Credit Card Land

Your credit card is stolen. You place a phone call to the number provided in your tourist guide or in the local daily press. You provide your details and you cancel your card. You block it. In a few minutes, it should be transferred to the stop-list available to the authorization centres worldwide. From that moment on, no thief will be able to fraudulently use your card. You can sigh in relief. The danger is over.

But is it ?

It is definitely not. To understand why, we should first review the intricate procedure involved.

In principle, the best and safest thing to do is call the authorization centre of the bank that issued your card (the issuer bank). Calling the number published in the media is second best because it connects the cardholder to a "volunteer" bank, which caters for the needs of all the issuers of a given card. Some service organizations (such as IAPA - the International Air Passengers Association) provide a similar service.

The "catering bank" accepts the call, notes down the details of the cardholder and prepares a fax containing the instruction to cancel the card. The cancellation fax is then sent on to the issuing bank. The details of all the issuing banks are found in special manuals published by the clearing and payments associations of all the banks that issue a specific card. All the financial institutions that issue Mastercards, Eurocards and a few other more minor cards in Europe are members of Europay International (EPI). Here lies the first snag : the catering bank often mistakes the identity of the issuer. Many banks share the same name or are branches of a network. Banks with identical names can exist in Prague, Budapest and Frankfurt, or Vienna, for instance. Should a fax cancelling the card be sent to the wrong bank - the card will simply not be cancelled until it is too late. By the time the mistake is discovered, the card is usually thoroughly abused and the financial means of the cardholder are exhausted.

Additionally, going the indirect route (calling an intermediary bank instead of the issuing bank) translates into a delay which could prove monetarily crucial. By the time the fax is sent, it might be no longer necessary.

If the card has been abused and fraudulent purchases or money withdrawals have been debited to the unfortunate cardholders' bank or credit card account - the cardholder can reclaim these charges. He has to clearly identify them and state in writing that they were not effected by him. A process called "chargeback" thus is set in motion.

A chargeback is a transaction disputed within the payment system. A dispute can be initiated by the cardholder when he receives his statement and rejects one or more items on it or when an issuing financial institution disputes a transaction for a technical reason (usually at the behest of the cardholder or if his account is overdrawn). A technical reason could be the wrong or no signature, wrong or no date, important details missing in the sales vouchers and so on. Despite the warnings carried on many a sales voucher ("No Refund - No Cancellation") both refunds and cancellations are daily occurrences.

To be considered a chargeback, the card issuer must initiate a well-defined dispute procedure. This it can do only after it has determined the reasons invalidating the transaction. A chrageback can only be initiated by the issuing financial institution. The cardholder himself has no standing in this matter and the chargeback rules and regulations are not accessible to him. He is confined to lodging a complaint with the issuer. This is an abnormal situation whereby rules affecting the balances and mandating operations resulting in debits and credits in the bank account are not available to the account name (owner). The issuer, at its discretion, may decide that issuing a chargeback is the best way to rectify the complaint.

The following sequence of events is, thus, fairly common :

1. The cardholder presents his card to a merchant (aka : an acceptor of payment system cards).

2. The merchant may request an authorization for the transaction, either by electronic means (a Point of Sale / Electronic Fund Transfer apparatus) or by phone (voice authorization). A merchant is obliged to do so if the value of the transaction exceeds predefined thresholds. But there are other cases in which this might be either a required or a recommended policy.

3. If the transaction is authorized, the merchant notes down the authorization reference number and gives the goods and services to the cardholder. In a face-to-face transaction (as opposed to a phone or internet/electronic transaction), the merchant must request the cardholder to sign the sale slip. He must then compare the signature provided by the cardholder to the signature specimen at the back of the card. A mismatch of the signatures (or their absence either on the card or on the slip) invalidate the transaction. The merchant will then provide the cardholder with a receipt, normally with a copy of the signed voucher.

4. Periodically, the merchant collects all the transaction vouchers and sends them to his bank (the "acquiring" bank).

5. The acquiring bank pays the merchant on foot of the transaction vouchers minus the commission payable to the credit card company. Some banks pre-finance or re-finance credit card sales vouchers in the form of credit lines (cash flow or receivables financing).

6. The acquiring bank sends the transaction to the payments system (VISA International or Europay International) through its connection to the relevant network (VisaNet, in the case of Visa, for instance).

7. The credit card company (Visa, Mastercard, Diners Club) credits the acquirer bank.

8. The credit card company sends the transaction to the issuing bank and automatically debits the issuer.

9. The issuing bank debits the cardholder's account. It issues monthly or transaction related statements to the cardholder.

10. The cardholder pays the issuing bank on foot of the statement (this is automatic, involuntary debiting of the cardholders account with the bank).

Some credit card companies in some territories prefer to work directly with the cardholders. In such a case, they issue a monthly statement, which the cardholder has to pay directly to them by money order or by bank transfer. The cardholder will be required to provide a security to the credit card company and his spending limits will be tightly related to the level and quality of the security provided by him. The very issuance of the card is almost always subject to credit history and to an approval process in Europe. Unfortunately, the same cannot be said about credit card issuers in the USA. This lackadaisical vigilance, the monpolistic practices of certain credit card companies, the Kafkaesque procedures and the arbitrariness of the results - put both merchants and credit card holders at risk. Whatever it is that credit card companies provide - it is not guaranteed payment or secure refunds.

Information about how online credit card processing works

So you are a merchant with a website and you wish to process credit cards online because you are aware that credit card processing is the most convenient and most common mode of payment on the internet. Well, first of all, besides your website or online store you need to have a merchant account provider, engage the issuer of the credit cards that you plan to accept as payment, and use the payment gateway services.

Let's see what actually happens when credit card payments are accepted online.

Now, in order to sell your goods online, you, the merchant, need to have a merchant account and a payment gateway account. When a customer visits your website and decides to buy something he will type in his particular credit card details. The billing information and order details are immediately dispatched to the payment gateway secure server by the online store administrator where they are processed and then sent to the merchant's acquiring bank. The bank then sends the information to the bank that has issued the credit card in order to get the transaction verified.

Once the verification is made the payment will be either approved or rejected. This response is then forwarded to the merchant's acquiring bank by the credit card issuing bank and the bank then forwards these transaction details to the payment gateway. If a payment has met with approval, the payment will be deposited into the merchant's account. The details are then sent back to the website or online store. Then the same information is then presented to the customer, and he is informed that his credit card was charged. If a payment has not met with approval, it will be rejected or denied and the customer will be informed of this, too.

Although this sounds as if it is a lengthy process it is streamlined and takes only a few seconds to be performed.

How much a merchant account and a payment gateway costs can be different depending upon the provider. Of course, you will be expected to pay a one-time set up fee, and you may also be obliged to pay a discount rate for each payment, as well as a minimal fee for each transaction. Again, fees could also be charged on the transaction total, at various processing stages of an online payment. All this normally adds up to but two to three percent of the total charges.

Practically all experienced webmasters all over the world realize the value of online credit card processing and use it to their advantage as it helps to optimize their business. Why don't you join them?

Does Credit Card Fraud Alert Protect Us?

Nowadays more and more people face the problem of identity theft. How can you realize that you are a victim of identity theft and what can you do to solve this problem? If your credit card statement includes charges for things you never bought, or you get a call (letter), informing that you have been approved or denied credit for accounts that you never applied for, then you are a victim of identity theft. Identity theft means that someone uses your personal identifying information, like your Social Security number, or credit card number, without asking you, to commit fraud. If you are a victim of identity theft, you are to put a fraud alert on your credit reports and review them. A fraud alert is something that credit bureaus attach to your credit report. First of all, you are to speak to the fraud department of one of the main credit bureaus (Transunion, Equifax, and Experian) to place a fraud alert on your credit file, plus a victim's statement asking that creditors call you before granting credit or other services. Victim statements may cause delays in getting credit while the creditors try to contact you. When you open a credit account by getting a new credit card, the lender will contact you to make sure that you really want to open a new account. Fraud alerts help to prevent an identity thief from opening new accounts in your name. When the credit bureau proves your fraud alert, it will contact the other two. So they will place an alert on their versions of your report, too. If you are not asked, the credit account wouldn't be opened. It should be mentioned that it's up to you what kind of fraud alert to choose. If you have chosen initial alert, it will remain on your credit reports for 90 days. While the alert is on your file, perhaps you won't be able to get instant credit. When you file an alert, you will be eligible for a free credit report from each of the three credit reporting agencies. As far as extended fraud alert is concerned, it will remain on your credit file for seven years. However, you can ask to remove the fraud alert before seven-year period run out. The only thing you need is to make this request in writing and provide information to confirm your identity. These procedures are planned to prevent criminals from removing fraud alerts from victims' accounts. A fraud alert provides some protection against identity theft, but not in all cases. It will not help you when an identity thief uses your existing credit cards or other accounts. And it will not help you when an identity thief opens new accounts in your name that do not require credit check. So, identity theft is very serious. Many victims of identity theft spend much money and time repairing damage to their good name and credit score.

Best Business Credit Cards For Small Business

Obtaining one of the best business credit cards available for your small business is an important part of securing the financial future of your business. There are numerous credit card lenders offering cards for small business, in the hopes of providing a means to help finance your small business. The benefits of using these cards are numerous. Locating the best business credit card for your needs first requires an assessment of what essential features that you'll need your card to provide.

Qualifications Are First Step

The first step in getting the best business credit cards is qualifying for them. As with all lines of credit, the same things are important with these credit cards. Look for offers that provide low finance charges and generous credit limits. If you are just starting out, your business is likely to need your personal credit history in order to vouch for your creditworthiness when securing these lines of credit. The best business credit card for your business, then, is the one that allows you the most flexibility, the lowest financing charges and the highest limit available to you.

Bookkeeping Made Simple

One of the benefits of securing the a business credit card is obtaining the ability to consolidate and manage your expenses on one or several cards. For example, if you have a business credit line, you can make payments to all your business expenses through that credit line. At the end of the month, you receive a statement which provides line items of every expenditure that you have made. You can see who you paid, how much you paid and not have to worry about how much money is in the current account throughout the process. The best business credit cards will offer the capability of downloading your statements online. This type of feature can really simplify bookkeeping.

Giving You Back Something

Some of the best business credit cards are those that give you cash back or other rewards. If you need to do a lot of traveling, then securing a card that offers frequent flyer miles can be beneficial by providing a return on investment for your spending with a specific card. Some lines of credit will offer you alternatives when redeeming your rewards -- air miles or cash back rewards, for example. Simply put, when you use your card, you earn points for every purchase. The best business credit card offers will allow you to earn additional points or a premium for purchases of business-related expenses. When utilizing a business credit card rewards program, you should keep your day to day purchases separate from your business purchases in order to simplify your accounting process. You should use a separate rewards card for your personal expense items, if you want to take advantage of earning rewards on those items. Nevertheless, every business can benefit from the intelligent use of solid business credit card and its corresponding rewards program.

Adding Capital

Perhaps the most important reason to find the best business credit card is that it will provide much needed flexibility for your short-term working capital requirements. In other words, you'll have credit available to you when you need it, helping you ease the burden of any short-term cash flow restrictions. For those that wish to earn something back or just want an easy way to manage their expenses, business credit cards, when used judiciously, are certainly a viable option for any small business owner.

Simple Steps to Improving your Credit Score Quickly

It seems like everything you do financially somehow always involves credit scores. They are everywhere. However, if you're not looking for a loan or applying for a credit card, is your credit score still that important? The answer to this question is a resounding yes. You never know when you'll need a good rating some day. It may even help you get a job in some instances.

Still not sure what your credit score actually is? Well, it is a rating given to you by banks measuring the likelihood you'll repay what you owe. Getting a good credit score isn't always easy, especially when you're starting off with a bad one. It takes time, patience, and persistence. The best way to ensure a good score is to responsibly manage your credit. If you pay your bills on time and keep your card balances low over the long haul, you'll be rewarded with a solid score.

Here are a few easy ways you can quickly improve your credit score:

• A good idea is to first find out your credit score; then know how they work. You want higher numbers since they are the best, while lower numbers mean bad credit. The highest score is an 850 and 300 is lowest you can score. Contact a credit bureau or agency to find your score. They'll usually do this through an introductory credit report.

• Look over your new credit report. If there are any errors on it, mark them down with an explanation about each. The credit bureau who ran your report and investigate those errors.
• More importantly than any item on this list, you need to pay all of your bills on time. Nothing harms your credit score more than late payments as well as prompting creditors to raise interest rates.
• Contact your credit card companies to inquire about credit reporting dates. These are when the credit card companies report data on payments to the credit reporting agencies. Your creditors can possibly change the due date to a few days earlier than the reporting date. This helps to make your balance appear to always be at its lowest level. Your credit score will increase in no time with this tactic.
• Find out if your credit card companies can raise your limits. By doing so, the credit card companies helps your ratio to be less than 30 percent. For example, let's say your card limit is $10,000 and you owe $7000. See if the company will increase your limit to 25,000. This makes your less than 30 percent and raises your credit score substantively.
  

• Finally, it is a good idea to understand credit card ratios. Always know what you owe for each account on a monthly basis and then figure out 30 percent of that total. The balance should always be be less than this figure. If you have a balance below that all important 30 percent mark your credit rating will improve.

Tips : How To Open A Credit Card Merchant Account

In this day and age of electronic commerce, the decision to open a credit card merchant account is relatively undisputed. The actual process of opening an account should begin with the retailer identifying certain key parameters about the retailer trade the merchant requires the merchant account for. The selection of an appropriate vendor for the merchant account should be the first step in the cycle, which is usually followed by an application on a prescribed form. If and when approved, certain information and documentation such as financial statements will need to be furnished to the merchant account provider. One approved, the provider will supply the equipment or in case it is an online merchant account, the retailer's website will need to embed the merchant account software in the e-commerce website and integrate the shopping card software supplied by the merchant account provider.

Selecting a merchant account provider should take into account the volume and value of proposed transactions, nature of business, history and track record and identification of specific needs, if any apply, of the retailer. The volume of transactions and nature of business proposed to be conducted via the merchant account will have a significant bearing on the available options to choose from. For instance, if a retailer expects a high volume of transactions, a merchant account for that specific purpose will need to be obtained, which frequently fall in the high risk category. Such high risk businesses may not be able to obtain a merchant account onshore, and may need to opt for an offshore merchant account. The history and track record with a merchant account may come into question in case of a domestic account provider. In case a retailer is unable to meet certain basic requirements, for instance, if a retailer has been in business (online) for less than 2 years, the merchant account provider may ask for a cash bond (as indemnity) along with a business plan, which will further need to be approved.

In addition to choosing between an offshore or onshore provider (which in some cases may not present a choice), an e-tailer will be well advised to do some extensive number crunching when choosing a merchant account provider. Today, there is available, an extensive list of provider to choose from, with varying fees, minimum requirements and transaction fees. While intense competition has caused many providers to lower their fee structures, a merchant must beware of hidden fees and charges that may not be presented initially by providers offering 'ZERO SETUP FEE!' and similar catch phrases to capture attention.

The actual application process begins with filling in an online form (in case of internet merchant account) or a physical form, available through your local bank, in the case of a domestic merchant account. Many offshore account providers can be located by simply searching the internet. The application form is then screened by the merchant account provider, in order to assess feasibility, primarily from a risk point of view. As mentioned before, a high risk vendor will probably be out of favor for a domestic provider without the furnishing of a substantial indemnity bond. The provider will then approach the merchant for further documentation. Such documentation will mostly include:

* Registration certificate, incorporation certificate, memorandum and articles of association (in case the retailer is incorporated), partnership deed (in case of partnership) and other organizational material.

* Details about the directors or partners including name, place of domicile (with proof), contact information, etc.

* Identification proof of the directors, managing partners.

* Business plan and financial documentation.

* Full history with a previous merchant account along with detailed information about chargebacks.

In addition to the submitted information, the merchant account provider will typically conduct its own background checks including a credit history and rating verification, as well as a detailed analysis of the retailer's proposed business model and revenue potential. Assuming that all is satisfactory, the provider will obtain an approval from an acquirer bank that it has a relationship with (many big banks have their own acquirer bank units). Once approved, the retailer will have to purchase a credit card terminal and in many cases, a dedicated telephone line for processing needs. In case an internet merchant account is applied for, the software is the key to operations. While many merchant account providers have their own shopping cart software, they also provide a compatibility list of 3rd party software. Such 3rd party solutions are often favored by retailers due to the usability, features and ease of management.

A final point to be noted in case of an offshore merchant account- while it is possible to go directly offshore, set up and incorporate a company in a foreign land, and do the necessary paperwork yourself, it may be more convenient and practical to approach a third party merchant account provider such as Stradafee, which specialize in providing merchant accounts and have the necessary infrastructure in place to make the whole process even easier.

Applying for Credit

Applying for Credit,Applying For A Credit Card With No Credit History

Oddly enough, not only will bad credit work against you when applying for a loan or a credit card, but no credit will too. Even though this doesn't seem fair, it is the way things work in the complicated world of consumer credit. Lenders are leery about opening accounts for people with no credit history because they simply have nothing to base your reliability on.

So, if you can't build a credit history without credit and you can't get credit without a credit history, just what has a person to do? It's nearly impossible to rent a car, stay in a hotel, or shop online without a credit card, so let's explore a few of the options that can eliminate this Catch-2

Available Credit Options

Although many of the major credit card companies won't give you a card without a credit history, some smaller ones, like department stores, will. Find a department store that will issue you a card and apply for it. You can try getting a gas station card also. Either way, use your card but be sure to make all payments on time. Your goal is to build a good credit history, not just get a credit card.

Find a credit card company that will review your overall financial situation and not just your credit history. Some lenders will look at your employment history, your housing situation, and how often you have moved. If this is all on the up and up, they may approve your application. Again, use this card wisely.

Credit Unions

If you are a credit union member, or are eligible for membership, see what their card issuing terms are. Although they are no giving out cards with their eyes closed, they will often have more relaxed conditions for members. You no longer have to work for a specific company to be eligible to join a credit union. So it's well worth checking if there's one in your area.

Secured Credit Cards

Secured credit cards are offered by lenders who will give you a line of credit that either matches, or is slightly higher than, a cash deposit that you give them to hold. As your experience with the card grows, these lenders will often raise your limit without requiring you to increase your deposit. Eventually, you can use your experience with this lender to apply for cards that are not secured.

Student Credit Cards

If you are a student, then you'll be best off with a student credit card. Student credit cards can be a great way of building the credit history that you will need to depend upon after graduation. The important thing here is to remember to use that opportunity wisely. Many banks will issue college students a credit card, especially banks that are located in college or university cities and towns.

When you do manage to get a credit card, remember that you are establishing a credit history. Show that you are a good financial risk by paying the bill on time. Don't go crazy with the spending. It will only cause you problems in the future.

Credit Card Interest Rate

Is your credit card interest too high? Do you carry large balances on your credit cards? Do you want to apply for a new credit card? Many people struggle with these issues everyday. However, there may be a light at the end of the tunnel. Interest rates can be lowered, or eliminated and a higher percentage of each monthly payment can go to the principal amount on your credit card. This can be accomplished by adhering to the following process.

First, gather all of your credit card bills together. List them in order of the highest percentage rate to the lowest percentage rate you are paying. Once you have this list compiled, you can see how much money is wasted on interest every month. You might now be asking, “What can I do about this?” You are now going to call the customer service number from the card that was first on your list (the highest percentage rate you are paying). Ask to be connected to a customer account representative. When connected, ask the representative if your interest rate could be lowered. Tell the representative how long you have been a customer, you always pay your bills on time and you never are late with your payments. (If you have been late or missed a payment in the past, your bargaining power is reduced somewhat, but still ask for the interest rate reduction anyway – The answer is always “No” unless you ask.) The representative will most likely put you on hold and come back in a few minutes with an answer. If that answer is “Yes”, then congratulations! You have just saved money. If the answer is “No”, thank the representative for their time and end the telephone call.

After you have called all of your credit cards and had your interest rates lowered, we now want to call them back and ask for a balance transfer. (This is assuming you have more than one credit card. You should wait at least two weeks from the time you made your first call.) A balance transfer will transfer the balance from one credit card to another. The advantage of this is that a balance transfer normally receives a lower interest rate. You may be able to get as low as 2.9%. When you speak to the account representative, ask if you qualify for a balance transfer, what the interest rate would be and the length of time the balance transfer rate will last. It is also important to ask what the balance transfer fee will be. It can be as much as $75 if you don’t ask for it to be waived. Negotiate with the representative to lower or eliminate the transfer fee. (It still might be worth transferring your balance if you have to pay the fee.) If you qualify, you can transfer the balance from your higher interest card over the phone. If you don’t want to transfer the balance over the phone, ask the representative for balance transfer checks to be sent to you in the mail. You may then use the balance transfer checks to transfer the balance to the lower interest rate card.

The last phase of lowering your credit card interest rates might be to apply for new credit cards. We all get numerous credit card applications in the mail everyday. Don’t just blindly throw these away. Many new cards offer 0% interest on balance transfers. What this means is that you will be paying zero interest. Each payment you make will go directly to pay off the principal amount on your card. You should be aware of the following before you apply for a new card. Do not apply for a card with an annual fee. The credit card company makes too much money as it is and they don’t need an extra annual fee payment from you. As mentioned earlier, try to avoid paying balance transfer fees. Sometimes this is unavoidable, but if you negotiate, you may eliminate the fee altogether.

Credit Card Offers

The credit card has conveniently replaced cash these days. It is a major mode of financial transactions, used for business as well as domestic purposes for receiving and making payment. There are offers galore on these cards in the market. In fact, with so many tempting offers, it becomes difficult to make a choice. More options means you have more to research. You can research about these cards on the Internet as well which should give you a fair idea of what you should ideally opt for. The thing to remember is that it should suit your conditions and budget.

And also see as to which interest rate offers would be more suitable. You need to take into account your spending habits. Correspondingly ,one also needs to consider the number of interest-free days as applicable on the card. Furthermore, one can use the card to suit one's specific requirements, such as whether you wish to use it to make purchases or for balance transfers. In the latter case, do look out for cards that offer zero per cent on balance transfers for a certain time-period.

While comparing and considering the interest rates between different cards, it is important to understand that a credit card does not have one staple rate throughout. It is subject to variations based upon different factors, such as inflation. They have an APR wherein the range may begin from somewhere around ten per cent. What interest rate offers you would be able to avail also depends much upon your credit history.

Often there may be an introductory offer on a new credit card in the market. But then, one ought to remember that this may be for a limited period and that the rates may vary in the longer run. Of course, the indications are given in small print, and it is important that you check them out carefully.

Low Interest Credit Cards

Low and even zero interest credit cards seem, at least on the surface, to be the solution to increasing personal debt problems. The providers give the user the facility of very low or even no interest on credit for a certain period of time. With these, one can transfer one’s accumulated unpaid debts from one card to another for anything from four months to fifteen months. No doubt, this is an attractive and even beneficial way to save money, and many users report complete satisfaction with their low/zero interest credit cards.

There is, of course, no such thing as a free lunch. Banks who give such a facility to their customers are not doing so for philanthropic reasons, and do manage to earn even out of such a seemingly user-friendly arrangement. As already stated, the reduced or nullified rate of interest on credit is for a limited period only, after which it can suddenly change to anything from 10% to 18%. Anyone who uses a low or zero interest card should be aware of the terms applicable after the specified period elapses.

The small print is understandably something that banks are not too eager to underline for increased prominence, and a creative corporate copywriter can conceal it so well in verbal razzle-dazzle that it is almost undetectable.

A small-print savvy and conscientious spender can doubtlessly benefit hugely from a low- or zero-interest credit card. However, it seems that such users of low or zero interest credit cards are more an exception than the rule. The rule is that a credit-card user tends to be seduced into a state of blissful complacency and reckless spending habits by the initial low/zero interest rate, and then has a rude awakening when that period is over.

Low Interest Credit Cards provides detailed information on Low Interest Credit Cards, Best Low Interest Credit Cards, Low Fixed Interest Credit Cards, Low Interest Credit Card Offers and more. Low Interest Credit Cards is affiliated with High School Student Credit Cards.

Paypal Payments Using Your Credit Card

Paypal, owned by ebay is a great way of sending payments for ebay items or any items bought over the internet. Within minutes, you can send payments across the world. However, Paypal also has it's fair share of critics and members who disagree with their policies and agreements, especially when a decision goes against the complaining member or they lose out to online fraud.

Using paypal, you can choose to pay for your item or service in a number of ways. The most popular method is by using any balance you have within your paypal account. This is built up, by other members sending you payment for ebay or other items. Alternatively, once you have registered your bank account and any debit or credit cards with paypal you can choose to pay for items using these options.

The safest way for members to pay for items with Paypal, is by registering a credit card and funding all payments though this. Because, paying though credit card normally offers an extra level of protection should things go wrong.

In most countries, credit card companies are partially or full liable should things go wrong with a transaction and will actively get involved to resolve any issues or do a complete chargeback, placing the funds back on your account. Even if you enter into a dispute with paypal and lose, you can still get your credit card company involved to dispute any transaction.

However, paypal doesn't make it easy for you to fund a payment using a credit card if you already have a balance in the account. Payments are normally funded out of the paypal balance first, and then either from a backup source (bank account or credit card) if the funds are not enough to pay for the complete purchase.

To pay for an entire purchase, via your credit card you need to clear any balance. You can do this by sending the payment to a non existing email address, or to an email address you own but is not registered with paypal.

As soon as you do this your balance will be empty, & you can now choose a funding option such as credit card. In the meantime, paypal will have sent an email to the non existing or alterative email address telling them of they have a payment waiting and how to open a paypal account.

Now your payment is complete, all you need to do is log back into your paypal account, find the transaction to the non existing email address and click on cancel. Your payment will be reversed back into your account, because it will have gone unclaimed.

Paypal is great to use and a brilliant resource, but it always help to have a little extra level of protection when purchasing things online.

Credit Card Machines

It is difficult to run a successful e-commerce project without being able to make credit card transactions. Credit card processing Machine involves many things, such as the verification of the consumer's credit card number, expiry date, and other data connected with credit cards.

If you are a beginner in business, free credit card processing Machine services would be an ideal option for you. Unlike regular credit card processing, you don't have to pay for expensive credit card processing software, customer service fees, a secure server, minimum transaction fees, and monthly gateway fees when using free credit card processing.

Most free credit card processing Machine companies charge only a nominal fee per transaction or a monthly percentage fee. Therefore, free processing helps you save a significant amount of money every month. However, this does not work well when merchant accounts are involved. Regular credit card processing involves the payment of a statement fee, a minimum fee, a discount fee, and a license fee, in addition to start-up fees.

If you opt to go with free credit card processing, it is advisable that you visit a credit processing firm to learn what kind of transactions are generally done in credit card processing. Third party credit card processing companies can be a good resource for those who are looking for a less expensive means to accept credit cards online. They normally offer free credit card processing services. Their merchant account doesn?t charge any fee for many transactions, including phone, fax, retail, mail, Internet, or wireless businesses.

Lots of free credit card processing companies do not entail creating your own merchant account. Today, many online businesses make use of free credit card processing. They include CCBill, iBill, V-Share, and ShareIt.

Fake Credit Card Info

For those who may not exactly know what credit card fraud or fake credit card is, a simple definition. Fake credit card is the act of making a purchase using someone else's credit card information. Sounds like something that should be difficult to do. Unfortunately, it's not.

There are many types of credit card fraud, the most common we'll cover in this article.

First there is what is called "mail non-receipt fraud" which is when a new or replacement card is sent by the bank and never received by the person it was supposed to go to. This has been mostly combated by the banks sending out inactive credit cards where the person has to make a phone call in order to activate the card. Otherwise it can't be used. Unfortunately there are some banks that do not do this and still send out cards that are already activated.

Then there is what is called "chargeback fraud" where a legitimate cardholder uses the card to purchase goods or services. Then when the statement comes they call the credit card company and claim they never received the item or service or that they never authorized the transaction.

Another type of credit card fraud is called "skimming" where an employee or merchant makes a second copy of the person's credit card details before processing the payment. This copy is then sold on the black market to professionals who clone illegal copies of these cards. Fortunately, skimming has become less of a problem since the introduction of CVV and CVS codes. These are not encoded on the card strip but are physically written on the back of the card. This is a required three digit code to finalize all transactions. Without this code even a cloned credit card will not work.

Skimming at ATMs has also been a problem. What the illegally set up ATM machine does is place a skimmer device somewhere in the machine that reads the magnetic strip attached to the card. This is used together with various devices that monitor the keypad of the ATM by attaching a fake fascia over the original keypad. Fortunately, this is not as common today as it was years ago when ATM machines were relatively new.

Then of course there is "online credit card fraud" which is the most common type of credit card fraud today with all the transactions that people do each day. This type of fraud gets a little complicated but simply stated, when a person uses their credit card online, hackers monitor the person's entry into the merchant's system and essentially steal the credit card information without the person having any idea this is happening. Another way to get a person's credit card info online is to send an official looking email telling the person that they have to update their credit card info. They are sent a bogus link to go to where the info is collected and used for whatever purpose the scammer wants, whether to sell the info or use it to make purchases himself.

Student Credit Cards

As a student, you will inevitably run into some financial emergencies. Many students handle these unexpected expenses by using credit cards. You can usually qualify for student credit cards when you're enrolled in school, regardless of your lack of credit history. More and more students are finding that student credit cards give them the security that they need to make it through school. They are also building their credit which will prove to be very important once they're out of school.

If you're a student with a credit card, there are a few rules of thumb that you should follow. First, don't use your credit card for frivolous purchases. This includes fast food, nights out with friends and lots of new clothes. Be diligent about only using your emergency credit cards for emergencies. Getting auto repairs, buying project supplies and paying for an emergency room visit are all things that can't be put off until later and can be considered immediate necessities. Always ask yourself if what you are paying for is a need or a want and you should be able to keep yourself on track.

It's very important to always make your payments on time. Even one late payment can negatively impact your credit score. It's also important to always pay more than the minimum amount due to show that you take initiative when it comes to paying off your balances and don't let them get out of control. Pay your credit card completely off whenever you get the chance so that you don't have a long history of revolving debt. Try not to get your credit cards up to their spending limits. Keeping them down shows that you are responsible enough to have available credit and not use it. If you follow these suggestions, then you should be on your way to a decent credit score.

If you do get in over your head, then you may need to come up with a strategy to manage your debt. Attacking the card with the highest interest rate first is a common strategy to paying off debt. Pay as much as possible to this one card, even if it means making minimum payments on your other cards for a while. Another way to pay off debt is to take care of your smallest balances first. This is a more motivating way to pay off debt because you'll see the bills disappearing. Keep paying the same amount every month towards your debt. This will get you to pay more and more towards your largest bill over time until all of your money is going to that one card.

Sometimes you can call your credit card company and simply ask for a better annual percentage rate. A balance transfer can get you a short term special deal that can help you pay less interest in the long run. Watch out for fees that may end up costing you more than the interest you might have paid. Don't be lured by a credit card deal that has a great promotional rate and then balloons into something really high. Be diligent and your student credit cards can be paid off sooner than you think.

Use a "Bad Credit Card " to Repair Your Credit

When your credit is bad, card issuers don't want to give you a credit card. When you can't get credit, it's hard to rebuild that all-important credit history. It's a catch-22 - you need a way to show that you can pay your bills, and unless you show that you can pay your bills, no one is going to trust you. It's a shameful situation, but bad credit card isn't something to be ashamed of; it's something to be fixed. If you've had trouble in the past and want to repair your history, bad credit credit cards are one of the tools that can help you put your things back on the road to recovery. It can help you rebuild your payment history upon which much of your credit rating is based.

So what is a bad credit card? There are many reasons that you might apply for one of these. If you've had trouble paying off accounts before, the record of your late and missed payments ends up on your credit record. When you apply for finance, the card issuers check your credit record to see if you're the type of person who typically pays bills (as well as finding out many other things, like if you have enough income, and where you live). When you have, issuers are understandably wary of granting you further credit. At the same time, there's money to be made in extending you finance, and these companies aren't well known for shying away from an opportunity to make money. It presents them with a dilemma, and the solution to that dilemma put less emphasis on the risk with high interest rates on the repayments which offsets the risks of lending money to people who don't have excellent credit.

How do bad credit cards help you repair your credit? Generally, when people look for a credit card, they're looking for low interest rates. Most applicants wouldn't even think about taking a card with an APR above 12-15%. In fact, the best offers, usually reserved for those folks who've never missed or been late with a payment, sport APRs in the single digits these days. Most people would consider options with APRs above 17% to be uncompetitive. When you've been in debt and are trying to recover your good credit, though, issuers aren't going to offer you their best rates. Most won't offer you cards at all. When no one will let you borrow money, it's a little difficult to prove that you can pay it back, yes? When you're in that situation the solution is bad credit cards. Despite higher interest rates averaging 39% if you borrow a little each month, but pay it off completely each month you'll re-establish yourself as a reliable borrower and your credit rating will improve.

Of course, the key to using cards as tools that get your credit back on track is in the way that you use them. These are the basic rules to repair your credit:

1.Only charge what you can afford to repay within a month.
2.Pay off the entire account each month.
3.Pay the account as soon as it comes in each month so your payments are never late.
4.Be sure that your payments are being reported to the credit reporting agencies.

Needless to say, some bad credit cards are better than others. Before you apply, take the time to compare rates and fees and choose the option that is the best for your needs.

TIPS : How To Accept Credit Cards At Your Business

Some basic tips ,Those who are still learning the ropes of running a small or home-based business may be unsure about how to accept credit cards for their goods and services. Perhaps you have sold handmade items by mail order up to this point, receiving a check in the mail as payment. Or you might run a small shop where customers come in to shop and pay by check or cash. If you are wondering how to accept credit cards, here are a few basic Tips/guidelines.

1. Apply for a merchant account to find out how to accept credit cards at your business. You can get one through many banks and other financial institutions in your area. Visit websites such of as many credit card merchants as possible. Also visit websites of several banks to see if they offer merchant accounts. Click on the link to find out what the requirements are and whether you are eligible. If you don t see specific information for this type of account, email the contact person and ask for information about how to obtain a merchant account so you may start accepting credit card payments.

2. Demonstrate your fiscal responsibility. Submit copies of documents that prove you are a good credit risk and ready to manage the next step of upgrading your business by learning how to accept credit cards. You may want to get a copy of your company s credit history, the last three or four company bank statements, and the usual business documents that show your company to be in good standing. Keep in mind that many underwriters do not want to work with companies that are involved with pornography, drug sales, spam, or other types of questionable enterprises.

3. Companies involved with charge backs may experience a fee adjustment. Give some thought to the types of expenses you will incur when you learn how to accept credit cards. For example, there may be set-up fees, monthly statement fees, gateway fees, and others. You also may want to ask about wireless credit card processing if you have employees that work at various destinations or whose jobs are somewhat mobile as they collect payments.

4. In learning how to accept credit cards, realize that you may be bombarded with offers from companies who want your business. They may offer terrific-sounding deals that will collapse when it comes time to sign the contract. Or you may agree on terms and then realize that the terms later change to your disadvantage. Make sure you understand the contract s fine print before signing. Avoid purchasing unnecessary features that will add to your cost but not necessarily to your profit.

5. When you learn how to accept credit cards, you will want to be sure that your company s Website stays up to date and remains functional so that customers can use it at any time. You may have to hire a service technician to oversee Website content and to address any glitches from the company side or the client s side when problems are reported.

Moving your business into the e-commerce era is challenging and exciting. Take time to become familiar with the various ways in which customers can make electronic payments so that both you and they can avoid errors and experience the convenience of learning how to accept credit cards with a merchant account.

Tips Before Applying For A 'Credit Card' plastic money

Credit cards are attractive. They allow you to make purchases today and pay for them later. And like loans, using credit cards helps you build your credit history. Applying for a credit card is somewhat like applying for a loan; some thought needs to be given to the process to make sure you get the best deal that meets your needs before you jump in. Remember to consider the following before you apply: It affects your credit score.

Whenever you apply for a credit card an inquiry appears on your credit report. Too many inquiries in a short period of time can bring down your score by as much as 10 to 20 points depending on your particular credit history. It might cost you. If you apply for credit cards without doing your homework, it can cost you a pretty penny. For example, say you apply for a credit card with a processing fee of $99 and an annual fee of $50. Just by applying and being accepted for that card, you're paying almost $150 without even having made any purchases!

What will you use the credit card for? Make sure you know how you will use your credit card and what you will purchase with it before you apply. Keep in mind that every time you use the card, you incur debt that you will have to repay, with interest. You need to shop around. Before you apply for a card, ask what interest rates and credit limit you qualify for and shop around for the best possible deal. You want to look for the best option before committing yourself to any certain card.

Make sure you understand the terms. Before applying for and accepting a card, make sure you understand the terms and conditions of the plan. Read the fine print. Ask yourself whether you are able to afford the card. What are the rules for the card and are there frees for breaking these rules. Pre-approved credit cards can be tricky. Pre-approved offers tell you that the credit card company has looked at your credit report and determined that you might qualify for the interest rates and credit limit being offered. However, whether you will really get the best rates depends on your income, employment, and credit history. It is therefore important that you read the credit agreement carefully before you sign on the dotted line - there may be limitations or conditions that are not obvious in the advertisement.

History of Credit Cards

Credit Cards have become an absolute necessity so much so that we take them for granted. A number of money experts have already slated the paper currency as a dying dinosaur. But have you ever wondered where did this plastic money of credit card come from? Whose genius was it anyways?

Though the idea of “have now, pay later” existed since the 1700s but it was only in the early 20th century that the banks started taking credit protection in form of overdrafts. In 1914 Western Union gave its customers a metal card allowing them interest free deferral payments. This gave their clients a freedom to spend beyond their means. However, the idea of actual credit card did not strike ‘father of Credit Cards’, Frank McNamara until he forgot his wallet back home while going out for a dinner with friends.

This embarrassing moment was just too much for McNamara. Thus, he created the “Diner’s club card”. It was initially a businessmen’s card for dinners and retails purchases while traveling but by the end of 1950 it had become a phenomenon. A national frenzy that began with just 200 customers who could use it in 27 restaurants, it swelled to such massive size that it spread over the whole USA with 20000 customers and more varied kinds of retailers subscribed to it as credit providers. The Diners card charged seven percent for each individual transaction with card subscribers paying a three-dollar annual fee. Stores and service companies readily extended this facility. They could benefit from it since the customers spent more than they would if they had to pay the cash up frontally.

The General Petroleum Corporation was one of the first companies to offer an actual credit card that allowed for fuel and automotive repair purchases to its employees. They could use their card and make payments towards these things with portions of their paychecks.

The monopoly of Diner’s club was short lived. McNamara withdrew his share of money from the company in 1952. Very soon American Express launched its similar yet more generalized credit card and Bank of America came out with Bank Americard (now called VISA) in 1958. Master card came up in 1966. These new market players overpowered the old titan.

While McNamara created credit cards, John Biggins is acknowledged as the inventor of the bank credit card. He worked at the Flatbush National Bank of Brooklyn in New York. In 1946, Mr. Biggins developed the "Charge-It" program in which local merchants who accepted the card would deposit sales slips into the bank and the bank billed the customer.