Cards Tips for The Average Joe

A Guide to Credit Card Payments

It is not really essential that businesses accept credit cards as a form of payment for purchases. However, if small businesses accept credit card payments the they make is convenient for their customers and will also allow them to make larger purchases because the payments are delayed anyway. Most consumers do not want to give vital bank account information and so they are happy that when they shop online they can use their credit cards when making purchases.

However, small business must apply to be able to accept credit card payments from their customers. This means that your storefront will need to set up a merchant account through your bank or a financial institution. So when the application is approved you business can now accept the most common credit card available.

After the merchant account has been approved, you will want to either lease or otherwise buy credit card processing equipment to be able to process these cards through your financial institution, or buy an inexpensive portable card reader which you can attach to your smartphone by using its earphone jack. To know if the credit card used is approved or declined at the point of sale you simply insert the card and the card reader and an immediate verification will be received.

For online stores, the merchant account can be obtain through the traditional means called payment gateways. This payment is your doorstep to making sales online. So when a customer makes an online purchase in your online store, you company can charge your customer’s credit or debit card. Businesses online can also opt to use online payment processors. An online payment processor is a financial institution providing payment processing services to an online merchant. These companies, in partnership with other companies deal directly with consumers or merchants. A good example is pay pal. Most consumers trust these sites where they know that their financial information is secure. This provides them with additional online security.

It is important to understand fees since many credit card processing accounts will charge a discount fee per transaction. This means that a percentage of the total purchase amount will be charged to the retailer for processing the credit card transactions. Some will charge a fixed charge per transaction, others charges a monthly, quarterly or annual fee. You should consider your options well when choosing a credit card processor based on the needs of your business.

So if you agree to accept credit card payments for purchases then you agree to the fees associated with this privilege. You should not charge this fee to your customer or require them for a minimum purchase amount.


What Has Changed Recently With Merchants?

Things to Consider When Choosing the Methods of Funding your Business

Whether you’re searching for funds to start out up a business or grow one, picking a proper source of company funding can be extremely tedious. The numerous readily available funding choices on the market usually leaves most people spoilt for choice. However, to ensure that you to take advantage and make suitable decision it’s important to severely understand the merits and demerits of the possibilities you’re about to indulge in. The following factors will help us get started in this endeavor.

Understand the cost of finance

Whichever method of financing you’re planning to go for it is important that you think about the result it will have on your income. Usually, a great financing choice is one that tries to maximize the company prosperity and decrease the costs of funding. It’s therefore important that you assess by comparing and contrasting one source of capital with the rest as a way to establish one which has the lowest cost of capital of them all. For instance if you compare the cost of financing of borrowing from family and friends vice vie getting a loan from lender institution, it is evident that the later will be more costly than the former keeping in mind the interest rates and other associated fees involved.

Amount of risk involved

Whenever choosing the kind of capital solution for your business it is important that you first understand the level of dangers involved should you neglect to meet the financial obligations. Loan received from friend and families’ means jeopardized relationship and confidence while those purchased from lenders and other banking institutions will lead to liquidation of assets and current liabilities. This risk factors makes it hard to acquire a loan more so for start-ups and also makes it costly to finance the loans and equity.

Degree of control

Control is another aspect that is important when you choose which way to obtain your finances from. Business people who like keeping their control and decision making process at their own hands are recommended to go for loan money instead of equity money. Collateral funding on the other hand has its fair share of rewards. Independent of the added money, the investor’s suggestions and insight are also important for the success of the organization. Thus pick the most suitable choice according to your organization requirements and structure.

Period of borrowing

Before borrowing it is important to be clear on the time duration you need the loan and also the payment time. It’ll be suitable and cost effective for the company to fit up this two factors if you’d like to substantively use your finance for advancement purposes.


Questions About Services You Must Know the Answers To

The Merits of Filing Tax Returns

The people in the country plays a huge role in boosting its economy by been tax compliant. The local and national governments have huge roles in collecting tax from the residents and other institutions. The cash collected as levy is usually used to develop the country. Remunerations of the people employed to serve the public is funded by the taxes collected. Construction of roads and rural electrification is done by the government in many countries. The citizens, institutions, and businesses have the mandate to pay taxes to facilitate rural and urban development. The process of making tax returns is done every year in almost all the countries. The companies in that country are able to indicate what they earned in that financial year. It is an obligation for companies, institutions and citizens to file tax returns. Henceforth, it is an easy task for the authorities to control and manage the economy.

There are many reasons why people evade paying tax. They are unable to keep the set time and dates by the authorities to file the returns. There are clear set deadlines by the government. Many countries have digital platforms which allows their residents to have access to the website and make tax returns. The period for making tax returns may be closed after a specific period. Another reason is because some people want to evade filing costs. Some people have unnecessary fears that if they pay tax they will become poor. This actions affects the growth of the economy negatively. Paying levy is an important aspect. The merits of filing tax returns are outlined below.

In many countries, filing tax returns is an obligation of every person who is and adult. Failure to make the returns before the specified date and time accumulate penalties. In order to avoid these fines, businesses, companies and citizens should make their tax returns before the deadlines. Another advantage of filing returns is because it is a requirement by many banks and other lenders before they give you a loan. Individuals that are not tax compliant are not allowed to get the services of banks and various micro-finance. It is, therefore, good to file returns to enjoy loan benefits from them.

Good and responsible residents of the nation always pays tax and make sure that they file their tax returns. It is the desire of the loyal and dependable citizens that their economies may grow stronger than other economies because they love their nations. These people have great love for their country and therefore, they makes sure that they file their tax returns and also pay their annual levies. They should be obedient to the dates set for filing tax returns and for paying their revenues. A good citizen pays revenue without delays. It is not allowed by the law to evade payment of revenues. Jail terms and other heavy penalties should be set for the individuals as well as institutions that are not tax compliant.

Source: Tax Return