Small Business Credit Card Processing

Small businesses face a lot of risk. Whether raising capital, working with unproven business plans, entering into mature or unknown markets, growing pains, and more, the list can be intimidating. When looking to expand, some steps have to be taken to minimize risk to ensure the long-term health of the company and its finances. Small business credit card processing is an excellent way to expand payment options and customer service with a very low amount of risk.

Credit card processing automates many business functions by integrating payments received with account software. Offering more convenient payment options will prompt more business, and expanded account services will help promote repeat business.

Reducing Overhead

Overhead expenses can be detrimental to any company, but especially to small businesses. Many company functions will not have dedicated personnel and departments. Many times employees perform double duty as accountants or human resources managers or will have to perform inventory and invoice reconciliation.

Small business credit card processing can integrate itself with existing account software to help automate many bookkeeping tasks. Orders can be automatically entered into a system and then can be searched and sorted. Cash flow is easier to manage, as payments will take less time to clear than checks. Leveraging technology to reduce overhead and free manpower will help small businesses stick to their business plan instead of being swamped in administrative work.

Added Options

Credit payments through a terminal are much more convenient than cash or checks. Customers will appreciate this convenience by giving a company more business. Small business credit card processing can open up payments through Internet sites and mobile phones. Sales staff on the road can also utilize a remote system to enter orders as they make sales, accelerating the process of delivering goods and services. Adding options will ultimately increase customer satisfaction. Satisfied customers will bring repeat business and use word of mouth to provide free advertising.

Beyond payment methods, small business credit card processing opens up interactive account features for customer use over the Internet or through a mobile phone. Customers can place orders, edit billing information, pay invoices, track shipments, monitor milestones, or create recurring transactions. These features facilitate both business-to-customer transactions as well as business-to-business transactions, improving supply chain management with the ability to place orders automatically based on inventory levels. Payment gateways also provide a level of customer support, such as verifying shipment dates and viewing a service history, saving employees from having to act as customer service representatives to resolve common issues.

Small business credit card processing offers a wide array of opportunities. Automated payments and recordkeeping can reduce overhead, payment gateways and account services can improve customer satisfaction, and additional payment methods will expand the customer base. All of these benefits come from a system that is highly dynamic and can be scaled to meet any company size, from the self-employed to a large, multi-department business.

eWAY Testimonial - Greg Linwood

Greg from mydba.com has streamlined their customer payment process saving time and money. Great security with the solution always available and very reliable.

make money online chargeless no betray 100% working

tickerbar.info how to make money online surfing websites software for free no payment no credit card required

LEGALLY ELIMINATE YOUR DEBTS

If we said we can write off ALL of your Debts, Personal Loans and Credit Card debts. You would probably say that it was not possible and too good to be true. Well we know how to do it, using the Law. Many lawyers and Banks know about this, but they dont want you to know. Our services should not be mistaken for consolidation loans, bankruptcy, debt management, an IVA or any kind of loan or payment plan to repay all or part of your debt. We do not negotiate financially with your lenders. Neither do we deal with debt collections agencies. We take on all the work that needs to be done from the start, and we will deal with all your correspondence from banks, credit card companies and debt collection agencies. We offer all this for a one off fee of only £175 this fee covers ALL your debts. Give us a call at city legal solution (nationwide) 01792 645770 or e-mail us at info@citylegal.org.uk Let us take care of your finances!

Jim Sweet ART affiche for auction automated pencil cartoon assets pictures

POSTERS DREAM IN, DREAM OUT $10 WHERE IS MY MIND? $10 HOW TO ORDER Let me know what you'd like, I'll give you the total, then I'll need your payment (payment details below) then I'll need your address you'd like it shipped to and I'll get it to you as quick as I can. PAYMENT I accept paypal, personal checks, money orders and cash. If you are sending me payment through the mail, be sure to make checks and money orders payable to JIM SWEET, add a detailed description of what it is you're buying from me and the address you'd like me to ship to. PayPal To pay with PayPal, click this link www.paypal.com and it will take you to the site. Click where it says SEND MONEY (pay anyone with an e-mail address). You have to type in my pencilprison@hotmail.com address and pay by credit card. It's easy peasy Japanesey. SHIPPING I will ship every Wednesday and Saturday. Shipping cost for each item are below. SHIPPING POSTERS They will be rolled in a bag and put in a tube, for safe shipment. Shipping cost will be $4.00 or more depending where you live. If ordering both posters I will ship together in one tube and there is only one shipping cost of $4.00. No e-bay auction up just yet. Please check out my other stuff here. JIM SWEET ART page www.myspace.com Jim Sweet ART 4 $ale www.myspace.com

Sample Late Payment Explanation Letter

When you write a creditor to explain your late payments (mortgage, car, or credit card), the letter should state:

why you are late, (see paragraph 1 of the letter below)
how serious you are about fulfilling your commitment to them (paragraph 2 of the letter below), and
when you expect to be able to resume full and regular payments, (paragraph 3 of the letter below),
what you want from them (paragraph 4 of the letter below)
the financial details of your hardship (paragraph 5 of the letter below)

Below is a sample late payment explanation letter. Change it to describe your own circumstances, but make sure that you enclose copies of financial documents like: checking account statements, tax returns (past two years), all bills from creditors, all late notices, pink slip, anything else that will prove your hardship.

Cindy R. Williams

9 Turnbill Ct.

Anywhere, USA 55555

To: ABC Mortgage

Re: Late Payments; Account # 12345678

Daytime phone number: (555)555-5555

I am writing to inform you of my recent financial hardship. I was laid off from my job at XYZ Company just before Christmas of 2008. I am diligently seeking other employment, but as you know, jobs are scarce in today's economy. I have not found anything yet. Being out of work has caused me to be late on my bills.

I believe in hard work and have never been without a job for more than a few months. Until this unfortunate event, I have maintained a solid payment history with you.

My goal is to pay everything I owe. I take my financial obligations very seriously and plan to continue regular and full payments as soon as I find a job.

I expect my situation to be temporary and would like to discuss loan forbearance. I would also appreciate any suggestions you might have that would help me get back on track.

Please find the enclosed spreadsheet of my monthly expenses, as well as copies of financial documents, my pink slip from XYZ Co, and late notices I have received during my financial setback. I'm sending these to show that I am indeed experiencing financial hardship. This letter and all documents attached are true and accurate to the best of my knowledge.

Thank you for your time. I hope to hear from you soon.

Sincerely,

Signature/Date

Forbearance is an agreement by a creditor to reduce or delay payments for a specified period of time. Interest accrues during forbearance and will increase your loan amount. The good thing is that you will not have to pay late fees and penalties. There is no negative affect on your credit either.

Being Sued By A Credit Card Company?

Defaults on credit card accounts are at an all time high. Too many consumers obtain too many cards and then cannot keep up with the payments.

If a credit card company files a lawsuit against you after a default, they must prove certain issues in order to prevail in their case. First and foremost, they must prove that they are entitled to commence a lawsuit against you. This can be done by any number of ways.

The credit card company must produce some sort of documentation showing that you agreed to establish an account with them. This typically would be by way of a written application that bears your signature. If they fail to produce such a document, you may have a defense or objection to their lawsuit. As you may be aware, many credit accounts are now being opened over the internet, or via telephone. In those instances, the credit card company should be able to produce an electronic signature page for internet applications, or, they should be able to produce written documentation that at a minimum summarizes the oral telephone application. If they fail to produce such documentation, again, you may have a valid defense or objection to the lawsuit.

The next issue that the credit company must prove is the terms of the account. This would include the principal charges, the interest rate, the default rate, the terms of payment and the remedies in the event of a default. These terms are typically forwarded to you after you have opened the account, or are included with your written application. Often times, the credit companies change the terms of the agreement while your account is active, and they are obligated to send you a copy of the new terms of the agreement. This becomes a crucial component of a credit collection case. The company must prove which terms apply to which charges on your account. A failure to do so on their part can provide a reasonable defense or objection for you as the consumer.

The next issue that the credit card company must prove is that a default occurred, and that they are entitled to sue you. This can often be shown by merely presenting evidence of a missed payment.

If a credit card company cannot produce sufficient evidence of all of the foregoing, then you may have a valid defense to any lawsuit that may be filed against you. Please be sure to consult your local attorney regarding the laws of your state, and credit card collection cases.

How to Negotiate Your Own Credit Card Debts

If your credit card balances are starting to pile up much too high for you to manage, it may be time to take a step forward and ask for assistance. There are now many resources that are available to consumers who are burdened by too much credit card debt. There are companies that will help you settle your debts with lump sum payments and there are debt consolidation programs that help you reduce your monthly payments. Both methods for debt reduction are effective but not all people will be eligible for or able to commit to such programs. There is no rule that you can't do debt negotiations on your own behalf.

So how can you reduce your debts effectively when you owe money to your creditors? First know that credit card companies are competing for business and many will be willing to work with you. Don't be afraid to contact your credit card company directly and ask them to work with you.

Negotiate the Interest Rate

Many people fall into financial difficulties because their credit card companies raised the interest rates on their accounts. These high interest rates can be negotiated to a lower percentage that will save you money each month. Many consumers do not realize that they can contact their credit card companies and ask for a reduction in interest rates. Site the better rates at another credit card company and don't be afraid to consider making a switch if your current company is not willing to work with you.

Negotiation the Monthly Payment

If you can not afford to pay the minimum requested payment each month, contact your creditor before the situation gets out of hand. Explain your financial hardship in meeting the minimum payment each month and ask them for other options. Credit card companies want to get paid back but with the recent recession crisis and the amount of defaults on credit card balances, they are often willing to help you out rather than risk your turning to bankruptcy as an option. Some may be able to skip a payment or two so you can catch up.

Negotiate the Fees

If you have been late on payments in the past, chances are good that you have been hit with a lot of late payment fees and penalties. You might be able to speak to your creditor about erasing those from your record. Without these fees, your balances might be more manageable and allow you to catch up once again.

Don't Believe the Hype

Debt consolidation and settlement companies usually promote their services as one of a kind or that they have a special relationship with your creditors. The reality is that they may be good at what they do but you can be just as good without having to pay out additional monies to get your credit card debt under control. The important thing is that you don't avoid your credit troubles or wait until they become a bigger problem. Contact your creditors as soon as you suspect trouble with payment and see what they can offer you in the way of assistance.

Restaurant Table Credit Card Readers - Good or Bad?

Select restaurants around the nation are testing table-based credit card readers that allow customers to pay for there meal at the table. The news scare in the past year regarding waitresses and waiters stealing customer's credit card information led to the transformation of a new industry involving products that protect consumer's credit card information.

The restaurants that are participating in the credit card reader beta launch were reluctant at first to participate because they feared diners would feel rushed. Fast food restaurants such as McDonald's allow customers to pay at the counter with their credit card. Table side payment is different from counter-side payment because diners are actually sitting down and being served by an employee that works mainly on tips. Waitertalk.com, an online forum for waiters and waitresses to vent on topics such as 'bad tipping customers' and 'unruly management' have formed a discussion forum against these so called 'table-side credit card readers'. Waiters and waitresses believe the credit card readers will be a deterrent to leaving appropriate tips, especially in casual fast food restaurants such as the Ground Round, that typically attract middle-class customers that are not experienced in tipping and eating at non-chain restaurants. Some waiters believe the credit card readers will be the main focus of the dining experience and the machines will not allow them to upsel to the customer because the customer will be thinking about the bill more than the actual dining experience.

In Europe, it is normal to pay at the table; however, the culture of Europe allows table-side payment to be acceptable. Will table-side payment be the new norm for paying at restaurants or will American's not accept this because it is more of insurance than a convenience? What do you think? Shouldn't you trust your waiter? The skimming scams at restaurants that made headline news were part of an isolated incident. However, credit card skimming happens everyday at restaurants and other direct consumer oriented small businesses. These incidents are usually not reported because the victim will not realize he has been scammed until months after the incident. The occurrences of restaurant credit card skimming happened at the same restaurant over a period of a year and claimed many victims who traced their credit card deductions to a restaurant employee.

The only difference between these tableside machines and the restaurant employee processing the transaction is - the restaurant employee will never leave his or her fingerprints on your plastic. You simply slide your credit card through the machine and a printer in the waiter's area prints your receipt. All you have to do is sign and leave a tip. How convenient is this? You don't have to wait an extra 4 minutes to have the waiter swipe your card and return with your card and the receipt. Is this convenience or privacy of your most sacred information? Should you trust the person who is serving your food? Most waiters and waitresses put up with a lot from customers to earn below minimum wage.

The manufacturers are betting restaurants will purchase these new Verifone credit card readers. The readers can go for several hundred dollars each. Restaurants benefit because the payment process turns tables quicker, which helps the restaurant earn more money per table and the waiter earns more as his 'rentals' are turning quickly.

Credit Card Cash Advances - The Pros and Cons

Credit card cash advances are an appealing way to get out of a tight spot quickly. Unfortunately, they can become an extremely bad habit. While cash advances are convenient when someone is handing you money, they can become very inconvenient when more and more of your weekly paycheck goes to pay off a debt months after the original cash emergency has passed.

For most of us, money is one of the biggest constraints we face. Many agencies offer advances of some sort or another, but you must understand the price associated with that money, lest you bury yourself in debt.

A cash advance is an advance of money to a person in urgent need of money, to be paid off later. Among the many forms of advances available to you are credit card cash advances, whether a simple ATM withdrawal or a check issued by a credit card company. Among the drawbacks of credit card advances are the facts that there is usually a fee to be paid and that you have to pay interest on advances from the date they are issued rather than from the end of the billing cycle. The interest rates on the borrowed money can be a few points short of usury.

Another option, sometimes useful for larger sums of money, is the cash advance check from a credit card company, which can also be used to make payments to payees who do not accept credit cards in the conventional manner. However, always compare the costs associated with different borrowing methods, since many forms of cash advances including those from cards can carry costly fees and interest charges. The particular terms associated with your account can be found on the back of your monthly statements. This may be your best option if you are offered very favorable terms; as ever, the key is to "look before you leap."

If your cash advance comes with harsh terms, it may be sensible to transfer the balance onto a card with low balance transfer rates. When considering such a move, be aware of the policies of both cards involved; sometimes balance transfers are considered a form of advance. It is possible to use credit card cash advances to fund large investments, though one must be aware of the risk of debt if an investment goes foul.

For one in urgent need of money, credit card cash advances can be a lifesaver. Credit card companies are among the multitude of agents quite willing to offer fast money -- for a price. Just be sure not to make a habit of it, or you'll be more broke than when you first thought you needed the money.

Minimum Monthly Credit Card Payments on the Rise

It is estimated that more than 40% of Americans carry a revolving balance on at least one credit card. This is an enormous number, and it is caused primarily by the security people feel in making minimum monthly payments. When you charge money to your credit card, you are only required to make a small monthly payment to keep the debt from entering into collections, which means that a purchase made in 1995 might still be carried on a credit card in 2006.

Under pressure from the U.S. government, banks are increasing the minimum monthly payments. This can mean both good news and bad news for consumers, though it is supposed to be designed to assist cardholders with paying off debt.

In the recent past, minimum monthly payments have been between 2% and 3% of the total balance owed on the card. This means that 97-98% does not immediately have to be paid, and the balance continues to accrue interest as time goes on. Since some credit card APR's number between 12% and 20%, consumers are paying off debt over several years.

Federal regulators say that by increasing minimum monthly payments, consumers will pay off their debts faster and spend far less in interest payments. In addition to the rise in monthly minimum payments, credit card companies will also have to include a Public Service warning on all bills stating that paying off debt faster will result in lower interest payments.

For consumers that count on low minimum payments this change might be devastating. It will make it more difficult (rather than less) to get out of debt, and many accounts may be entered into collections. For consumers who can afford the increase, however, they will find that they pay less in interest rates and get out of debt much faster.

This might also help consumers with their purchases. If you frugally determine your spending practices based on your budget, you'll be less likely to purchase things for which you cannot afford the higher monthly payment. This will result in better spending practices and less debt.

To deal with this new increase, most financial institutions are allocating money that will help to cover defaulting cardholders. They are also cognizant of the fact that they might have to negotiate with cardholders to lower interest rates so that they can afford to pay off their debts. If you are concerned about affording the minimum payment, you are encouraged to call the financial institution to discuss your options.

How to Handle the Increase

Examine Your Budget. Take a careful look at what you can pay each month, and work around it. Spend less on eating out or entertainment until you can significantly lower the balance on your credit card(s).

Talk to a Credit Counselor. Credit counseling can help you learn how to manage your debt and can increase your awareness of spending with credit cards. You might also receive valuable advice for dealing with creditors.

Set Personal Limits. Consumers who are used to spending with credit cards may find it difficult to stop. Put your credit cards where they are not readily accessible, and determine for yourself what qualifies as a credit card need. Perhaps you'll only use credit cards for bills or for emergencies. Set those limits for yourself.

Copyright Ed Vegliante. Free online reprints of this article are allowed provided the resource box remains intact with a live link back to http://www.credit-card-surplus.com

How to Remove Late Payment Marks From Your Credit Report

If you have noticed the downhill drop that your credit score has taken after you missed a few payments here and there on your loans or credit cards, you may be worrying a little bit. While thirty and sixty day late marks on the credit report are no where near as bad as a one hundred and twenty day late mark, they can still have a negative impact on your overall credit score. Because of this you may be concerned about whether you can do anything about it. After all, you have probably heard that all of the negative marks on your credit report will remain on there for seven years.

While that is legally the longest amount of time that any negative mark against you can remain on your credit report, it is not the rule that any markings have to stay on for that long of a time period. Negative reporting can be removed a month, a year, or five years after it was first placed on your credit report. If you decide to leave it alone and do nothing about it then yes, that negative mark will remain there for seven years until it automatically rolls off.

If you are concerned about getting your credit score back in shape then you may decide that you do not want to wait that long. You can make requests to remove a late payment reporting from your credit report. The first thing you will want to do before you attempt this is to make sure that your account is currently up to date. Calling your creditor and asking for favors when you owe them last months payment still is probably not the very best of ideas.

But once you are up to date and you have paid a month or two on time you can give your creditors a call. Simply request that they remove the negative marking on your credit report. The first person you speak to at the credit center will probably no have the authority to make a judgment call on your account. You will most likely have to speak to a supervisor. It is important though to remain polite, especially if you were truly past due. They had every right to report you and you are trying to ask for a favor so be nice about it.

You may have to speak to a few different people within the company but in the end it may pay off for you. Just keep focused and try your best. If that particular company will not help you move on to any other companies that have recently reported you late to the credit report companies. Any assistance you get is better then nothing at all. Every inch you raise your credit score is an improvement so if you even just get one company to help you out you have done yourself a great service by not giving up. The higher you can get your credit score the easier it will be for you to get more loans and credit when the need comes up.

Chopard Mille Miglia Granturismo XL Chrono swiss automated watch

Credit card payment accepted.

Instant discounts, Payment Terminal, Gift Card, Loyalty Card

Instant Discounts is a global leader in secure electronic payment technologies. We provide solutions, services, and expertise that enable electronic payment transactions and value-added services at the point of sale. Our devices and systems process a broad spectrum of payment types including signature and PIN-based debit cards, credit cards, value-added applications.

Credit & Personal Finance : How Does a Debit Card Work?

A debit card is presented to vendors for payment of goods or services, and the funds are usually taken in real time out of a bank account. Use a debit card as a secure way of traveling and making purchases withhelp from a registered financial consultant in this free video on credit and personal finance. Expert: Patrick Munro Contact: www.northstarnavigator.com Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace. Filmmaker: Reel Media LLC

"Phoney Money" iPhone Credit Card System Live Demonstration

A short explanation of ECE Senior Design Team Phoney Money's iPhone credit card system. Team Members: Kevin Allgaier, Brianna Carges, Amy Costandi, Barry Lai, Jeffrey Li Phoney Money is a software and web service package that replaces a customers credit card with his or her iPhone for in-store transactions. This system allows iPhone owners to use their iPhones to make secure in-store credit card payments and allows stores to accept those payments. Targeted issues and major requirements in this project include enterprise scalability, security, and robustness. With a diverse set of needs, Phoney Money leverages several technologies, including: Objective-C, Java, JSP, MySQL, Transport Layer Security (formerly SSL), and the Extensible Messaging and Presence Protocol (XMPP) for communication between clients. In a typical transaction using this system, a customer approaches a store running customized point-of-sale software. Phoney Moneys web service middleware then allows customer and cashier to identify each other and to send relevant credit card and price information over the internet. The customers credit card is then charged via the merchants existing payment processing service. This model requires no additional hardware and therefore requires minimal change for the merchant. Phoney Money expands the marketplace by providing customers and merchants with another means of exchanging goods and services. That is, it enables a whole new class of transactions would-be customers ...

Understanding Your Credit and What Affects Your Score in Bellingham, WA

Your credit score is the number one piece of information that creditors are going to use to evaluate you as a borrower, whether you live in Whatcom County or somewhere else. www.StopForeclosureBellingham.com says that your credit score is a measure of your risk as a borrower. Creditors view your score in terms of risk, the lower the score, the greater the risk, and the higher the interest rate and, if you are buying a home, down payment required. The single biggest factor in establishing good credit is paying your bills on time. Paying your bills when they are due is the single biggest factor in achieving a high credit score. Late payments will appear on your credit report for two years. http answers that if an unpaid account is placed for collection, it is still not removed from your credit report. Another issue that will affect your credit score is having credit cards with high balances. www.StopForeclosureBellingham.com suggests that if you dont already have a small line of credit established with a credit card company, its time to get a credit card and make sure you are paying it off in full. This will establish a good credit history, but remember if you do have some credit established, applying for more credit will only hurt your credit score. No matter where you live in Bellingham, WA or Whatcom County, your credit report will stay with you, even if you move somewhere else in Washington state or beyond.

Pay Off Credit Card Debt With a Reverse Snowball Method

Consumer credit card debt has grown alarmingly in the past few years. With minimum payments of as little as 2% or 2.5% of the principal (plus interest) due each month, it was easy for consumers to charge purchases and keep monthly payments low.

Lulled by low interest rates, the charge card was our friend. Found a great bargain? No problem - charge it. Family vacation not in the budget? No problem - charge it. Before long, many found themselves stretching just to meet minimum payment requirements on multiple charge accounts. Then the playing field changed - and the payments went up!

In 2006, Federal regulators pressured revolving credit lenders to collect a more reasonable percentage of the total amount due. The logic was that paying back only 2% monthly could require payments on a $2000 total debt to continue for 20 years or more. That's 20+ years of paying interest and the resulting debt would last much longer than the item purchased with the "borrowed" money.

Bowing to Federal pressure, credit issuers raised the minimum payments to 4% (plus interest) monthly. The result was that many families carrying multiple accounts with typical totals of $10,000 saw their payment increase by several hundred dollars a month. For some, this led to default; for others, the result was filing for bankruptcy protection.

The majority of consumers looked for ways to reduce that debt load or to eliminate it entirely. The most popular debt management method that emerged was called the "Snowball Method".

Using a debt Snowball, consumers would pay a fixed rate each month on each account, rather than the falling rates that are charged as the debt is slowly paid off. Accounts would be listed with the smallest at the top of the list with no regard to interest rates being charged on various credit cards. The Snowball plan is simple and consists of budgeting to allow extra money to be paid monthly on the account at the top of the list. This pays off that account in months rather than years. When the first account is paid in full, the money allocated for that payment is then added to the fixed payment of the second account on the list.

Clearly, as each account is paid, the amount being applied to the next debt is larger - thus the term "Snowball". The plan is simple and brilliantly workable if, and only if, the interest rates on the accounts are similar. Proponents of the Snowball Method say it's necessary to pay off smaller debt loads first because that provides rather quick results and motivates people to keep working on that debt reduction plan.

If the interest rates are widely varied on accounts, there is little logic in paying off lower interest rates first. If you have a $2000 balance at 10% annual interest, and a $5000 balance at 21% interest, it simply makes no sense to focus on paying off the lower rate first. A much wiser method would be to provide your own motivation and apply extra funds to the higher interest cards to get rid of the high interest rates.

This is an ongoing argument between consumer credit counselors and financial management specialists and perhaps the only question to ask is which method will work for you over the long term. Using one of the snowball debt calculators available online, you can enter your personal credit information both ways and see how long it will take to become debt free. You can generate a monthly schedule of payments that clearly shows the payoff date of each debt if you follow your payment plan every month. Printing out that payment schedule and posting it on your refrigerator where you see it daily may be all the motivation you need.

The time needed to rid yourself of revolving credit debt will depend on how much extra money you find in your budget to apply to that first account to be paid off. It doesn't need to be a huge amount as $50 a month as an initial extra payment will start your snowball rolling. Printing out that payment schedule and posting it on your refrigerator where you see it daily may be all the motivation you need.

Got Smacked With A Late Payment Fee?

Missing credit payments may not seem like a major concern, however, if you are in the business of making money, this is one incident that spells ka-ching! From balance transfers to late payment fees and everything in between; credit card companies generate millions of revenue every year from this kind of finance charges. And to our disadvantage, we rarely receive an immediate heads up from the billing authorities. Heck, it could even take a week before we hear from the credit card company about the delayed payment or worse it could be reported only on the next billing cycle. Surprise, surprise, you have an obligation to settle a fee amounting to $35 due to late payment.

Attached to delayed payments are penalty fees. But this is not the only scenario that may occur. It may be followed by an increase in your interest rate and a decrease in your credit score. Further damage may be done to your credit standing when the said delay reaches one of the three credit bureaus. In addition to this, the card holder may not be aware but he may be covered by the universal default clause. Under this provision, a perfectly fine loan goes into default when you incur a delay on another distinct obligation. An example is having two credit cards, Card X and Card Y. The first card, Card X, is subject to universal default. If you ever incur a late payment with Card Y, Card X will automatically be on default as well. And usually default is equated to an increase in interest rates.

Now you have to deal with two credit cards with interest rates shooting upward. One must realize that there are a lot of loopholes in the agreement that allows a financial institution to legally increase the interest due to late payment. Reading the fine print in the terms and conditions suddenly becomes a necessity, huh?

Though this late payment and interest boost can be questioned or appealed. If you incur delay knowing that you settled the debt before the due date, don't hesitate to contact your service provider and demand an explanation. This usually happens when payment was done through snail mail. It is advised that it be sent 10 days prior the due date to give ample time for delivery and processing.

However, this does not mean that an online payment is a ticket to no more delayed payment. Because like the terms and conditions, online payments also have guidelines that need to be followed to recognize any action performed. If it is posted that online payments are accepted only up to a specific time of the day like 6 in the evening, make certain that you settle everything before the clock strikes 6. Another issue is that you can still get smacked with a late fee even if you've configured a monthly payment scheme.

Let's assume that the minimum amount due is $80. You arranged that $100 be withdrawn from your checking account monthly. Unfortunately, you purchased one too many items the following month escalating the minimum to $135. Presto! Another late payment fee. To prevent this from happening, routine check and review must be made at least once a month to make sure that the minimum amount be settled.

On the bright side, the computation of the credit score doesn't treat each and every delayed payment as one and the same. An isolated incident of a 30 or even 60 day payment delay will prove its impact on your credit score in the months when it was incurred. But after a year or so, its effect will slowly diminish. But to default on quite a few payments for one or two billing cycle is a no-no.

Bottom line: Settle all your debts on time to avoid any hassle or any unwanted charges.

Jail For Non-Payment of Credit Cards?

At first it seemed like a honeymoon with your credit card. You enjoy a 0% intro APR with a no annual fee credit card. You go out shopping without any concerns of paying the interest. It's just like shopping with cash and paying it back on an installment basis. Like most of the common 0% intro APR credit cards, you will enjoy this interest-free for about six months, and if you have a good credit rating, you can even have it for 15 months.

Then the problem sets in when the 0% rate expires. Little did you know that the balance from your last month's bill will be transferred to your current rate, and you have to live with a rate of more than 15%. From 0% to 15% is big money considering the things that you paid for with your credit card monthly. You try to pay the credit card company, but all you end up paying is the interest rate, and the charges will just pile up every month. In the end, you are swamped with the payments, and you're forced to declare bankruptcy. You don't have any money to pay them, and one day they show up to your door with papers telling you "see you in court".

The good news is, you will not be going to jail just because you can't pay your credit card bills. It's only a civil case and you can't really be jailed for this. All that will happen is that they will give you credit repair to help you with the payment. They will be giving you leeway in your payment plan, and you will have an easier time in paying that credit card debt that you have incurred.

If you think you got off easy with your credit card debt, think again. You may have a great plan in paying those debts, but your credit rating is so low that you will not be qualified for anything at all. Your salary will just go to your credit card debts automatically. It will take more than two years to repair your debt, and it will take more than seven years if you want the record of declaring bankruptcy to be removed. It's like going into financial jail because of the limited resources you have, and the support that you need to pay your debt is really limited.

Considering this will happen if you don't pay your credit card bills, make sure you act on them before something bad really happens that will affect in your credit rating. Aside from paying your bills on time, you should at least pay your bills with the principal. If you slowly clear off your credit card payments, you will gradually see the difference on your credit card statement, and most of all, your credit rating will go up and your 0% APR credit card application will not last for only six months as when you were a student, but it will last for 15 months with better rates and more cash rewards. It's definitely better than declaring bankruptcy.

Chopard Mille Miglia GT XL Chrono 2007 swiss automated watch

Credit card payment accepted.

Key Management in ExtremePOS Payment

Key Management in ExtremePOS Payment

Repairing Your Credit Score and Clearing Derogatory Marks on Your Credit Report

Raising your credit score can be a fairly simple and straightforward process unless you have derogatory marks that need to be disputed (which will be explained below).

The reasons for bad credit can be as follows, high balances, bankruptcies, late payments, and many others. The most significant thing you can do to raise your score is to change your financial habits. Chances are that if you have a bad credit score, you did something to make it that way. Here are some of the best ways to quickly raise your credit score:

1. The most obvious: pay off your debt! This doesn't include a home mortgage, but revolving balances such as credit card debt, a car loan, etc.

2. Make every payment on time. This is the most important factor in your credit score rating. If you have had late payments in the past, it will take some time to see real results from your on-time payments, but keep it up, sooner or later the credit bureau will notice the change in your payment habits. Develop the mentality that no late payment is acceptable!

3. If possible, pay over your minimum amount. This is especially important with credit card balances, and will reflect a slight boost in your score.

4. If you have paid off all your debt, and your credit score seems to be at a stand still, you might want to make small purchases each month with your credit card and pay them off immediately. Often times the credit bureaus like to see at least some kind of activity. Otherwise, they have no way to gauge how you are doing financially.

5. Be patient! Sometimes repairing credit can be a long and arduous process. Especially if you have had a bankruptcy. It can often take the better part of a year or more to see any significant raises in your score.

Clearing a derogatory mark on your credit report:

This is probably the most difficult in regards to credit repair. If you have requested a copy of your credit report, and notice a problem (an example would be a late payment mark), that shouldn't be there, you need to take action to get the derogatory mark cleared as soon as possible. It is extremely important to get your credit score cleared before you attempt to get prequalified for mortgage.

Here are the steps you should take:

First of all, if you are in contact with a loan officer, you may want to describe the problem you are having to them. They can be very helpful when it comes to credit repair, and should know exactly what to do if you have a bad mark on your credit that is a mistake. In some cases, they may even call the creditor for you to address the situation.

Second, you should call your creditor and each credit bureau to find out which course of action you should take. In most cases, writing a letter will do. Here is an example letter:

Date 00/00/00

Dear Big Credit Bureau,

This letter is a complaint that you are reporting inaccurate and/or incomplete credit information on my credit report.
I am displeased that you have included the below information in my credit profile that includes the following errors. Credit reporting laws ensure that bureaus report 100% accurate credit information.

The following information concerning my credit report needs to be re-investigated. I respectfully request to be provided proof of this alleged item on my credit report. If this cannot be provided, the item must be deleted from my report as soon as possible:

CREDITOR AGENCY, acct. 123-34567-ABC

The listed item is inaccurate and/or incomplete, and is a serious error in reporting. Please delete this information, and supply a corrected credit profile to all creditors who have received a copy within the last 6 months, or the last 2 years for employment purposes. Also, please provide the name, address, and telephone number of each credit grantor or other subscriber.

Under federal law, you have 30 days to complete your re- investigation. Be advised that the description of the procedure used to determine the accuracy and completeness of the information is hereby requested as well, to be provided within 15 days of the completion of your re-investigation.

Sincerely,

your signature

Your Name

SSN# 123-45-6789

Unfortunately, you will need to write 3 separate letters to each of the 3 major credit bureaus. Here are the contact addresses for each:

Trans Union

P.O. Box 1000

Chester, PA 19022

1-800-888-4213

Equifax

P.O. Box 740241

Atlanta, GA 30374-0241

1-800-997-2493

Experian

P.O. Box 2104

Allen, TX 75013-2104

1-888-397-3742

Brand of the Free takes adaptable payments w/ PAYware adaptable for iPhone

Promoting and selling American-made, Organic Cotton t-shirts in Metro DC, Brand of the Free is a mobile, agile business that needs to take payments on the go. Owner Joe Maluso shows how taking secure credit card payments from his customers is simple and efficient using VeriFone's PAYware Mobile on his iPhone.

Reducing Debt: Secrets Credit Card Companies Don't Want You to Know

Do you want to know how to go about reducing debt? Well, we all do. Reducing debt is the key to gaining financial freedom and building wealth. And without debt, no matter how much we make, we can all build our way to financial freedom.

Credit card debts are the main source of debts that trouble Americans. There are a number of ways to go about reducing debts. Here are three simple ways:

Pay double the minimum payment
Set up automatic payments with your bank
Pay more frequently than once per month
Let me talk briefly about each of these methods:

Pay double the minimum payment

When you're really struggling with credit card debts, this sounds painful. But it's key to reducing debts. By paying double the minimum payment, you will reduce (in the long run) the interest you pay and you will have less cash available to yourself (that's the hard part!) so you will be likely to spend less. This all adds up to you spending less money and reducing debts.

Set up automatic payments with your bank

This is a great method for reducing your debt because once it's set up, you don't even have to do anything. Set it up with your bank -- you can usually do this online -- so that a certain amount is sent to pay your credit card debts immediately after you are paid. This gets you in the habit of reducing debt.

Pay more frequently than once per month

This is rarely talked about, but it is an effective strategy. If you pay $100 on a credit card each month, pay $50 of it in the middle of the month and the other $50 at the end of the month. This will help you to reduce the interest that accrues on the account (because the average balance on the card will be lower for half of a month. In the long run, this adds up and help you in reducing debt and eliminating your credit card debts.

Credit card debts don't have to control your life. You should control your credit cards. These three tips will help you with reducing debt. If you want to eliminate all of your credit card debts, you need more than just those three tips. You need to stay on top of your finances, set a budget, and have a plan. Find a program that you can follow and learn as much as you can about finances.

Credit Card Convenience

Whatever business you have, you'll have a better chance at surviving today's highly competitive market if you adapt to new trends and technologies. One thing you can do is accept payments online. Although e-commerce is not exactly a new concept, many businessmen still continue to ignore some of its most important aspects and that is allowing customers to pay for their purchases online. Of course, to make any business accept credit cards, it has to find a good credit card processing company that can offer you various packages, savings on processing fees and even free equipment.

Apart from a merchant account credit card, which is either a bank or company that gives you the authority to accept card payments, a credit card processing company is what you will be dealing with for the actual transaction process. This company gives notice by email when they have received word from the card issuer about the sale being accepted or declined. Various card processors offer a full range of products and services to improve your profitability as a businessman and some of their packages can include free equipment. The can also offer a full range of payment processing methods for different types of businesses including restaurants, supermarkets, hotels, retail stores, day care centers and even universities.

With the services of a credit card processing company, you will be able to manage your time properly as you won't have to agonize about making authorizations or assuring that the payments are credited to your bank account. Your processing agent will take care of all of that for you. Certainly, you will pay for card processing, but the additional sales you make will make the cost nearly negligible. If you can't accept credit card payments, you have to bear with traditional methods of payment such as mailed checks or bank transfers which can take so long. Most of the time, when people purchase online, it's because they are looking for convenience and that means being able to do everything on their PC, including payment, in just one sitting.

Every company has its own set of fees for each transaction in addition to whatever the card issuer charges for the transaction fee, which is a percentage of the sale. Additionally, card services combine the types of payment options you desire including debit card processing. Credit card processing is likely to aid your business, so the processing company you choose must have policies that will be in line with the objectives of your own business.

Now you know the advantages of having a credit card and the ease of having one. You will definitely enjoy a lot of freedom with these cards as a businessman. As a result working with these companies will allow you to eliminate the need to spend too much time with paperwork, as what traditional payment methods require, and channel your or energy to other equally important tasks.

How to Calculate Minimum Payment

If you have a credit card, than you are familiar with the common amount, the minimal monthly payment that must be made. Many customers fall into a trap of paying only the minimum payments, and extend the life of their debt by years when only paying this small amount. The majority of this amount is charged to interest fees for carrying a balance, rather than being applied to the principal of the debt.

How is your minimum monthly payment calculated?  For most lending institutions, the minimum payment is two to four percent of the balance that is being held on the credit card. This does not include balances within the purchase grace period, and may also include fees and vary depending on the interest rate that is associated with the credit card.

To calculate minimum payment, credit card companies use some basic formulas.  The example below will give you a rough estimate of how much interest you will be paying.

If you are carrying a balance of $1,000.00 on a credit card, the minimum monthly payment would be $20.00 at the rate of 2%. At 4%, the monthly payment would be $40.00. This minimum payment is applied to the credit card, but how much of the payment is allocated towards the principal, and how much of the payment is allocated towards the interest?

To calculate how much of the payment will be attributed to the interest, divide the interest rate, for example 10% by twelve months (.10/12) and then multiply it by the balance that remains on the card ($1000.00). The total of this number is how much will be applied to the interest payments for the credit card, and the remaining is applied to the principal.

If your account is past-due or over limit, there may be other fees associated with the monthly payment. The majority of lenders and banking institutions charge a fee of $39.00 each period that the account is over the limit. If the account is over the limit for three months, this fee could be nearing $120.00! To avoid these fees, keep the balances well under the limits and ensure that all payments are made on time, each month.

It is important that customers realize the gravity of falling into the minimum payment trap. Many customers don't realize that paying only the minimum can extend the life of the debt by years! Experts recommend that at least double the minimum monthly payment should be paid on each account, every single month.

8 Tips to Help Your Teenager Become Credit Smart

What is the first thing a teenager is going to do with an extra few thousand dollars in their pocket? Spend it of course! (Without any regard to how it's going to be paid back or all of the fees associated with the loan.) When I was a young adult in college, I remember the credit card companies pitching their tents on career day.

They would lure us with gifts and enticing giveaways and promises of a bright future because we were proud owners of a shiny new card! After applying for every card I could get, I had 5 beautiful new ones in my wallet that I would flash just to show how grown up I was, and before I knew it, I was several thousands of dollars in debt and didn't know how I was going to pay it off.

Every time I looked at my bills, it appeared as if the balances were getting larger and larger. I couldn't keep up with the fees and finance charges! Now that I am a mother of two teenagers, credit card abuse is one of the first dangers of financial common sense that I discussed with them. If you do not have the money in your pocket or in your bank account, don't buy it! Use credit for the goal of building a solid credit history and do it with intent and purpose.

Fortunately, In May of 2009 the President Barak Obama signed into law the Credit Card Accountability, Responsibility and Disclosure Act of 2009, or CARD. It will take effect February 22, 2010 and will make it much harder for credit card companies to prey on teenagers and young adults by making it a requirement that the applicant have a job or co-signer

Credit card abuse is easy to fall into, however it is a bit of challenge to rent a place to live or make large purchases without a credit history. Having a non-existent credit history can be as much of a detriment as it is to have a bad one. But there is a way to build a good credit history without falling into the pitfalls of an out of control credit card debt. Here are my tips to help your teenager prepare for responsible credit card ownership.

1. Limit the credit card ownership to two general cards. 2. Use a debit card instead of a credit card. It is deducted from your bank account and helps avoid over-spending. 3. Have a job before you even think about getting a credit card. (This is in the new bill.) 4. Put a fraud alert on your credit report. This will not only protect your credit from fraudulent use, it will also reduce the credit card offers. 5. To avoid temptation of accepting new offers, Call 1-888-5-OPTOUT (567-8688) toll free to request that the credit reporting bureaus stop selling your name and address to lenders. This request is good for two years. You'll be asked for personal information, including your name, telephone number, and Social Security number. 6. Never sign up for a department store credit card. They catch you when you are the most vulnerable, right when you are reaching for your wallet and cursing yourself for spending more than you should have. The store clerk flashes her pearly whites and offers you a great deal: "would you like to save 15% off your entire purchase by applying for instant credit?" These predators offer the discount because they know they will make a hell of a lot more in fees and finance charges when you charge your purchase. Not to mention the finance charges are through the roof compared to a regular Visa or MasterCard. This article says it all!: Credit Reform and My New 703.8% Card. 7. Don't carry a balance. Make a purchase once a month well below the credit card limit and pay the entire balance every month. 8. Make it a habit to pull your credit report from all 3 agencies every 6 months. You'll be able to catch any discrepancies from the credit reporting agencies and catch any identity theft.

Credit card debt is really a high interest loan in disguise. Here's a breakdown of some typical credit card fees:

Finance charge: This can be as high as 25 percent on the unpaid portion of your bill each month.
Annual fee: Some companies charge yearly membership fees of anywhere from $20 to $100. Just in case you are smart enough to avoid carrying a balance, they will make sure you pay something with the annual fee.
Cash advance fee: Interest/finance rates and fees are much higher for cash advances - avoid it at all costs.
Late payment fee: Paying late can also result in hiked interest rates.
Over the limit fee: Going even 1 cent over your approved credit limit can trigger an over limit fee of up to $25-$45 for every transaction over the limit.This one adds up very quickly.

Help your teenager understand the responsibilities of credit card ownership and pitfalls that come along with it. Making a wrong move with credit can literally dictate the lack financial power they will have in the future. With the help of a financial advisor [out] and a lot of tears, I was finally able to get out of debt and save my credit history, but it took time. My credit card woes prevented my ability to buy my first home with my husband, and it was one of my biggest regrets in life.

Additional Resources: The Federal Trade Commission provides free information to consumers on dozens of topics related to credit and credit cards, ranging from "Choosing and Using Credit Cards" to "Avoiding Credit and Charge Card Fraud."

What Credit Card Debt Settlement Companies Don't Tell You

Enrolling in a credit card debt settlement plan is a turning point. In most cases, enrollment begins a period of financial recovery and new prosperity. Participants should reduce credit card minimum payments and slash total finance charges through debt consolidation. The allure of these benefits entices many people to hire a settlement company before adequately evaluating offers. In particular, pay attention to a few common issues that companies may not mention.

Consolidation companies charge fees. These fees typically include a monthly maintenance fee to cover administrative costs. In addition, most companies also charge a setup fee to establish a plan. Monthly fees may range from $25 up to $60. The setup fee is frequently equivalent to regular plan payments. For example, if a plan requires a monthly payment of $500 over two years, setup fees of $500 are common. Plans may incorporate a delay of one month before plan payments are required, so that the first payment can be applied towards the setup fee.

Plan fees increase the cost of repaying credit card accounts. The best companies insure that fees are reasonable and that discounts achieved through settlements justify all fees charged. Few companies reveal the percentage of fees charged in relation to total payments. This percentage is easily calculated by dividing total fees by total plan payments. In one sense, fees are the cost of obtaining discounts through a professional negotiating service.

Settling debts results in repayment of less than the original principal amount owed. Settlements are voluntary, yet lenders nevertheless frequently report settlements to credit reporting agencies. Most often, credit reports include a statement that an account was compromised by agreement. Future lenders interpret this reference as a charged off loan.

Anyone can negotiate payment reductions directly with a lender. The results of negotiating personal accounts are mixed. A degree of expertise is required to motivate lenders who may not trust an account-holder's personal explanation of financial difficulties. Alternatively, professional negotiators develop relationships with credit card companies over time. In most situations, professional negotiators produce better settlements. Nevertheless, each account-holder may avoid fees and potentially receive the same benefits.

Free estimates for costs and benefits are not guaranteed. The final amount of the plan payment is determined through negotiation of individual accounts. A few lenders may demand a higher percentage or principal owed. A few lenders may accept a lower percentage. Estimates are based on experience negotiating agreements with each lender in the past. As a result, the actual plan payments required is seldom equal to the original estimate.