Saving Money, Making Money, and Protecting Financial Security

June 10, 2015

Worldwide-EMV-Deployment-and-adoption

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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The Financial Policies of Greece and the United States

November 9, 2011


Greece is a country which has had its share of misfortunes due to the inability to manage money properly.

Greece’s problems did not begin in its recent history, but rather over a number of years, beginning with its ancient history. Greece has always been dependent on income from its agricultural activities, being well-known for its olive and olive oil production. Unfortunately, it has been very reluctant to produce new and improved tools for growing and cultivating the crops. For example, in the 1820’s, Greece was still using farming tools which dated back two thousand years!

When businesses fail to upgrade their industrial tools and products, they lag behind other countries and businesses which are producing and marketing the same products with new and improved tools. This results in more earnings for the countries which are more up-to-date. We have seen this happen in the United States with Borders Bookstore, which refused to market e-books and Polaroid Corporation, which refused to produce a digital camera.

Despite the lack of progress in upgrading tools, Greece has always paid better than average wages for the work which they did. If a country is not producing because of its failure to upgrade its manufacturing tools, the country will lose money because other countries are more efficient in producing goods. Instead of using money to upgrade tools and products, Greece gave workers a better than average salary, which caused financial problems for the country.

Unfortunately, Greece’s problems stem from an inability to properly manage its revenue. Unlike the United States, the bankers are not knowledgeable about managing money. The early settlers of the United States learned how to manage money according to Biblical principles, enabling it to prosper and the nation’s money handlers are still following these principles which are based on the Bible. Accordingly, one per cent of the population in the United States has control of fifty-four percent of the wealth, which helps the United States to remain prosperous.

The situation in the United States is not an ideal situation, as more of the population should have more control of the wealth. There is clearly a need for education on how to manage money properly. Because of the many people in the United States who do not manage their money properly, they become victims of unfair fees and charges on their banking accounts. The poor end up paying exorbitant fees while the rich do not pay banking fees.

During the economic crisis of 2008 in the United States, the banks, insurance companies, and automobile industry had to request a bailout to alleviate their financial woes, while Greece had to request assistance from the European Union. There is clearly a difference between the abilities of the two countries to manage their finances.

In conclusion, countries must adopt sound financial principles for managing their money in order to prevent an economic crisis which could affect other countries which depend on their resources.


Globalization and Its Problems in The Workplace

May 13, 2011

 

Globalization and Its Problems in The Workplace

 
Anyone working in the global economy is going to be challenged because of the additional skills that they must learn. (To read more, click onto the above link.)
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Waves of Immigration Into The United States

May 9, 2011

 

Waves of Immigration Into The United States

 
People have been coming to the U.S. voluntarily since the 17th century and each wave of immigration is characterized by trends as groups of people migrate to the U.S. for jobs and to flee an unjust government….. to read more, click onto the above link.)
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Is Unemployment Out of President Obama’s Control?

April 25, 2011

 

Is Unemployment Out of President Obama’s Control?.

 
Many people are dissatisfied with the unemployment picture because they cannot find jobs or they have to accept lower pay. Are people doing all they can to find jobs? (read more…click onto the above title)

To join a forum discussion on this topic, please go to: Broken Controllers.

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Recovery for The United States

March 11, 2011

Recovery for The United States.

Some economists believe we have recovered from the recession.  Some believe there are more problems brewing.  There are three areas of concern which this article covers. Knowing the problem areas will help you in planning your business.