Thursday, 10 May 2012

American Express Merchant Services

In case you are questioning whether to take American Express cards and establish up American Express merchant account services, take into account the benefits and drawbacks. Today, roughly 10% of US consumers use AmEx, a sizable enough figure for any business owner to contemplate.

Plus points:
Many businesses use AmEx with regard to their staff providing your business the opportunity to get company travelers who prefer to charge their expenses to their AmEx due to the positive aspects (e.g. air miles, cash back, and so on. Some AmEx card holders will not enter a store or use a website that does not exhibit the company logo indicating that they have American Express merchant services put in place. These card holders spend around 20% extra for every purchase compared to those working with a different card type.

The Negatives:
American Express merchant account services fails to always pay the merchant as soon as alternative card types. These accounts possess higher rate components, which suggests businesses spend a little more for every transfer within their AmEx merchant services account.

It is essential that you simply determine the following thoughts and currently being aware about the details of your business design can help you make the most efficient selection whether or not to use these merchant account services.

Must you take each and every form of charge card?

Do you need a new processing account for AmEx merchant account services?

Will you eliminate a number of shoppers if you don't arrange American Express merchant services?

Has it been necessary for the prosperity of your business to set up American Express merchant account services?

To Accept: While choosing whether to establish AmEx merchant account services, you might want to determine whether or not you should recognize each individual kind of card. Is agreeing to AmEx going to affect your bottom-line gains? Can it be seriously worth offending an individual who employs American Express?

To Not Acknowledge: Many individuals who hold an AmEx corporate card, also have various other card companies that they might use if asked to do so. Bear this in mind in the event you truly feel the costs to maintain their merchant services are too high relative to the true fees involving processing various card versions.

The Conclusion: You will most certainly conclude that including additional options to customers is never going to hurt your business. Quite often, the decision to use these merchant services helps your small business develop. Many vendors do not have AmEx merchant services as a result of larger discount price charged in an attempt to spend less, however in actuality, this selection is not always cost-effective. It's reported that the choice to set up American Express merchant services can easily improve business because of the following:

Impulse ordering. The greater number of selections you offer your clients the more likely they are to order. It would definitely end up being a pity for a competitor to take your business simply because they had AmEx and you did not.

You might eliminate a new recurring purchaser. Declining a purchase because it costs slightly more doesn't save you money. The purchaser may no longer buy from you, he may be buying from an opponent who has put in place AmEx.

Greater Spending. Research indicates that these card holders spent 2.6 times as much on retail Internet buying in the past half a year swiping an AmEx Card.

Provided that your profit margins are actually higher than the fees, you should always acknowledge as many forms of payment as you possibly can. New customers will result in your decision to add these merchant account services. AmEx stands out as the third most favored bank card in America. Subject to who your potential customers will be, putting off such a merchant services account might be an inadequate business decision.

Below is a percentage within the type of credit card usage in accordance with the industry. Even though 10% with regard to AmEx inside retail industry is not a large number, 25% in the B2B segment where businesses market within places where there are tons of business people or appeal to other businesses is an important percent.

You don't want to postpone opening an American Express merchant services account if businesses are your principal supply of income want to pay making use of their American Express credit card. It's the same for choosing office products, equipment, computer systems, paper,etc. If you don't have this merchant services, people planning to utilize their AmEx credit card will seek out a company that does.

If you decide to begin this merchant services, you'd first need to fill out an application for a credit card merchant account. Nearly all businesses will discover it cost-effective to receive all major credit cards. Your company doesn't need to needlessly suffer a loss of clients

Contrary to popular belief there are still people who only have an AmEx cards. Declining one of these potential customers because you haven't created an American Express merchant services account is avoidable. Allowing the credit card processor set up your merchant account is free (ordinarily) uncomplicated. The processor you decide on for your Visa and MasterCard merchant account has the option to set up an American Express merchant services and Discover merchant accounts free of cost. These do not charge a fee to get a new merchant account. Your merchant service provider should provide this particular service at no cost. If they have a cost for setting up an AmEx merchant services and/or Discover merchant account, you should request the actual way it benefits your business. At times upfront fees, counterbalance increased fees each month, therefore with regards to the overall arrangement, it might be the better choice.

You could get rid of the service at anytime. There won't be any long term contracts connected with an American Express Merchant Account. This means you don't have anything to lose by simply giving them a shot for a short time to see if there is an interest in American Express. You won't need to publicize that you accept one card or a counterpart. If American Express merchant services premiums are not really something you'd like to promote, just recognize the credit card each time a consumer has no other way of payment to you.

With respect to the marketplace, industry, and placement, several businesses will have a high demand for American Express. Any company supported by the following should really sign up for an American Express merchant services account.

High Travel and leisure Revenues
Management and business Customers
International Prospects

Visit to know more about setting up your American Express Merchant Services at your business.

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Accepting Credit Cards: Myths and Misconceptions

One of the most popular misconceptions about the accepting credit cards is that credit and debit cards offer the same processing fees. Credit cards charge a higher processing fee than debit cards. Merchants should be aware of the rate that they will be charged for credit cards as well as debit cards. These fees are required to be disclosed to a new merchant when they are entering into an agreement with a processing company.

A second common misconception about card acceptance is that only a bank can be a merchant processor. Many businesses will use their brick and mortar bank for accepting card payments. While this can be a convenient arrangement, it typically costs more money than a third party processor. Banks charge a higher processing fee than third party processing companies. Also, card deposits may only clear one business day faster than a third party processing company would be able to deposit them.

A third common myth about accepting card payments is that the minimum amount to charge while avoiding a fee is $25 a month. However, if the company requires a minimum of $25 charged a month that actually means that $25 in fees must be paid in a month. One example would be a business who ends up paying $15 in credit card fees for a given month. They would need to pay $10 to cover the difference between the fees that they paid and the minimum amount of fees.

A fourth common myth about credit card acceptance is that charge backs are common. A charge back is not common if a retailer takes steps to avoid fraudulent or suspicious transactions. Businesses should always verified that a card is signed and ask for identification when a customer is using their cards. Also, businesses should ensure that the card has all of the necessary information. Always require that the card be present in order to complete the transaction. Never take a credit card number over the phone unless it is simply to secure an item until the customer picks it up.

A fifth common misconception about accepting credit cards is that the merchant processing company with the lowest rate is the best choice. Businesses need to understand what services they will use the most. A business that has a large amount of cards should think about utilizing a merchant processor that has a low discount rate. However, a business with a large debit card customer base should focus on a lower rate on debit card acceptance.

Businesses should carefully review their options to find the merchant account processor that is right for their needs. Credit card interchange fees, minimum fees, debit card swipe fees and other charges are variable from processor to processor. Any business who is looking for a merchant processor should verify their fees, review the companies charge back policy, ensure that they are receiving the lowest fees for the card type the majority of their customers present as well as work with a merchant processor who deposits funds quickly. Businesses who are able to find a credit card processing company that meets these steps will be able to function efficiently.

Accepting credit cards with your ecommerce website is significantly easier if you are using the right online merchant account for your small business. The reviews and articles available at can give you the ability to work with the merchant processor that is best suited to your individual needs.

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Wednesday, 9 May 2012

Are You Already a Victim of Credit Card Fraud?

Most people are aware of the convenience that credit cards offer. Unfortunately, these cards and related information can be stolen easily. Identity thieves can buy goods and take out loans using your personal details and your stolen card. You may not even realize it until you get the bill, by which time the damage may run into thousands. Credit fraud affects us all. The cost of card fraud is borne by the issuer who recovers these costs by charging higher fees and interest rates to all their customers. Someone intending to commit this felony only needs your details in order to defraud you. They do not even need your card. Digital transactions and open communication have made all of us vulnerable to credit fraud. The warning signs that should make you suspicious of being a victim of credit fraud include:
A low credit score stops you from getting a new card even though you've never missed a payment;You receive a credit card in the mail that you never applied for;A debt collector demands payment on an overdue account for a card you've never had;A debt collector demands payment for an overdue account for goods you never ordered or received.

By understanding how credit fraud occurs and by taking a few precautions to protect your identity, you can reduce your chances of falling victim to this crime. Thirteen ways in which thieves can get a hold of your credit card and personal details:
Phishing;Site Cloning aka Spoofing aka Pharming;Skimming;Physically Stolen Cards;False Merchant Sites;Card number generators;Dumpster diving;Mail theft;Hacking and wireless hacking;IP Spoofing;Link alteration;Triangulation;Shoulder surfing.

Once your credit card or details have been stolen there are a number of ways in which you can be defrauded. The types of credit fraud that can be perpetrated include:
Application Fraud;Manual or Electronic card Imprints;Card-not-present (CNP) fraud;Counterfeit card fraud;Lost and stolen card fraud;Card identity theft;Mail non-receipt card fraud aka intercept fraud aka never received issue;Assumed Identity;Doctored Cards;Fake Cards;Personal Credit Fraud;Non-Receipt of Goods Purchased;Credit Fraud by Employees;Account Takeover

What should you do if you are a victim of credit fraud?
Call your issuing company;Contact the major credit reporting bureaus;Report the fraud to the local police department;Contact the local Postal Inspector;

How can I reduce the risk of becoming a victim of credit fraud?

Treat your cards and personal information like money - after all, they give would-be thieves access to your money and credit. By exercising some caution and common sense you will save yourself from a major problem and be able to rest easier at nights knowing that your financial health is in good hands - yours.

Don't let your loved one's be a victim of identity theft or credit card fraud.
You can protect them.
Learn how at Credit Card Secrets

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Does Paying Off My Car Loan Help My Credit Score?

Does paying off my car loan help my credit score? I have heard that paying my car off can help raise my score and others have told me that it really doesn't help that much.

The satisfaction of paying off your car loan can create some incredible emotion, but you will not see a direct impact on your actual credit score.

Where you will see the reward is indirectly through your payment history. Since 35 percent of your credit score is derived from your payment history, how diligently you paid your loan on time, means more than paying it off.

A positive payment history tells future lenders that you take your debts seriously and you intend to pay the due amount on time.

Each time someone pays over 30 days late, a negative remark gets added to their credit report. So having made payments on time over the life of the loan is the thing prospective lenders are going to be looking for.

A car loan is called an installment loan, meaning that it is a secured debt to a lender. If you don't make the payments, the borrower has the ability to repossess the car, sell it and try to reclaim some of the money lost should you default.

This compared to credit cards which may be referred to as revolving, or unsecured debt. 10 percent of your credit report comes from the types of credit you have. A possible lender will check to see how you paid on both types of credit.

In the future, potential lenders will look at how you paid the loan off, hopefully in a timely manner, and will be more likely to grant you a loan if you if you have a good credit rating. This would be an indirect positive impact the next time you go for a car loan.

The payment history of your car loan will remain on your credit report for seven years. As time passes, the positive history will slowly decrease its value of importance to future lenders. To the credit bureaus that compile your FICO score looks at the more recent payment history.

Be aware that lenders are not real diligent at reporting a satisfied loan. The banks are more anxious to concentrate on their car loans that are delinquent than reporting yours as paid off. It may take 30-45 before this loan completion shows on your report. It is suggested that you monitor your report to be sure it has been declared satisfied. If not, contact the credit bureaus and ask that they do what is needed to mark this loan as paid in full.

A positive plan of action once you have paid off your car loan is to use that monthly portion of your budget and begin paying off other unsecured debt, especially the high interest credit cards. Paying these debts down with the money you were using for your car payment will have a positive impact on your credit score.

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Buy Here, Pay Here and Build Your Credit

Many people suffer from poor credit, and rebuilding your credit score can be difficult and frustrating. But one possibility of improving your credit that you may not be aware of is buy here, pay here car dealerships. And it's easy!

Buy here, pay here is a type of financing available in the automotive industry. Some dealerships might offer it, but others specialize in it. Instead of getting a car loan from a bank, you can get car financing at a buy here, pay here dealership. So you get the car and the financing for the car from the dealership.

Buy here, pay here is meant for people who have little or no credit. Since poor credit may prevent you from getting a car loan from a bank, a buy here, pay here dealership may arrange the car financing despite your credit score. So if your credit keeps you from getting a car, buy here, pay here could be right for you.

In addition to offering vehicle financing to people with poor credit, certain buy here, pay here dealerships also give you the chance to rebuild your credit score. As long as you consistently make your payments, pay on time, or pay your vehicle off early, you have the opportunity to rebuild your credit. At a buy here, pay here dealership every time you accomplish one of these things, you are proving to the dealership that they can trust you and that you are financially responsible. As a result, they will report your on-time payments to the credit bureaus and your credit may improve. If you make enough on-time payments, your credit could be as good as new!

There is one thing to be cautious of. Not every buy here, pay here dealership reports to credit bureaus. And if the credit bureau doesn't hear that you are responsible, then your credit score may not improve. So it is important to make sure the dealership you are shopping at does not only report people when they've missed payments, but also reports people when they've made their payments on-time. Otherwise, you won't have a shot at better credit.

If you would like a good way to improve your financial situation and escape the stress that goes along with having poor credit, buy a car at a buy here, pay here dealership. Just make sure they report your on-time payments to credit bureaus and you can begin looking forward to a life of better credit.

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Benefits of You Having a Great Credit Score

Is it always annoying to you when you go to apply for a phone or a loan and you are bothered to allow them to check your credit score? Do you get a knot in the pit of your stomach at the thought of your credit history deciding your future? Well there is no need to freak out. Taking care of your bills and putting forth the effort in building that great credit score does pay off in the end. If you are having a hard time understanding what all the fuss is about, we have put a list together of things that you benefit from by having a good credit.

Credit Cards. The better your credit score, the more you benefit with your credit cards. More elite cards, lower fees, higher limits, and lower interest rates are just a few of the reasons to make sure your credit is good. Even if your credit was not that great when you first got your card, you can use your new, improved score as a bargaining tool. The companies want to keep your business, so call and see if they can lower your rates or extend your limit. It never hurts to ask.

Loans. There are many types of loans available but for the sake of this article we will focus on home, personal, and car loans. Your credit is a major factor in a bank or financial institution lending you money. When looking at your car, the better your score the lower the rate and the more you can be given. Also with a home loan you will see lenders competing to get your business. The better the score, the more likely you are to get a lone, and then you can choose between the competitors to find the best rates for you. If you have a financial emergency or want to start a business, you are more likely to get a loan if you have great credit.

Renting. If you are renting in an apartment or a property, you need credit. You can find a place with any credit, however the nicer the place the better your score needs to be. So if you do not feel like sacrificing that garden tub and granite counter tops, make sure your credit score is in shape and you will show the renters that you are going to make a great tenant.

It can be a hassle to build good credit, but to get the things that you want it is essential to put in the time and effort to make sure that it happens.

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Tuesday, 8 May 2012

Do You Want To Know How To Get That New Car Financed If You Have Bad Credit?

Getting bad credit car finance is not as difficult as it might seem to you. You have to clear a few things, take a few steps and you will be absolutely ready to get your car financed. There are many institutions which give you this finance, but some will charge a high interest rate. Do not apply to banks that promise these loans because their interest rates are extremely high.

First and foremost, check your credit score. Apply for your credit report and go through your score in great detail. Many a time, the credit bureaus make mistakes in entering data. In this is the case, you will need to wait until these issues are resolved. Credit rating companies such as Experion give out free credit reports every year. So, be sure to order your credit report from them or one of the others because other credit bureaus will charge for the credit reports you order from them. Your credit score does not go down if you want to check your reports. However, it does go down every time the lender or the car company has it checked. Check the FICO or Beacon score in your report to know your real score. As long as it is above 600, it is not that bad. Now that you know your score, wait to raise your score points and then apply for the necessary car financing.

Once your homework about your bank statements and your bad credit is done, you can proceed to buy your car. But before you apply for your auto finance, fix your bad credit. It might take you a few months, but it will be eventually helpful for you in getting your car financed without too much hassle. Another important point is to know the market well before you apply for your car loan. There are websites which provide you with details on the current interest rates and loans. Go through them so that you have an idea about the market rates. This way you make sure that the car companies are not taking you for a ride by charging higher interest rates. Resolve these bad credit issues and then apply for the loan that you want.

Your bank balance should not give the banks or other companies the idea that you will struggle to make the repayments. So, keep enough money in your account at least to make the down payment. Choose a car that you can afford, not a luxurious car you desire but cannot afford to pay for. Besides, when it is time to select your car, do not ever select a car just because you like it before checking its price. The car might be very good, but you have to pay for it. So choose a good car, but one you can afford. If your car loan gets turned down, have a back up plan (such as borrowing from a family member) so that your dream of buying a car is not over.

So now you know that these few steps will enable you obtain bad credit car finance so that you can enjoy that new car you have always wanted.

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