Successful Financial Plan

download-12On the surface, the cost of a financial plan is simple: generally between $2,000 and $4,000, depending on its complexity and where you live.

But dig deeper and you’ll find that the plan’s success also depends on you spending time to implement it.

Consider the case of a young physician who recently came to my office inquiring about a financial plan. His primary issues were cash flow with tax considerations, debt service and investment advice. I suggested he would also need an insurance review and estate planning, since he had none. At the conclusion of our getting-acquainted meeting, my colleagues and I quoted a fee for the financial plan and what it would include. He decided to work with us.

Next we had a goal-setting meeting and collected his pertinent financial documents such as his tax return, investment statements, debt statements and more. We provided risk-tolerance questions and discussed his short- and long-term goals in greater detail. Then there was an interim meeting where we reviewed his goals — to be sure we prioritized them correctly — his risk-tolerance results and his investment analysis.

A couple of weeks later, we had a plan-delivery meeting, where we reviewed the recommendations in all the areas of his financial plan. He took the binder home to review and start implementing the plan.

He returned in a month for a progress meeting. He had made some headway on our list of recommendations, but not as much as I had hoped for. At the conclusion of that meeting he told me: “You were very clear as to what the plan would cost me in dollars. What I did not know was the time it would take me to collect the information on which the plan is based, to meet with you, to read and study your recommendations and then to finally implement them.”

He was correct: It costs both time and money to enact a financial plan that will really help you. Eight months later, I received an email from the doctor, letting me know he’d completed all the recommendations. In the end he said the total cost, in terms of dollars and time, was well worth it.

Beware of additional costs

Keep in mind that with some financial service providers, there could be huge additional costs in the form of fees or commissions. This could also be a conflict of interest if your advisor recommends products that pay him more, rather than the ones that are best for you. So be sure you know exactly what fees are involved when you start working with an advisor.

While my recommendations in the doctor’s plan included specific changes to his insurance and investment holdings, I did not sell him any of the coverage plans that I recommended, nor did I sell him the investment products he needed. That’s because I am a fee-only advisor. I want my clients to know that I have no vested interest in the implementation of the insurance or investment part of the plan.

This is not the case for advisors who provide both a plan for a fee and then sell you the investments or insurance products as well. All too often, the insurance recommendations made by those who sell the products, too, include more and larger policies than what I would recommend. It is a sad fact that the commission may be driving the plan recommendations, rather than what is best for the client.

When you are looking for a financial plan, be sure that you use the services of a Certified Financial Planner and that the planner does not sell any products. To find such an advisor near you, contact Garrett Planning Network or the National Association of Personal Financial Advisors.

Tips for Prepare for Emergencies

images-33Last week Kristen and Julia, our rising high-school senior, visited McGill University in Montreal, Canada.  By all accounts it was a hugely successful trip. Julia is thrilled at the prospect of furthering her education and expanding her horizons. She will be 18-years old soon and “on her own” as a freshman, hopefully, at a college of her choice.

Students may be worried about making new friends, studying, and adjusting to college life. Parents or guardians may share these concerns too, but they should not neglect legal and financial matters. Our 18 year-olds are now adults who can enter into contracts, make their own health care decisions, and are afforded levels of privacy to which we may not be accustomed. Who will make medical decisions on behalf of your child if he or she is unable to do so? What will you do if you need to get medical information in a time of an emergency? Will you be able to have access or make decisions on financial/tuition matters with the bursar’s office? Is it important to have access to your child’s academic record? Consider these items allowing parents/guardians to assist their adult children before they leave for college:


Health care proxy
: This document allows your child to name someone they know and trust to make medical decisions on their behalf, if for any reason, they are unable to make the decision or communicate their wishes. While standard forms may be available on-line through state medical societies, your estate planning attorney can draft this document.


HIPPA release:
 The Health Insurance Portability and Accountability Act (HIPPA), a federal law, protects your child’s privacy even from parents. The act prohibits a health care provider from releasing any health care information unless your child provides the health care provider with a HIPPA release form naming you as an authorized recipient.


Durable power of attorney:
 This document allows your child to appoint an agent in order to manage his/ her financial matters. While parents may be paying the tuition bills, this does not grant authority to discuss or resolve their child’s financial issues with the college’s student accounts office or bursar’s office.


FERPA waiver:
 The Family Educational Rights and Privacy Act (FERPA) governs privacy of educational records and prohibits an institution from discussing a student’s record with anyone unless the student has granted authorization. Colleges may allow students to grant access to one or more individuals via an on-line wavier form. However, remember your children are gaining independence and responsibility. Simply engaging your student may prove an equally, if not a more effective means of communication about how they are doing in school.

It is important to keep signed forms available as you may need them if your child is traveling, and remember that authorizations can be modified or updated as their circumstances change.

This is not legal advice so please be sure to contact your estate planning attorney to address these important issues.  If you don’t have an estate attorney ask your family, friends or financial advisor for recommendations.

How be Mindful About Costs

download-13I’m in the middle of wedding planning right now, and it has opened my eyes to just how incredibly expensive this whole thing can be!

 

I’m a frugal person at heart so the idea of spending a ton of money on one day seems a little silly to me. But it’s hard not to get caught up in all of it, and I’m finding that the costs are adding up quickly.

 

So, how do you have a wedding you love without spending more than you can afford? I’ve been thinking about this as I plan my own wedding. I’m fortunate that my parents have been very generous, and here are a few things I’ve learned along the way.

 

Plan Ahead

 

Yeah, I know. Big surprise that the financial planner is encouraging you to plan ahead. But there are two reasons why it’s helpful to make a plan before making any final decisions.

 

First, it’s amazing how quickly even the little costs add up. There are so many different pieces to a wedding that you can make a lot of seemingly reasonable choices and still end up with a big total bill. By planning ahead, you can see that happen before you’ve actually committed to anything and make decisions accordingly.

 

Second, it’s easier to get good deals when you’re on top of things early. Venues get booked, DJs aren’t available, and prices go up. The longer you wait, the less likely it is you’ll get your first choice and the more likely it is you’ll have to pay extra.

 

The Knot has a fantastic wedding budget calculator that can help you allocate funds across all wedding expense categories.

 

Get Creative

 

Your wedding doesn’t have to be like every other wedding. It can not only be cheaper to do things your way, but it can make for a fun and unique experience.

 

A friend of mine had a fall wedding and served pies instead of a wedding cake. This option was delicious and at least half as expensive; with pie at $2 per slice and wedding cake at $4 or more. Another one enlisted the help of her friends to make their own floral arrangements. I’m making small ornaments for wedding favors, out of paper (not expensive) and supplies I already had on hand.

 

Music, in particular a live band, is another expense that can be reduced, involve friends who have musical talents or crowd source a playlist from all your guests. There are an infinite number of ways you can get creative, save money, and make the wedding yours in the process.

 

Consider Your Guests’ Budgets Too

 

Your friends and family want to come celebrate with you, but for many of them it’s a big financial commitment. Doing what you can to make it easier for them will be much appreciated.

 

I have a friend who had a camping option, as one of the accommodations for her wedding. Not only was the price right, but it was a memorable experience. Suggesting accommodation options to guests with a range of prices is always appreciated.

 

For our wedding, we’re trying to make sure that people know how to enjoy themselves during the weekend without having to spend a ton of extra money, so we’re giving them a map of our favorite hiking trails in the area. Little things like that won’t make all the costs go away, but every little bit helps.

Questions About Options You Must Know the Answers To

How to Get Help With Debt Problems A commitment is the state of owning money to either an individual or an association whom you gained money from. Various individuals as a general rule get money and believe that it’s difficult to repay back the money on time however there are a couple association which individuals by reducing them off their commitments and a part of the game plans that are offered are commitment settlement, commitment cementing, credit directing and bankrupt among various sorts of organizations publicized. Obligation union can be characterized as taking a credit so you can have the capacity to settle alternate obligations that you procured and is regularly esteemed to have two or three advantages to the person who has taken up the obligation. It allows all commitment portions to be taken off into a consistently planned portion and this makes it less difficult for a man to manage their commitment and one gets the chance to worry more than one bill only that will have the ability to cover a people unsecured commitments. Debt consolidation also tends to reduce the interest rates that are applied to the individuals debts this is because when the debts accumulate over a long period of time they tend to yield high credit interest rates hence the debt consolidation will reduce the individuals interest rates. It moreover allows a man to pay off their commitment faster thusly when an individual makes the portions it tends to diminish your veritable commitment and this results in the individual having the ability to settle their commitment over a brief time allotment which may even be a year or two and this in a way reduces the individual of stress understanding that they will soon add up to their commitment portion.
What Has Changed Recently With Resources?
It additionally helps an individual keep away from an awful credit picture this is on the grounds that when an individual does not pay their obligation in time it brings down their FICO ratings and when one has a low FICO assessment they can’t have the capacity to secure an advance with any budgetary organization and in the meantime they will get boycotted by the credit agency thus they won’t have the capacity to get to any advance at all.
The Beginners Guide To Options (Finding The Starting Point)
Commitment union moreover allows the individual to welcome the benefit of getting another credit so they don’t need to worry over them being denied a propel this is in light of the fact that advances tend to help an individual settle portions which they feel they don’t have enough money to engage them get a thing. instead of an individual stressing themselves out due to the debt they have they should be able to seek for help to enable them settle their debt.

PJF Tax Introduces Tax Preparation Services

FOR IMMEDIATE RELEASE

(Plymouth, MN)— PJF Tax announced the introduction of their preparation services. The company is looking to help clients save time, money, and frustration this tax season by opting for professional tax preparation. Those who are interested in having their taxes done by an experienced CPA or CFA Charterholder can log on to to discover how they can take advantage of PJF Tax’s support and financial guidance.

“To be honest, most people love getting a tax return check deposited into their bank accounts but loathe the idea of actually having to do their taxes. In many cases, this drives people through the doors of the large tax prep service chains. What they may not know is that we can usually prepare their taxes at a lower cost and with higher quality service. We go over our clients’ tax details with a fine-toothed comb, ensuring that we find every single credit and deduction they are owed so that they can get the maximum return on their investment,” said James L. Sexton of PJF Tax.

The PJF Tax staff is fully trained to prepare taxes, and clients can rest assured that every return is reviewed for accuracy before filing. At clients will be able to take advantage of the company’s online scheduler, which allows them to choose a convenient day and time to meet with the company’s owners to discuss the details of their tax situation. Those who need an estimate before scheduling a meeting can provide their staff with the appropriate details via phone or email.

As Sexton continued, “Simply put, we make our clients a priority. We know that they not only come to us to save them time and money, but that they use professional services hoping to get the largest return possible. If there’s a credit or deduction they can take advantage of, our clients can be confident that we’ll find it. Our team knows that taxes can have a huge impact on a person’s yearly financial picture, and we’ll do everything in our power to make sure they face no frustration when it comes to getting them in order.”

Those who would like to learn more about PJF Tax or schedule a meeting with one of their experienced professionals should visit for more information.

About PJF Tax:

PJF Tax was formed with the mission to provide exceptional, affordable tax expertise. Their team takes joy in preparing taxes and sets out to offer support and financial guidance so their clients can focus on life’s endeavors. Because taxes are only part of the financial picture, PJF Tax provides financial planning, investment, and wealth management advice. They realize taxes have an impact on everything their clients do, and they take a holistic approach to every one of their personal situations.

Source: http://business.poteaudailynews.com/poteaudailynews/news/read/33583115/PJF_Tax_Introduces_Tax_Preparation_Services

3 Accounts Tips from Someone With Experience

Best Mobile Order Processing 2017: Understanding Mobile Application For Managers and Clients

Mobile order processing is the integration of advanced technologies such as mobile devices and mobile applications, into business ordering and tracking operations for faster and easy turnover of goods and services. The goals of mobile order processing include to stabilization and debugging of online order entry and processing system, integration of database with secure data collection and storage, and synchronization of working offline and availability of internet connection.

Mobile order processing uses a card reader and a mobile application or software that record and track orders, creating order processing automation and embrace set of instruments for order entry, monitoring and management. This is an amazing operation solution that diverts the placement and subsequent acceptance of orders, facilitates tracking of order status, shows due invoices, provides ability for lodging quality claims with the company and more. The application involves in leveraged mobile order processing may differ depending on user roles, in that way clients and employees access only the data and tools relevant to their objectives and activities.

A client places order through the system by accessing either the previous order history or the company’s catalogue, check due invoices, monitor order progress, lodge quality claims with relevant information such as narrative description and photos, and track claim status. It allow managers to receive and study client orders and claims, track and process them in the soonest time possible and view complete and relevant client information needed action implementation. The technical support team reviews orders and receives quality claims, and eventually initiates proper actions in respect to the flaws of delivery. With mobile order processing, each team will definitely achieve remarkable results in the optimization of application’s performance, enhancing its stability and reducing support costs borne by customers.

Order processing pertains to the business workflow or operation in which customers orders are taken, packed and shipped, and it is considered as one of the most important functions in any business, especially wholesale distribution. A major component to customer satisfaction is order processing and the speed of its fulfillment, making sure that customers receives the goods or services on time. For a business to create a good impact when it comes to order processing, it is important to provide access to inventory levels, digitize order writing, automate submission, and consolidate order information coming from multiple channels. A business will grow and become successful with the help of modern technology, creating an edge and aligning with industry standards, as well as customer needs.

Source: http://www.mybookofknowledge.com/2016/12/soon-youll-be-able-to-run-your-business.html

The Beginner’s Guide to Accounts

Things to Know About Mobile Order Processing

A mobile device is currently the most amazingly fundamental and staple product that almost every single person who live in this world currently use for their everyday life. And it is mainly due to the fact that a mobile device can basically be used for almost anything that can imagine, whether it is for gaming, communication, photography, business, videography and etc. There is basically no other tool like a mobile device that is not only capable of doing almost everything but it is also portable as well. Another amazing feature of a mobile device is that you are now able to buy stuff along with selling stuff yourself to the online community. It is not only simple and relatively easy to buy or sell stuff online via using your mobile device in this day and age, but it is also easy to find buyers and sellers as well. And it is mainly thanks to the mobile order processing function, which is what we are going to mainly focus to talk about in this article.

A mobile order processing is basically the process and operation that is mainly associated in the picking, ordering, buying and selling of a certain type of item, as well as the secure payment transactions within a certified online store. The mobile order processing would not only put your order in queue, but they will also pick out in their information department whether the store will have the item that you want to order ready for shipping or not. Another function of the mobile order processing is that they will check whether the person who is trying to buy items in the store have certified payment methods in order to complete the transaction as well. And finally, if the mobile order processing saw some errors or discrepancy regarding the order procedure, it will not only kick out the person with the errors or discrepancy out of the queue but they will then move on to the next person in queue.

Almost every online shops that you can find in the web is nowadays making use of the mobile order processing in their online shops to make the process of ordering and sales much easier and simpler. It is currently available to use almost any type of payment transaction method to either send or pay money through a mobile order processing, whether it is from your local to international banking or an online bank. And it is all thanks to the credit card reader, where it can easily process and read all types of credit card to implement transaction payment methods on the mobile order processing applications. Therefore, you can basically give or take any payments or sales almost anywhere in the globe, as long as you have a certified and valid credit card account.

Source: http://www.mybookofknowledge.com/2016/12/soon-youll-be-able-to-run-your-business.html

The 10 Best Resources For Services

Selecting Credit Card Processing Services

Financial tools that form a big part of one’s personal finance are referred to as credit cards. Credit cards use networked structures and systems which enhances payment through a plastic card which is quite simple for one to use without misusing. For credit card processing to be successful, there has to be a card provider, issuer, acquirer and a merchant account. Once the owner of the card uses it for a transaction, information is initiated that triggers a transfer of money from the card issuer to the processing organization. Other payment methods such as electronic cheques, debit cards as well as gift cards are accepted by credit card processing companies.

The credit card issued out to a merchant is authorized by the card processing company. When one makes a purchase with the credit card, the issuing company debits the account of the card user and credits the same exact amount. The company processing the credit card charges a certain amount for the transaction. The merchant then receives the payment as soon as a transaction fee has been deducted. Processing credit cards is a serious task which is why one should consult with a risk professional. Talking to a risk professional will help one know the best merchant account services that will be suitable for them.

One is likely to need multiple credit card processing solutions as a high risk merchant. The professional that one chooses should organize for you to get multiple merchant accounts with different processing banks. This will help one to avoid situations of one getting dropped once the bank drops a category. Such scenarios can only be avoided once one deals with a very experienced and reliable professional. With the rising popularity of e-commerce, people are accepting new payment methods. As an online business, credit card processing is convenient enough for clients who want to purchase your products and services.

Familiarizing yourself with the types of fees charged for merchant services is crucial which include monthly statement fees, early termination fees, interchange fees and set up fees for a website. One should also familiarize themselves with the kinds of payment that are acceptable to the service provider you have chosen. This will help eradicate any challenges that clients face once they are paying for your products using their credit cards.

The process of choosing a credit card processing company that will suit you is quite a daunting task. One should ensure that the company they choose provides solutions that are suitable for both high and low-risk merchants.

Source: http://www.stackbuddy.com/business-owners-ignore/

Case Study: My Experience With Accounts

The 7 Advantages of Credit Card Processing

It will be necessary to decide if credit card processing is appropriate for your business because many of your clients will offer to pay through cards from time to time. While it involves some costs, especially during the initial stages of setting up everything that is required, the returns are amazing. 7 of the top merits of credit card processing are highlighted next.

The sales revenue in your business will increase significantly once you accept credit cards from customers. Note that the primary objective of your firm is to make as many sales transactions as possible. Accepting cash payments from your clients will limit your sales significantly since you keep out those who wish to pay via cards.

One notable merit of credit card processing is that it encourages impulse buying, which is beneficial for your business in terms of increased revenue. Holders of credit cards feel more in control when using them for purchases than when using cash because the latter is full of inconveniences. Statistically, cash shoppers tend to purchase fewer items than their counterparts who pay via credit cards.

Though the implementation of a credit card processing systems involves upfront costs, it will result in substantial savings of costs in your business over time. Top among the reasons for the cost savings is the implementation of a compliant system of credit card processing in your firm. In case you compromise customer data, they can lose trust in your business, and you will pay hefty fines.

It is possible to expedite your check out line when you accept credit cards. It will be possible to serve a high number of clients, and that will enhance your sales volumes. If customers discover that your checkout is slow, they simply walk out and try the nearby stores.

The credibility of your business will increase if you accept credit cards. Once a display of logos from credit card companies is made on your site or storefront, you will get the attention of holders of cards, and that will make it increasingly likely for them to buy from your store.

Business competition is fierce and, most likely, a majority if not all of your rivals are accepting credit card payments. It is by implementing a credit card processing system that you will make the playing field level. Online trading particularly is something you cannot engage in unless you accept credit cards.

Your bank account is credited after a few days of processing a credit card transaction. That increases your cash flows significantly because you can handle all your business costs and expenses without delays. On the other hand, checks take weeks to clear, and this can cause serious cash flow problems, especially for a startup or small business.

Source: http://www.newstability.com/business-expanding-fast-time-prepare-growth-remain-stable/

The Path To Finding Better Services

What You Should Consider to Select the Right Merchant Processor

Almost all the firms today accept credit cards. If your business doesn’t, then it’s high time it started receiving debit and credit cards, as they are being significantly employed by buyers to make purchases on account of the convenience component.

The credit card sector has changed the way in which individuals make payments and therefore are continuously developing fresh improvements like cash back bonuses, mileage credits, and many others to make them more appropriate for clients. Small, internet business owners are cautious about credit card purchases, since they’re unsure about selecting the most appropriate merchant processor. Given here are several guidelines that will assist you to pick the best merchant service.

Your search for a superior merchant service may stop with the financial institution you are doing business with. Nonetheless, not all banks supply business solutions to start-ups or new firms. The standard practice on most banks will be to prevent offering merchant processor services to a business that has been in operation for less than a year. Nevertheless, when you can tell the lender, you can’t choose a safer merchant processor than where you do your business banking.

Pick a merchant processor that the peers might refer you to. One might have been utilizing the services of particular vendor processor company for a considerable period of time, and therefore can give you his feedback and assist you in making the right decision.

You’ll realize that there’s not really a single exchange fee and percentage across all banks. The purchase charge and percentage for credit card purchases in addition to credit card acquisitions vary from bank to bank. Do substantial study about the particular prices provided by each lender relevant to particular cards.

Sometimes numerous companies get together via a trade organization to negotiate prices with a merchant processor. Thus, the merchant service could cost less, when compared with the present industry prices. Investigate this possibility to see if you can get some rewards.

Do not select these merchant processors who behave as brokers for a completely independent sales business (ISO). Pick an ISO who works together major banks. You will not go wrong there. The local chamber of commerce may be able to assist you out in this respect or even the regional board of trade.

Select a merchant processor that is connected to big time main banks. This assures excellent services and regular funds to your credit checking account, that is an absolutely must for any organization.

Learn how long your merchant processor has been doing business. This will not be your only parameter of choice, however it does provide you with a very good sign of that which you can get in the vendor processor. Moreover, it will be definitely better to utilize a well-established merchant processor. You have to also attempt to acquire some concept concerning the customers who’ve worked with him. The more the customers the greater it’ll be. More significantly, if the processors has some large customers up their sleeves, then you’re much better.

Additional key elements to think about include the agreement duration, manual cad processing and customer care. Your vendor processor should be identified for the remarkable customer care. the working hours should be commensurate with those of your company. Additionally you should be in contact with the merchant service at odd hours at times, in case there is issues. Select someone by considering each one of these elements.

Source: http://www.techiestuffs.com/the-latest-tech-that-retailers-should-take-advantage-of-this-year/

What Do You Know About Accounts

The Benefits of Using Mobile Credit Card Processing and Other Credit Card Processing

Credit card processing is actually there to give you three ways to process you credit card through your mobile phone. Mobile credit card processing, Processing through a wireless terminal and processing through an ecommerce merchant account are the three ways you can use in processing your credit card payment.

It is very important for you to read the following information if you are not yet that knowledgeable enough about the different features of these three ways of credit card processing. It is very important for you to understand the different functions and features of the three ways of credit card processing so that you will be able to choose properly between the three. The three ways of credit card processing also have different pros and cons, and you need to also know it.

The first thing you need to know is that, the charges of the three ways are actually different. This is very important for you to know if you are that kind of person who is very particular with fees. In this way, you can be able to weigh the monthly charges you will pay and choose for the credit card processing that can give you a lower transactional rate.In knowing the different charges that these three ways of credit card processing can give you, you will be able to decide what credit card processing to choose. The e-processing and the mobile credit card processing only require a monthly fee. But a wireless mode requires a monthly fee plus an access payment.

Outwardly, the use of mobile phones is the requirement of the mobile processing, the use of wireless terminals is the requirement of wireless processing and the use of the internet is the requirement of an ecommerce account.

The credit card of the customer needs to seen in the ecommerce processing and in the mobile credit card processing. While in the wireless processing, the customer’s credit card’s physical appearance is not highly needed. In every transaction, it is a mandatory that the consumer’s credit card needs to be swiped before the clerk processes his payments.

These three credit card processing have no difference when it comes to security safety. Some people think that using a mobile credit card processing is not that secure because of the mobile applications that is updating it are not developed very well. This also leads to the people’s comparison of the security level of the mobile credit card process versus the security level of the wireless processing and the ecommerce processing. But this is not always the case because these three credit card processing systems have actually the same level of security. Actually, mobile credit card processing is less popular among the three credit card processing systems not because it is less secured but because of the promoters and the advertisers it has. Even so, it is already becoming popular just like the other credit card processing.

Source: http://www.todayisfree.com/speed-payments-business-quick-tips/

What You Should Know About Businesses This Year

Tips on Selecting a Card Processing Company

If a business owner plans to accept credit and debit cards be it in person, online or via phone they will have to choose a card processing company to accept the cards. It is good to state that a study noted that firms that do not accept credit cards miss out on about seven thousand dollars in sales annually whereas another study done some years back noted that the number of credit card payments increased in popularity among young shoppers which is an indication that most businesses is adopting the use of credit and debit cards. Choosing a great credit card processing company is not as easy as it sounds and because it is a huge financial decision thus it is wise to compare the many merits and demerits of various companies before signing a contract.

The primary thing to note is how much the fees and other costs are but in most common cases credit card processing fees can reach 5% on everything the business earns from both the debit and credit card sales, but some companies might charge less than others for the same product and service level. There are many credit card processing fees such as interchange fees, monthly statement fees, application and setup fees, monthly minimum fees, monthly gateway access fee and early termination fee.

The truth is that interchange fees are fees that are charged for every transaction that the person processes and it is paid by the payment processing company to the bank that issued the card and the rate that person will pay for the transaction depends on several factors such as the type of card accepted (debit, credit or rewards card), the transaction type (whether it is done online, in store or by phone) and the size of each transaction. Bigger and fewer transactions have lower fees whereas in-store transactions will cost less interchange fees since the card is physically present thus there is a lower risk of fraud. A known fact is that monthly statement fees are fees that are charged by the credit card processing company on a monthly basis to cover the expense of mailing the business a statement. The truth is that application and statement fees are charges that are charged for applying for the processing service, setting up the needed equipment to accept credit cards and these fees vary widely depending on the credit card processing company. A fact worth noting is that monthly minimum fees are the lowest amount of fees the processing company will charge to meet the minimum cost.

Source: http://www.technogrub.com/2016/12/improve-store-tech-upgrades/

Services Tips for The Average Joe

Customer Experience: Benefits of Mobile Payment Processing

The innovative solutions developed through advanced technologies have developed mobile payment options to address the emerging needs of modern people, without swiping credit or debit cards or bringing out some enough cash for their purchases. Mobile payment processing involve the utilization of payment software or mobile application for faster and easier payment processing. Whatever business size or industry you are engaged with, merchants are continually growing and are now reaping the benefits of using mobile payment processing methods. The mobile POS system provides businesses a new avenue to accept payments, increasing customer engagement, improving flexibility and a more positive overall customer experience.

Some of the benefits that mobile POS system bring to businesses include closing more sales, reducing queue time, enabling diners to pay from the table, access actionable data quickly, integrate and increase customer incentive programs, track customer trends and inventory, save money on credit card fees, and happy and loyal customers. Mobile payment processing provide businesses a wider customer base, empowerment and increased profit or revenue. It is really easy to accept payments using mobile payment processing by simply attaching the card reader to a tablet or smart phone, then you are ready to accept payments wherever and whenever your business takes you. Customers are expecting that they have an option not just being able to pay through cash, credit or debit card, but also through their smartphones.

Mobile payment processing enables businesses to integrate loyalty and incentive programs into mobile payment applications, instead having customers to keep up with key ring tags or punch cards. Through this technology, it empowers transactional marketing and relationship marketing into one, thus adding value to customer experience. It allows customers to come back and purchase goods or avail services which increase revenue. With the use of mobile card readers, customers doesn’t have to wait a long checkout line, serving more customers more quickly. Business operations is properly managed, providing more stability, track products or services that are on demand, speeding up inventory and monitoring of sales. Customer behavior can be studied thus merchants increase their knowledge and understanding on buyers varying needs and wants. It increases sales in a shorter period of time and increases turnover of products to prevent expiration and wasting. Customers will greatly appreciate the technology, flexibility, speed and convenience brought about by mobile payment processing.

Mobile payment processing really helps businesses grow and succeed on whatever business goals they have. If you want to know more about the details of mobile payment methods, you may check our website for more details. Allow us to help you find the best payment methods for your business.

Source: http://www.technogrub.com/2016/12/improve-store-tech-upgrades/