Month: March 2017

Why Are Mobile Payments Important

With millions of mobile device users all over the world and online shopping growing in leaps and bounds, being able to accept payment via mobile devices should be on any business’ priority list. There are many ways in which providing this service can benefit your business

The importance of mobile payments
Mobile payment solutions enable businesses without a POS system to accept almost any type of payment. It enables merchants to get up and running at relatively low costs and gain access to their funds almost immediately. Pay by phone solutions enables even taxicab drivers and jewelry designers, who have not been able to accept credit card payments before, to increase sales and expand their businesses. Another benefit of this solution is the fact that businesses get better insight into their transactions, enabling them to make more informed business decisions. Through mobile payment methods, customers are also able to access local business information, send gift vouchers and participate in loyalty programs.

Any company that offers a service or sells products to people besides in retail stores will greatly benefit from a mobile point of sale. Mobile payment technology brings the till to the location where the financial transaction is to take place. It can be completed right there and then, offering high levels of convenience to both the shopper as well as the business owner. Pay by phone methods also eliminates the need for businesses to purchase expensive equipment or sign up for contracts to receive credit card payments.

As mobile devices use open operating systems to provide an easy platform for software developers to deploy applications, this can pose a potential security risk regarding data security and privacy. When it comes to mobile payment solutions, however, transactions are protected with a point to point encryption technology. Data is encrypted on the card reader itself, and no information is stored on the merchant’s mobile device or the card reader.

They are used in businesses of all types and sizes. Large organizations that have been accepting credit card payments manually are now able to save substantial processing costs through pay by phone solutions. Business to business merchants can also greatly benefit from a mobile payment solution. For instance, a supplier can take orders from his customers and have them paid for immediately on delivery.

Consumers are increasingly purchasing goods and services via their mobile phones, and as the consumer demand for mobile payment solutions continues to rise, all businesses should be able to provide their clients with these secure and convenient payment methods.

Mobile payment has gained increased popularity in the sector of Information and Communication Technology. The options to purchase goods and services over the internet are now made available on mobile phones. Consumers can now pay for their transactions of goods and services with their mobile phones without the use of cash or payment cards.

Mobile payments are remote or in-store payment transactions that are conducted with the mobile phones. There are various methods of making the payment from secure SMS to contactless (Near Field Communications). By using NFC Stickers, normal mobile phones can be converted into NFC devices.

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Dangers of Taking a Loan

The mortgage is a loan taken by a person in the security of some asset having the same value. The security may be a land or building. But it is quite interesting to know about the origin of the word “mortgage”. It is a French word consisting of two words “mort” that means death and “gage” that means pledge. The actual word meaning of mortgage is pledge until death.

Be aware of the dangers of missing payments or dangers of taking a loan.

Many people take mortgage loan for various purposes. The main thing you have to take care of while taking a loan is to be punctual in paying off at the specified interval as per the nature of the loan. Even though it is very helpful for us at critical conditions, we have to know the dangers of missing payments. Missing loan payments is a serious crime, even though you may not deliberately do it.

Foreclosure
One of the main dangers of missing payments is foreclosure. Most of the mortgage loan is secured by a home. If you are not able to pay the loan, the bank has the right to take possession of your property. They will get back the balance amount in your mortgage by selling the property. Bank usually decides for foreclosure, only if you miss three consecutive payments. If the bank forecloses your home, you will have to move out of it giving up all of it to the bank.

If your payment balance is more than the value of the property, the lender will forward a deficiency judgment against you. You have to give to your lender additional money after you have been removed from your home. If you wait to contact your lender, you have to face more difficulties to escape from the problem. Therefore, approach your bank and try for any adjustments, if possible.

Credit card damage
No mortgage lender allows you to skip the payment. Suppose you miss a payment, all the remaining payments are considered as late or delinquent. For example, you miss the payment of August. When you make the next payment in September, the bank considers it as the payment of August. The same happens in the coming months also. In short, you will be late until you pay the skipped amount.

Many mortgage owners are not aware of this problem. They find out that they are at high risk only when they apply for credit card or an auto loan. But, by then, their credit has been damaged, and it can only be repaid over time. The best way to avoid this problem is never missing a payment. If you cannot pay double the amount in the next month, try to make a little extra each month until you cover it. Sometimes, you may have to live on a tight budget, but, it is better than getting your credit card ruined.

If you miss one or two payments, you have to repay the amount as soon as possible. Otherwise, penalties, legal fees, and late charges may be added to your loan balance. Also, you will not get any loan benefit such as lower rate incentives Cash. You also lose the future financial benefits.

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