Make Sure Your Credit Card Payment is Processed!

If you don't follow the credit card company's guidelines, they can wait up to five days to credit your account. The Fair Credit Billing Act requires that they credit your account the day your payment arrives, but some credit card companies demand you follow particular requirements, like sending your payment in a pre-printed envelope, in order to credit your account in a timely manner.

Even if you send your payment to your creditor on time, it could end up being late if you don't follow their rules. With the average late fee now on the edge of $40, you don't want that to happen. Here are three tips to make sure your payment is processed quickly and without hassles at all:

Pay The Minimum First

Pay the minimum as soon as you get your bill. This is very important if you are sending your payment through the mail. You can always send a larger payment later in the month when you have more money. Many credit card companies are ?red flagging? accounts on which the minimum is being paid every month, so add at least $5 if you can.

Moreover, and as a side note, you should never pay only the minimum on your credit cards if you want to reduce your debt. Interests contribute to accumulate debt easily. Start by paying as much as you can on the highest interest credit card and then continue with the next one. This way you?ll be able to become debt-free and worry less about your credit cards and their payments.

Be Careful with Checks

Be sure your check is legible and the payment amount is correct. Include the credit card account number on the check. Don't forget to sign the check. Common mistakes like not signing a check or illegible checks are responsible for many late payment fees that add up to already packed debts making things even harder for debtors.

The above precautions are very important. Credit Card companies won?t take any responsibility on this matter. If the check is wrong or illegible you won?t get additional time to pay without a penalty and this delinquency will be informed to credit bureaus. Thus, it is better if you make sure everything is correct or choose another payment method like debit from bank accounts.

Be Careful with Mail

Send payment with proper postage to the payment address requested by the issuer. Just to be on the safe side, mail your payment at least one week in advance of the due date. Ten days to two weeks beforehand is even better. If payments do not arrive, you will have time to try with other payment methods or even go personally to the credit card issuer?s offices and deliver payment on hand.

Mary Wise, a professional consultant with twenty years in the financial field, helps people in the process of securing personal loans, mortgage, refinance or consolidation loans and preventing consumers from falling into the hands of fraudulent lenders. In her website Badcreditloanservices.com you will find more useful tips and interesting financial articles on this and many other related topics. At http://www.badcreditfinancialexperts.com/article/ you will find more useful tips and interesting articles on this subject and other financial related topics.

Merchant Credit Card Processing Tips

Merchant Credit Card Processing Tips

Welcome to my Merchant Credit Card Processing Tips blog. Here you will learn about Merchant Credit Card Processing Tips.

When searching for a merchant account, credit card processing, you will find that there are thousands of companies who can provide you with service. All offering special deals that are better than other companies, at least that is what they say. So how do you know which company really will provide what they say? Answer, you don't. While researching for the best deal, you can only hope that everything in the merchant account setup process will be revealed to you, the merchant.

So how do I, the merchant, know what I am not being told? Hopefully, after this article, you will know what to look for when choosing a credit card processor. After all, why should accepting credit cards be so complicated? It shouldn't and withNational Processing Services, processing has never been easier.

First of all, know your industry. Know exactly what your selling, know your monthly sales volume, know your average ticket amount, and know you realistic goal for increasing your monthly volume in sales. This will help speed up the process and help processors know how to place your merchant account to meet your business needs.

Second, again know your industry. Find out if your are a high risk merchant or a standard merchant. Example, adult stores or websites are definitely high risk, while grocery stores are standard. This will change the merchant account process dramatically. It will also save you time. After 7 years in this industry, I have had hundreds of merchants not tell the whole story about there company and what they sell, just to have them declined because they were a high risk merchant. They had to fill out all of the necessary paperwork, and wait for approval, just to be declined and start all over again.

Third, understand that there is no such thing as a free account. All merchant accounts have fees and percentages taken off from transactions. Do some due diligence and find out how your rate varies from processor to processor. You will find quite a range. Also, don't fall for the rates that are way lower than the industry standard. Its simply not true. There are 2 factors when understanding the rates quoted to you by processors. 1: Processors have a "Buy Rate." A Buy Rate is the industries Visa/MasterCard rate. It is the lowest possible percentage a merchant can get for processing credit cards. 2: Rates are never given to merchants at Buy Rate. Reason, processors need to make money to stay in business. They have to raise the percentage above the Buy Rate to make money off of your transactions. There are also Statement Fees, a fee charged to the merchant for processing credit cards on a monthly basis. The merchant receives a statement showing the transactions processed, and the fees within for those transactions. The Monthly Statement Fee usually ranges from $8 to $10 a month. There is also a Monthly Minimum charge. The Monlthy Minimum is an amount set by the processor that requires the merchant to process enough transactions to equal at least the minimum amount, usually $25. If the merchant doesn't reach the Monlthy Minimum, then the merchant will owe the differnce of fees not processed to equal $25. Example, if a merchant processes $20 in fees during a month, then the merchant would owe $5 more at the end of the month to equal $25, the Monthly Minimum. Some accounts will have a Monthly Minimum, some will not. It all depends on the processor and the type of merchant account that you are setting up.

Forth, know what type of merchant account your company will require. There are 3 types of merchant accounts. 1: Retail Account, this tpe of merchant account is considered the most secure. You will receive the lowest rates from the processor. Reason, because the merchant is face to face with the customer. Cards are swiped 90% + of the time, and signatures are received by the merchant at the time of the transaction. The proecessor feels most comfortable with this so you the merchant get a low rate. 2:MO/TO Account, this type of account is mainly transactions received by phone orders, email, or catalog orders by mail. MO/TO means mail order/telephone order. Your rate will be higher for this type of account because your customer is not face to face. The processor sees a higher risk for fraud in this type of account so your rates are higher. 3: Internet Account, this type of account is exactly what it says. Transactions are processed over the Internet. This type of account is equivilant to MO/TO. You will have the same rates, because the customer is not face to face.

Familiarize yourself with these four basic categories and you should be much better equipped to understand and choose your processor. Please realize that getting a merchant account, or accepting credit cards is actually very simple, and there shouldn't be any worries about doing so. You will increase your income, and with understanding the basics of Merchant Credit Card Processing Tips, you will feel more comfortable with getting your merchant account setup. If you have any questions, please post them so I can help you, or you can go to my website and fill out your contact information, such as email, and I can help you that way.

Merchant Credit Card Processing Tips

Credit card processing - how credit card works

Nowadays, 80% of consumers use credit cards to pay for products and services online. If you don't have credit card payments facilities for your business, you are losing customers and profits. Customers prefer credit cards because they are safe, secure and easy to use.

The process that will check customer's credit card number, expiry date and other transactions related with credit cards is known as credit card processing. It can be achieved manually but this process is really difficult and more time consuming. The best option is to automate it. This can be done by using different types of software, buying or leasing other people's processing services or by writing a program/script.

There are different types of credit card processing software that makes merchant account more secure and improves processing speed. There three main types of online credit card processing are virtual terminal, simple integration method and advanced integration method.

A virtual terminal was used before the Internet age. A simple integration method makes direct link between your site and bank system and you can directly accept transactions through Internet. With the help of advanced integration method, you can link your system to more multifaceted systems.

The main benefits of these various systems comprises the ability to show all of your information from the internet without making manual transactions impossible, setting up recurring billing cycles and protection against fraudulent transactions. The businesses that accept credit card payments will improve their sales and profits exponentially. Accepting credit card payments makes a business look more professional and established. Credit card processing ensures optimal customer service and convenience.

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A Quick Guide to Third-Party Credit Card Processors

If you've ever looked into getting your own merchant account, you already know how expensive it can be. Application fees, setup fees, standard monthly fees, transaction fees... they all add up fast! It can be too much for a business that's just getting started.

There is an alternative. Third-party credit card processing companies handle your credit card transactions for you in return for a cut of your profits. Setup is typically either free, or there's a small, one-time fee.

Here's here it works: once you've applied and/or been approved and paid any applicable setup fees, you create ordering links for your products. These ordering links lead to the third-party processor's server, where they handle orders on your behalf. Credit cards and online checks are common ordering options provided by third-party processors. Some also offer a telephone ordering option.

After your customer places an order, that sale is automatically credited to you, minus the company's commission. You are paid by the third-party processor at regular intervals, according to their pay schedule.

So what's the big deal? Why would third-party processors appeal to startup businesses? Aside from the setup fee, you are only ever charged IF and WHEN you make a sale. If you don't sell anything, you're not charged anything.

Here are a few things to consider when researching third- party processors:

* How much is the setup fee? Don't be put off if there is one; three of the four processors I use charge a setup fee, and they've been well worth the small cost.

* Transaction fees. After paying these fees, do you still make a reasonable profit? I've seen fees ranging from around 5% to about 30%, with the average somewhere in the middle.

* Are there additional fees for accepting online checks or telephone orders? Does the processor even offer these as options?

* Settlement fees. Does the company charge to cut you a check each pay period, or to wire transfer your funds to you?

* How much is the reserve? A 'reserve' is the amount held back from each pay check as a "slush fund" against future refunds, returns, or chargebacks. What percentage do they hold as a reserve, and for how long? It's commonly 10%, 10%, held for 6 months before being released back to you.

* Pay frequency. Most pay either every two weeks, or once a month.

* Reliability. Talk to others who have used the service to see if they've had any problems. If your order processor is 'down', your customers can't buy!

* Restrictions and limitations. For example, is there a minimum monthly sales quota you must reach? Is there a maximum product price you can set? Does the company restrict what the type of content you can sell? Do they handle only tangible or intangible products?

* Customer service. Does the company respond promptly and helpfully when you contact them?

* 'Extras'. For example, are there reporting or tracking capabilities? Free use of a shopping cart?

Finally, here's a short reference list of several third- party processing companies:

* Clickbank, http://clickbank.com/ * GloBill, http://globill.com/ * Digibuy, http://digibuy.com/ * Revecom, http://revecom.com/ * iBill, http://ibill.com/ * 2Checkout.com, http://2checkout.com/ * Verotel, http://verotel.com/ * CCNow, http://ccnow.com/

As you can see, there are many options, so don't let a tight budget prevent you from taking orders online! Third- party processors are both convenient and affordable -- even for startup businesses.Angela is the editor of Online Business Basics, a practical, down-to-earth guide to building an Internet business on a beginner's budget. If you enjoyed this article, you'll love the book! Visit http://onlinebusinessbasics.com/article.html or request a series of 10 free reports to get you started: mailto:businessbasics@workyourleads.com

"Transition Your Mind - From Dependant Employee to Self-Sufficient Entrepreneur"Dave Hertner

There are a great many of you out there who are poised and ready to move into the next phase of your lives but you are stuck in the starting gate!! You have dedicated a part of yourself to the romance and excitement that surrounds a new business venture but there is something holding you back.

Today, I'm going to help you see into yourself so you can take an honest look at why you're having trouble making the transition into entrepreneurship.

As you grow yourself out of your current situation towards entrepreneurship, you will pass through three phases of development.

The first phase is the DEPENDENCY PHASE. Physical dependence is the same as if you were hooked on some sort of substance. Your mind has decided that it is completely reliant on something. It doesn't have to be a substance!! It could be a family location. It could be a physical impairment. It could be that you don't own the type of clothing that your mind needs to see your body in before it can accept that you can be someone different.

The mental and emotional component of this dependence is the most important part to understand. If you cannot get a handle on your dependencies in this area you will get stuck in this phase. That said, this is also the most liberating door to walk through. You have to sit your self down and take an HONEST look at your life up to this point. Remind yourself about your dreams!! Accomplishment in the absence of dreams is impossible!! Open yourself up to the possible and focus your energy toward that goal!!

The TRANSITION PHASE is the 'get up and go' phase. Here you are with a fresh look at yourself and a great business idea. You now face the fear of starting or, if you teem it with inertia, ' Fear of Departure'. This happens often when you have a secure, well paying job that you are contemplating leaving. There are two things that can combat this fear. You need the support of your family and friends and you need to have a business plan that you have completely internalized. This will give you the courage to step away (mentally at first) from that perceived security which is exactly what is holding you back.

The business planning that you have done up to this point will kick in now to carry you on through the execution portion of the transition phase. Lots of work needs to be put forth to ensure that your business is successful. Congratulations!! You're out of the starting blocks!!!

The last phase of development is the most gratifying. This is when your mind re-learns to open up. When you were a child, your mind was wide open to new things. That is how children can absorb so much so fast. Successful people, as compared to lucky ones are those that keep their minds open to opportunities. They are also emotionally ready to capitalize upon those opportunities.

In conclusion, I will leave you with this simple thought. You are the only warden over your mind. You hold the keys that can free your mind to see all of the opportunities out there.

Remind yourself of your dreams. See yourself for what you are today. Plan for your transition to success. Execute that plan and then allow your mind to be free and open to all of the opportunities that come along.

To the success of your business!!!

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Credit Card Processing on the Internet

So you have finally finished your e-commerce web site, hired the best web publisher, added all the bells and whistles, outstanding graphics, and great merchandise. Now, how does your prospective customer pay you for your products? Clearly, it is necessary for your site to accept, and process credit card payments, in real time. Failure to do so, would result in a failing enterprise.

Before you can begin the application process, there are several standards that all credit card processors have set. Follow this checklist and you will save yourself a significant amount of time, and aggravation.

1) The checkout, and transaction pages must be secure. This protects the customer from credit card, or identity fraud, which has become epidemic. You achieve this “security” by installing a secure socket layer certificate, or SSL. SSL encrypts information being entered on your site as it is sent across the Internet, so hackers are unable to steal the transmitted information. This Certificate has become very common, and any web host would be able to assist you.

2) A robust Shopping Cart software that utilizes the highest degree of security, and is compatible with the credit card processor. This program must be able to receive, and process orders. Collect personal data, and securely transmit the credit card data from software to the credit card processor. Most importantly, the software should provide the building blocks for a complete, successful customer experience.

3) Your server must have a firewall, especially if you plan on storing the credit card information on your server. Basically, a firewall is a combination of software, and hardware, that inspects incoming data, and filters unwanted, or potentially destructive packets of information. This firewall will not allow hackers to enter your server, and steal sensitive information.

When all these conditions have been met, you are ready to contact your bank to open a credit card merchant’s account. Once your account is opened, your bank will suggest a credit card Gateway. A credit card Gateway receives the customer’s credit card information from your web site, approves or declines the charge, and ultimately transmits money to your bank.

Although the process appears to be very complicated, it is quite straightforward when you know what you are doing. Plan ahead, avoid frustration, and provide your customers with an easy, secure experience that will make them come back for more.

Ted Roxan is a contributing editor of Internet Credit Card Processing Resource

For more details on Internet merchant accounts and Credit Card processors go to: http://myinternet-credit-card-processing.com