you may tell you such things as, “I am in the Peace Corp, and I have a money order that I can’t cash where I am”, which is Lagos or Nigeria. They might ask you if they send you the money order, if you will cash it and send them the money. This is a scam. The money order you receive can be fraudulent, once you cash and send the money you are out this money once the bank realizes the money order was no good.
Another scenario might be if you sell items at online auctions. Someone may email you about your item that is for sale. They will tell you they want to purchase your item, and they are in Nigeria so they will send you extra money to pay for a shipper to send the item to them. They will send you a counterfeit money order or check and ask you to cash the check and wire the extra money to them so they can pay the shippers to ship your item. They may even ask you to go to a bank to cash the money order rather than the post office. The reason for this is that the post office has a machine that can tell if the money order is fake, and they have much more experience with money orders than banks.
Many of these types of scams originate in Nigeria, London and Toronto. If you are aware of this, you can prevent this from happening to you. Most thieves still obtain personal information through traditional rather than electronic channels. In the cases where the method was known, 68.2% of information was obtained off-line versus only 11.6% obtained online.
If you receive a fraudulent money order and take it to a bank, rather than the post office, a bank can take a month or more before they notify you that the money order is fake. If this happens, you are then responsible for the funds. If you do get caught up in this situation, take your money order to a post office rather than a bank, it is not guaranteeing you will not be “taken” but it lowers your chances.
How can you tell if a money order is fraudulent? Fake money orders do not have a water mark. Hold up the money order to the window or light, can you see the portrait, on the left side? This portrait needs to be backlit by light to be seen and cannot be mimicked. Some producers of fake money orders try to use fake pictures as a water mark; you will be able to tell if you hold it to the light. These money orders are generally printed in Nigeria, they use the same offset press we use to print real money orders, so check your money orders! You can also check for type size, color and fonts. Another step you can take is to call or go online to the Post office and give them the serial number off of the money order; they can tell if it is real. If you receive a counterfeit money order, you will want to give it to the post office or police. Possession of a counterfeit item is a felony.
Other scams include receiving an email or letter stating you have won a lottery, or a prize notification. Some letters or announcements will arrive with a counterfeit check and you pay a processing fee to get the prize. These checks are counterfeit; never send money to anyone who is asking for money from you in order to give you money, whether it is disguised as a prize or lottery. Any prize that requires you to pay anything is no prize.
How do these people get my name? If you have a credit card, your name is sold to third parties, if you do not want this to happen, you must contact your credit card companies to inform them that you do not want your information sold. Check the privacy notice that comes with your bill. If you enter contests, your information becomes public. Also, when you buy a new product, and fill out the warranty cards, those companies sell that information you provide to other companies. Since when does your toaster manufacturer need to know you households’ annual income to extend a warranty on your toaster? Thieves use dumpster digging, phishing, and pharming to obtain your information. Things they steal from your trash include:
• Pre-approved credit card offers – they complete them and have the card sent to them at a different address
• Loan applications- they complete the application and have the money sent to a phony address.
• Bank statements- they then have your bank account number and can print counterfeit checks
Becky Palmer, a Consumer Credit Counselor, knew of someone who had their wallet stolen, and they used the credit card to buy a $5000.00 gift card at Wal mart, this then become very hard to trace.
People that are more at risk are senior citizens, people with disabilities and immigrants, but remember that everyone, including children are at risk. Senior citizens are home all day; they might get a phone call from a fake charity asking for money. Immigrants are desperate for credit, they may have just arrived in the US and know they need credit to do anything and are not aware of these scams. People with disabilities are home, and may become a victim of phone or online fraud. There have also been cases of home care providers taking advantage of their clients. Remember, it is not always a stranger that can steal someone’s identity. Did you know children can be victims of identity theft? This could affect or ruin their credit before they even are able to build up credit for themselves. There have been cases of parents using a child’s name for their electric bill or phone bill when they have bad credit or owe the utility company money. Thieves will obtain the social security number of these children then use that number to get credit cards and rack up purchases.
Some of these scammers will call you and say they are from a fictitious charity. They will offer to have your contribution automatically deducted from your checking account and will ask for your routing number, bank name, and account number. DO NOT GIVE OUT THIS INFORMATION! If you pick up a call from a telemarketer, ask them the following questions and if they are a fraud, they will hang up quickly.
• Who do you work for? They will try to give you the name of the fake charity here, so ask them “who pays your salary?”
• How much of my donation (percentage) goes to this charity and what is the rest of the money used for?” If they are for real, they can easily give you this information.
• What is the charity’s full name, address and phone number?
Once you have the above information you can check with the state attorney generals’ office or secretary of state to see if the charity is registered. Also check the charity’s rating thru the Better Business Bureau at www.give.org.
How can I prevent Identity theft from happening to me? Never leave your receipt or slip in the ATM or gas pump. Pay attention to your habits, lock up or organize and file your bills, and bank statements. Shred them using a cross shredder before throwing them away.
In a recent article in MSN Money their research showed that 32% of people said they had been a victim of identity fraud by a friend or family, and 13% were victimized by a co-worker. Beware! These people know your patterns and habits.
Some steps you can take to avoid becoming a victim of Identity theft are:
Get a copy of your credit report from all three credit bureaus. (FREE as of 9/1/05!)
Experien, PO Box 2002, Allen TX 75013 www.experian.com 888-397-3742
Equifax, PO Box 740241, Atlanta, GA 30348 www.equifax.com 800-685-1111
Trans Union, PO Box 4000, Chester, PA 19016 www.transunion.com 866-887-2673
Opt out of mailing lists by contacting the credit bureaus above.
Opt out by reading the privacy notice that comes with your credit card and following the instructions.
Call the national Do Not Call Registry at 1-888-382-1222 or visit www.donotcall.gov be sure to call from the number you want to register
Do not carry your Social Security Card in your wallet
Do not print your Social security number on your checks
Do not get your social security number printed on your drivers’ license
Do not carry your medicade card with you, Medicade #’s are your Social security number
Delete any emails from Nigeria, or lottery or prize notifications before opening
Stop credit card offers 888-5-OPT-OUT
Remove your name from national mailing lists by visiting www.the-dma.org or write to:
Mail Preference Service
PO Box 643
Carmel, NY 10512
Install firewall and virus protection software on your computer
Password protect your computer and private personal files
Format your hard drive or physically destroy when disposing of your old computer
When you order new checks, get your first initial printed on them instead of your first name
Use a cross shredder to shred your bills and bank statements or any junk mail
Bring your mail to the post office or secure mail box rather than leaving it in a rural box.
Use only one designated credit card for online purchases
Be sure all online purchases are made through a secure server – notice the “lock” icon and how the URL address changes from http to https. The S means SECURE.
Do not carry your PIN # in your wallet
Do not use your date of birth as a password or PIN.
Do not give out personal or financial information over the phone.
Grind up or shred back up CD’s you are throwing away.
Check your online banking account at least 3 times a week and change your password often.
There is a new bill that is being passes, it is a very weak bill but if passed, it will prohibit using a social security number for identification purposes. This bill should take affect in 2006.
If you feel you have been a victim of identity fraud, contact the Department of Justice, consumer protection division. They offer mediation with identity theft; they also have a hot line for consumers that is available 8-5 Monday – Friday. They maintain a database of written complaints that goes back to 1998. They offer seminars to school, seniors or your group.
Be aware that 40 million crooks obtained credit card numbers this past year, “Be Suspicious”. Also be aware that most identify theft is not reported, especially when it involves family members, so the statistics are off. These statistics show that consumers lost $5 billion last year when in actuality it is closer to $50 billion. There have been an estimated 9.9 million victims in America.
What can I do if I am already a victim of ID theft?
• Contact the fraud departments of the three major credit bureaus, to place a fraud alert on your credit file.
• Close all accounts that have been affected and request copies of fraud-dispute forms and complete and return immediately. Keep copies!
• File a police report in each jurisdiction the theft occurred
• Send copies of the report to your creditors or anyone that requires proof of the crime
• File a complaint with the FTC (800-IDTHEFT or www.consumer.gov/idtheft) and Post Office
• Contact the Identity Theft Resource center at 858-693-7935 or www.idtheftcenter.org
• Request a new driver’s license from the state of motor vehicles and have a fraud report attached to your driving record.
• Notify check-verification firms about any fraudulent checks:
International check service 800-526-5380
Telecheck 800-927-0755
Certegy Check Services 800-437-5120
• Call 1-888-CALL-FCC and file a complaint.
• Change your passwords and PIN immediately.
What is “Phishing”?
If you get an email or letter or form that looks like it came from your bank, credit card company, the IRS, online auction or bill pay service asking you to verify information so they can update their records, verify this with your bank or credit card company. Never click on the link in an email; it will take you to a fraudulent website that is disguised to look like the companies. If you call to verify and your bank or credit card company wants this information, give it to them over the phone, if you initiated the call and are sure it is the correct number, or stop by in person if possible.
Warning signs you can look for to identify “Scams”
If someone tells you: “Poor or no credit – No problem!”
Offers you a “Bargain loan”
Rushes you through signing up for anything
Wants you to pay a fee
If a salesman comes to your door and says “I was just in the neighborhood”
Remember, if it sounds too good to be true, it is!
Michelle Dunn has over 17 years experience in credit and debt collection. She is the founder of Never Dunn Publishing, LLC, is a writer, consultant and the Editorial Advisor for Eli Financial Debt Collection Compliance Alert Newsletter. Michelle started M.A.D. Collection Agency and ran is successfully for 7 years. She owns and runs Credit & Collections.com a free online community for credit and business professionals.
She has written 5 books in her Collecting Money Series. For more information on Michelle’s services or to order any of her books please email her at michelle@michelledunn.com or visit http://www.michelledunn.com & http://www.credit-and-collections.com
Article Source: http://EzineArticles.com/?expert=Michelle_Dunn
http://EzineArticles.com/?Are-You-at-Risk-for-Identity-Theft?-Learn-How-to-Protect-Yourself&id=70183
By Michelle Dunn
Identity Theft is America’s fastest growing type of robbery. There have been an estimated 9.9 million victims on America and over 40% of all consumer complaints in the U.S. involve identity theft. About half of the victims do not know how the thief obtained their personal information. The Boston Globe and Newsweek have both covered Identity theft recently telling us how important it is for us to educate ourselves on preventing and protecting ourselves from this type of robbery. Identity theft can happen anytime, anywhere and to anyone, individuals or businesses. Everyone must be educated and aware so it can be avoided. Michael Blanchard, US Postal Inspector says postal money orders and business or certified checks are one way you can be at risk. Most identity theft involves the U.S. Mail which is why the U.S. Postal Inspection Service is a lead agency in investigating Identity Theft. Identity Theft is a criminal offense.
Some scams are internet related, you go into a chat room and chat with people there, someone approaches you as a friend, or about an auction. You become comfortable with these people you are chatting with and start a “friendship”. The person who has befriended you may tell you such things as, “I am in the Peace Corp, and I have a money order that I can’t cash where I am”, which is Lagos or Nigeria. They might ask you if they send you the money order, if you will cash it and send them the money. This is a scam. The money order you receive can be fraudulent, once you cash and send the money you are out this money once the bank realizes the money order was no good.
Another scenario might be if you sell items at online auctions. Someone may email you about your item that is for sale. They will tell you they want to purchase your item, and they are in Nigeria so they will send you extra money to pay for a shipper to send the item to them. They will send you a counterfeit money order or check and ask you to cash the check and wire the extra money to them so they can pay the shippers to ship your item. They may even ask you to go to a bank to cash the money order rather than the post office. The reason for this is that the post office has a machine that can tell if the money order is fake, and they have much more experience with money orders than banks.
Many of these types of scams originate in Nigeria, London and Toronto. If you are aware of this, you can prevent this from happening to you. Most thieves still obtain personal information through traditional rather than electronic channels. In the cases where the method was known, 68.2% of information was obtained off-line versus only 11.6% obtained online.
If you receive a fraudulent money order and take it to a bank, rather than the post office, a bank can take a month or more before they notify you that the money order is fake. If this happens, you are then responsible for the funds. If you do get caught up in this situation, take your money order to a post office rather than a bank, it is not guaranteeing you will not be “taken” but it lowers your chances.
How can you tell if a money order is fraudulent? Fake money orders do not have a water mark. Hold up the money order to the window or light, can you see the portrait, on the left side? This portrait needs to be backlit by light to be seen and cannot be mimicked. Some producers of fake money orders try to use fake pictures as a water mark; you will be able to tell if you hold it to the light. These money orders are generally printed in Nigeria, they use the same offset press we use to print real money orders, so check your money orders! You can also check for type size, color and fonts. Another step you can take is to call or go online to the Post office and give them the serial number off of the money order; they can tell if it is real. If you receive a counterfeit money order, you will want to give it to the post office or police. Possession of a counterfeit item is a felony.
Other scams include receiving an email or letter stating you have won a lottery, or a prize notification. Some letters or announcements will arrive with a counterfeit check and you pay a processing fee to get the prize. These checks are counterfeit; never send money to anyone who is asking for money from you in order to give you money, whether it is disguised as a prize or lottery. Any prize that requires you to pay anything is no prize.
How do these people get my name? If you have a credit card, your name is sold to third parties, if you do not want this to happen, you must contact your credit card companies to inform them that you do not want your information sold. Check the privacy notice that comes with your bill. If you enter contests, your information becomes public. Also, when you buy a new product, and fill out the warranty cards, those companies sell that information you provide to other companies. Since when does your toaster manufacturer need to know you households’ annual income to extend a warranty on your toaster? Thieves use dumpster digging, phishing, and pharming to obtain your information. Things they steal from your trash include:
• Pre-approved credit card offers – they complete them and have the card sent to them at a different address
• Loan applications- they complete the application and have the money sent to a phony address.
• Bank statements- they then have your bank account number and can print counterfeit checks
Becky Palmer, a Consumer Credit Counselor, knew of someone who had their wallet stolen, and they used the credit card to buy a $5000.00 gift card at Wal mart, this then become very hard to trace.
People that are more at risk are senior citizens, people with disabilities and immigrants, but remember that everyone, including children are at risk. Senior citizens are home all day; they might get a phone call from a fake charity asking for money. Immigrants are desperate for credit, they may have just arrived in the US and know they need credit to do anything and are not aware of these scams. People with disabilities are home, and may become a victim of phone or online fraud. There have also been cases of home care providers taking advantage of their clients. Remember, it is not always a stranger that can steal someone’s identity. Did you know children can be victims of identity theft? This could affect or ruin their credit before they even are able to build up credit for themselves. There have been cases of parents using a child’s name for their electric bill or phone bill when they have bad credit or owe the utility company money. Thieves will obtain the social security number of these children then use that number to get credit cards and rack up purchases.
Some of these scammers will call you and say they are from a fictitious charity. They will offer to have your contribution automatically deducted from your checking account and will ask for your routing number, bank name, and account number. DO NOT GIVE OUT THIS INFORMATION! If you pick up a call from a telemarketer, ask them the following questions and if they are a fraud, they will hang up quickly.
• Who do you work for? They will try to give you the name of the fake charity here, so ask them “who pays your salary?”
• How much of my donation (percentage) goes to this charity and what is the rest of the money used for?” If they are for real, they can easily give you this information.
• What is the charity’s full name, address and phone number?
Once you have the above information you can check with the state attorney generals’ office or secretary of state to see if the charity is registered. Also check the charity’s rating thru the Better Business Bureau at www.give.org.
How can I prevent Identity theft from happening to me? Never leave your receipt or slip in the ATM or gas pump. Pay attention to your habits, lock up or organize and file your bills, and bank statements. Shred them using a cross shredder before throwing them away.
In a recent article in MSN Money their research showed that 32% of people said they had been a victim of identity fraud by a friend or family, and 13% were victimized by a co-worker. Beware! These people know your patterns and habits.
Some steps you can take to avoid becoming a victim of Identity theft are:
Get a copy of your credit report from all three credit bureaus. (FREE as of 9/1/05!)
Experien, PO Box 2002, Allen TX 75013 www.experian.com 888-397-3742
Equifax, PO Box 740241, Atlanta, GA 30348 www.equifax.com 800-685-1111
Trans Union, PO Box 4000, Chester, PA 19016 www.transunion.com 866-887-2673
Opt out of mailing lists by contacting the credit bureaus above.
Opt out by reading the privacy notice that comes with your credit card and following the instructions.
Call the national Do Not Call Registry at 1-888-382-1222 or visit www.donotcall.gov be sure to call from the number you want to register
Do not carry your Social Security Card in your wallet
Do not print your Social security number on your checks
Do not get your social security number printed on your drivers’ license
Do not carry your medicade card with you, Medicade #’s are your Social security number
Delete any emails from Nigeria, or lottery or prize notifications before opening
Stop credit card offers 888-5-OPT-OUT
Remove your name from national mailing lists by visiting www.the-dma.org or write to:
Mail Preference Service
PO Box 643
Carmel, NY 10512
Install firewall and virus protection software on your computer
Password protect your computer and private personal files
Format your hard drive or physically destroy when disposing of your old computer
When you order new checks, get your first initial printed on them instead of your first name
Use a cross shredder to shred your bills and bank statements or any junk mail
Bring your mail to the post office or secure mail box rather than leaving it in a rural box.
Use only one designated credit card for online purchases
Be sure all online purchases are made through a secure server – notice the “lock” icon and how the URL address changes from http to https. The S means SECURE.
Do not carry your PIN # in your wallet
Do not use your date of birth as a password or PIN.
Do not give out personal or financial information over the phone.
Grind up or shred back up CD’s you are throwing away.
Check your online banking account at least 3 times a week and change your password often.
There is a new bill that is being passes, it is a very weak bill but if passed, it will prohibit using a social security number for identification purposes. This bill should take affect in 2006.
If you feel you have been a victim of identity fraud, contact the Department of Justice, consumer protection division. They offer mediation with identity theft; they also have a hot line for consumers that is available 8-5 Monday – Friday. They maintain a database of written complaints that goes back to 1998. They offer seminars to school, seniors or your group.
Be aware that 40 million crooks obtained credit card numbers this past year, “Be Suspicious”. Also be aware that most identify theft is not reported, especially when it involves family members, so the statistics are off. These statistics show that consumers lost $5 billion last year when in actuality it is closer to $50 billion. There have been an estimated 9.9 million victims in America.
What can I do if I am already a victim of ID theft?
• Contact the fraud departments of the three major credit bureaus, to place a fraud alert on your credit file.
• Close all accounts that have been affected and request copies of fraud-dispute forms and complete and return immediately. Keep copies!
• File a police report in each jurisdiction the theft occurred
• Send copies of the report to your creditors or anyone that requires proof of the crime
• File a complaint with the FTC (800-IDTHEFT or www.consumer.gov/idtheft) and Post Office
• Contact the Identity Theft Resource center at 858-693-7935 or www.idtheftcenter.org
• Request a new driver’s license from the state of motor vehicles and have a fraud report attached to your driving record.
• Notify check-verification firms about any fraudulent checks:
International check service 800-526-5380
Telecheck 800-927-0755
Certegy Check Services 800-437-5120
• Call 1-888-CALL-FCC and file a complaint.
• Change your passwords and PIN immediately.
What is “Phishing”?
If you get an email or letter or form that looks like it came from your bank, credit card company, the IRS, online auction or bill pay service asking you to verify information so they can update their records, verify this with your bank or credit card company. Never click on the link in an email; it will take you to a fraudulent website that is disguised to look like the companies. If you call to verify and your bank or credit card company wants this information, give it to them over the phone, if you initiated the call and are sure it is the correct number, or stop by in person if possible.
Warning signs you can look for to identify “Scams”
If someone tells you: “Poor or no credit – No problem!”
Offers you a “Bargain loan”
Rushes you through signing up for anything
Wants you to pay a fee
If a salesman comes to your door and says “I was just in the neighborhood”
Remember, if it sounds too good to be true, it is!
Michelle Dunn has over 17 years experience in credit and debt collection. She is the founder of Never Dunn Publishing, LLC, is a writer, consultant and the Editorial Advisor for Eli Financial Debt Collection Compliance Alert Newsletter. Michelle started M.A.D. Collection Agency and ran is successfully for 7 years. She owns and runs Credit & Collections.com a free online community for credit and business professionals.
She has written 5 books in her Collecting Money Series. For more information on Michelle’s services or to order any of her books please email her at michelle@michelledunn.com or visit http://www.michelledunn.com & http://www.credit-and-collections.com
Article Source: http://EzineArticles.com/?expert=Michelle_Dunn
http://EzineArticles.com/?Are-You-at-Risk-for-Identity-Theft?-Learn-How-to-Protect-Yourself&id=70183
Monday, April 9, 2007
Merchant Account Services
Requirements for an Online Credit Card Merchant Account
By Natalie Aranda
When you choose to expand your e-commerce business, you will surely be investing in online merchant accounts services. The ability to accept credit cards online can greatly affect your business’ profitability and stability. Online merchant accounts can provide these benefits and more. Choosing and applying for the best merchant account, whether it be a domestic service or an offshore merchant account, is as important as the money you will make from this investment.
Initially you must decide whether you will be choosing a domestic merchant account service or an offshore merchant account. While many domestic businesses have a good track record and accountable individuals, it can often be difficult to be accepted. Many require that your business has been operating for over two years, a major pitfall for a company starting out needing to accept credit cards. It can also be difficult to be approved for or even considered for a credit card merchant service in the US because of the initial down payments some require. Some banks ask for as much as a $5,000 just to glance at your application. If these requirements do not seem feasible for your situation, you may choose to look into an offshore merchant account.
In addition to the aforementioned requirements for an online credit card merchant account, you may be asked by your provider to pay a fee of up to $5,000 per month (depending on your credit card sales volume) for their services. You must start your business with and maintain an exceptional credit rating. Many banks and merchant account services hold the ability to cancel your account at any time due to a fluctuation such as a credit rating drop. Furthermore, if you are operating a high risk business online, it may be difficult to find a service that will sponsor your earnings. High risk businesses include timeshare organizations, collection agencies and gambling agencies. If you are running other questionable services such as chat rooms or online video entertainment, it may still be possible to obtain an account, but you will likely have to pay high service charges.
For your e-commerce business, you must have your website run from an IP address within the United States to be eligible for a US Bank merchant account. All transactions must be conducted in US dollars and you must have a US address and bank account already withstanding to even be eligible for your online merchant account. While eligibility depends on various factors, maintaining a good business image, credit rating and relation with your investors and banks will all aid you in receiving merchant account support and services.
Natalie Aranda writes about e-commerce and finance. The ability to accept credit cards online can greatly affect your business’ profitability and stability. Online merchant accounts can provide these benefits and more. Choosing and applying for the best merchant account, whether it be a domestic service or an offshore merchant account, is as important as the money you will make from this investment. Many require that your business has been operating for over two years, a major pitfall for a company starting out needing to accept credit cards. It can also be difficult to be approved for or even considered for a credit card merchant service in the US because of the initial down payments some require.
Article Source: http://EzineArticles.com/?expert=Natalie_Aranda
http://EzineArticles.com/?Requirements-for-an-Online-Credit-Card-Merchant-Account&id=490640
By Natalie Aranda
When you choose to expand your e-commerce business, you will surely be investing in online merchant accounts services. The ability to accept credit cards online can greatly affect your business’ profitability and stability. Online merchant accounts can provide these benefits and more. Choosing and applying for the best merchant account, whether it be a domestic service or an offshore merchant account, is as important as the money you will make from this investment.
Initially you must decide whether you will be choosing a domestic merchant account service or an offshore merchant account. While many domestic businesses have a good track record and accountable individuals, it can often be difficult to be accepted. Many require that your business has been operating for over two years, a major pitfall for a company starting out needing to accept credit cards. It can also be difficult to be approved for or even considered for a credit card merchant service in the US because of the initial down payments some require. Some banks ask for as much as a $5,000 just to glance at your application. If these requirements do not seem feasible for your situation, you may choose to look into an offshore merchant account.
In addition to the aforementioned requirements for an online credit card merchant account, you may be asked by your provider to pay a fee of up to $5,000 per month (depending on your credit card sales volume) for their services. You must start your business with and maintain an exceptional credit rating. Many banks and merchant account services hold the ability to cancel your account at any time due to a fluctuation such as a credit rating drop. Furthermore, if you are operating a high risk business online, it may be difficult to find a service that will sponsor your earnings. High risk businesses include timeshare organizations, collection agencies and gambling agencies. If you are running other questionable services such as chat rooms or online video entertainment, it may still be possible to obtain an account, but you will likely have to pay high service charges.
For your e-commerce business, you must have your website run from an IP address within the United States to be eligible for a US Bank merchant account. All transactions must be conducted in US dollars and you must have a US address and bank account already withstanding to even be eligible for your online merchant account. While eligibility depends on various factors, maintaining a good business image, credit rating and relation with your investors and banks will all aid you in receiving merchant account support and services.
Natalie Aranda writes about e-commerce and finance. The ability to accept credit cards online can greatly affect your business’ profitability and stability. Online merchant accounts can provide these benefits and more. Choosing and applying for the best merchant account, whether it be a domestic service or an offshore merchant account, is as important as the money you will make from this investment. Many require that your business has been operating for over two years, a major pitfall for a company starting out needing to accept credit cards. It can also be difficult to be approved for or even considered for a credit card merchant service in the US because of the initial down payments some require.
Article Source: http://EzineArticles.com/?expert=Natalie_Aranda
http://EzineArticles.com/?Requirements-for-an-Online-Credit-Card-Merchant-Account&id=490640
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