Saving Money, Making Money, and Protecting Financial Security

June 10, 2015

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Some Rhode Island business owners may wonder why I wrote a second edition of a book on credit card processing, Retailers Guide to Merchant Services when I am trying to make a living selling life insurance. My response is that I look for opportunities to serve my customers and anyone seeking information on increasing their profits and saving money on expenses. When they can save money on expenses, it frees up money that they may need to protect their financial security.

I have noticed there is still some confusion over some of the issues involving credit card processing even after the new legislation which was enacted in 2009. The industry is always changing. At times, the new changes have caused confusion and controversy. However, our society has increased their use of credit cards and there does not seem to be an end in sight.

Over the years, credit cards have been in and out of the news as new thieves stole credit card information from naïve consumers, causing them to lose billions of dollars. Since credit cards have been processed on the Internet, the identities of billions of customers has been uncovered and shared with nefarious thieves whose only desire is to control massive amounts of wealth.

Even though the United States is responsible for only one quarter of the credit card transactions in the world, about one half of credit card fraud occurs in the U.S. Therefore, the banking industry is attempting to alleviate this problem with fraud by attempting to adapt new technology which would make credit card users less vulnerable to fraud. As a result, business owners must comply with the new EMV technology by October 15, 2015. The EMV technology will better protect the consumer and the business from credit card fraud and identity theft.

As of 2012, there were 26.2 billion transactions involving credit cards in the U.S. This resulted in a $2.48 trillion dollars in money spent. In 2003, there were only 19 billion transactions. Two thirds of all business and consumer purchases were made with credit cards in 2012.

As credit card use has increased substantially since 2009, it has resulted in an increase in credit card fraud at many of the major retailers. The EMV technology involves the replacement of many credit cards with the new chip technology which holds all of the data for the owner of the credit card to identify him/her. A chip will be installed onto credit cards and this will involve the use of a new credit card machine which will be able to read the chip on the card.

Many countries such as Europe, Canada, Latin America, and the Asia/Pacific region, are already using the EMV card and have experienced a significant reduction in the amount of credit card fraud. The U.S. is one the last countries to take the plunge. Therefore, we have much to gain in learning all about this new technology.

The substantial increase in credit cards is also an indication that the job market has improved and gasoline prices were lower at the end of 2014. Part of the reason for the increase in credit card use is the increase in on-line shopping which requires a credit card. Tuition costs and loans have also increased over the past year by $5.8 billion.

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Important Information for Startups and Storefronts.

May 4, 2015

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For anyone who is currently operating a storefront or who is considering starting a business, it is important to understand the ways in which one may collect money for selling products and services, whether on the Internet or at the storefront. Making the right decision will help to increase the business profits.

When developing a business idea, it is important to include plans for managing the collection of the money to ensure that the business is making the maximum amount on the products and services while keeping the costs of doing business as low as possible. Therefore, it is best to research all the options and the costs involved.

In this day of digital products, it is amazing how many business owners still insist on accepting cash only for their businesses. By doing so, they are overlooking the fact that customers like choices and their competitors are constantly seeking ways to have a competitive advantage over other businesses. We cannot afford to overlook the advantages to accepting credit cards at the place of business, especially if we have a quality product or service to offer consumers.

I have recently published a new book for startup businesses about the credit card processing industry with the latest developments on the laws regarding credit card acceptance at storefronts and online. The book, The Retailer’s Guide to Merchant Services, includes information about rates, fees, advantages, and disadvantages of collecting credit cards. Join my mailing list.


Chip Card Technology – Protection against Credit Card Fraud

April 27, 2015

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On October 1, 2015, all retailers who accept credit cards have to install chip card technology on their point of sales systems. This technology will enable the merchant to authenticate transactions on credit cards and thereby help to reduce fraud when acceting credit cards at their place of business.

By installing this technology, the credit card processing machines and point of sales systems will be able to read the embedded computer chip on payment cards which contain important information to verify the customer and his/her transactions. This will help eliminate fraudulent transactions. Any business which does not install the technology could be subject to fraud.

Other countries have already instituted this program and have experienced a drop in consumer fraud involving payment cards such as credit cards. For more information about installing the technology, merchants should contact their credit card processing companies. American Express is offering a $100 refund for ugrading to this technology.

For more information on credit card processing, please request my newly revised book, “RetailersGuide to Mechant Services” on the contact form for this site.


Free e-Book on Merchant Services

February 1, 2015

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In order to remain in business, the business owner must have an effective way of attracting customers to the business. Once they are attracted and use the services or purchase products, the customer should be given an incentive to return for repeat purchases. One of the incentives would be a variety of payment options which would include cash, check or credit card. When the business owner is prepared to accept payments from their customers and makes it convenient for them to spend money, they are in a better position to realize a gain from their profits.

To help business owners understand their merchant services accounts and how to make more money for their businesses, I am giving a free copy of my e-book, The Retailers’ Guide to Merchant Services, which includes the details on processing credit cards and how to save money with them. The e-book will be ready within the next week, as I have revised it. You may request a copy of the e-book on the Contact form located withing the first posting on this blog or on the “Contact Me” Page on the Menu bar. I will add your address to receive the newsletter which will be sent each month. The first issue will arrive with the e-book download.

If you have any questions about receiving extra cash to finance your business, please use the form to send me your question about that as well. As soon as the e-book is ready, I will send it to you.


New Edition – New Price

June 26, 2013

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For those of you who are seeking detailed information on credit card processing and choosing merchant services, I have reduced the price of my e-book, The Retailers Guide to Merchant Services, from Storefront to Internet.

Detailed information on the different accounts offered, the machines, and tips to boost your profits on-line.  Get you copy today!

Support independent publishing: Buy this e-book on Lulu.


Managing Credit Card Debt

January 22, 2012

Managing Credit Card Debt.

So many of us have accumulated debt which we is difficult to pay off. This is what has happened in this economic crisis that we have endured for the last four years. Debt has been a problem throughout the history of mankind. Perhaps the most unfortunate country has been Greece who at one time in their history, took 1000 years to recover from its debt problems.

Read more: http://bizcovering.com/business/managing-credit-card-debt/#ixzz1kDFsM78P


Credit Card Swipe Fees Cut in Half

October 5, 2011

Consumers will be happy to know that the Federal Reserve has set limits on the rates for credit card swipe fees that the banks have been charging the retailers, effective October 1, 2011.

As a result, credit card processing fees can no longer exceed twenty-one cents per transaction and 0.05% of the purchase price. This is much lower than the previous rate of from 1% – 2% of the transaction. The only drawback to this is that the banks will charge the maximum fee for purchases on small ticket items.

This new ruling is expected to save consumers about $7 billion and to help stimulate the economy. In retaliation, however, the Bank of America is charging a $5.00 monthly fee on debit cards and the other banks may follow suit.

This is one of the last regulations that the Federal Reserve Board is enacting in an attempt to regulate the banking industry. There have been many reforms over the last two years which were enacted to reduce the fees that consumers were paying for banking services. However, the bankss seem to create more fees on other products in an effort to recoup their losses.